Solar Panel Cost Guide in Smithfield, VA (Mar 2023)
- Smithfield Solar Installation Cost: $14,861
- 25-Year Savings: $20,728
- Payback Period: 10.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Smithfield
Here's how much it might cost to make the switch to solar in Smithfield.
While the national average of solar panels is $2.66 per watt, solar panels in Smithfield typically cost about 2.75. The average Smithfield homeowner needs a 7.7-kilowatt system, which would cost about $14,861 with the federal tax credit, or $21,251 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy needs, the type of solar system you want, your solar contractor and more. Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Smithfield can save around $18,000 on their power bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Smithfield
| Year | Return on Investment |
|---|---|
| 1 years | $-13,437 |
| 3 years | $-10,590 |
| 5 years | $-7,743 |
| 7 years | $-4,896 |
| 9 years | $-2,049 |
| 11 years | $798 |
| 13 years | $3,645 |
| 15 years | $6,492 |
| 17 years | $9,339 |
| 19 years | $12,186 |
| 21 years | $15,033 |
| 23 years | $17,880 |
| 25 years | $20,728 |
Top Solar Installers in Smithfield
Although you can install solar panels on your own, it involves extra time and handiness. That's why almost all homeowners choose a solar panel installer. Another good thing about going with a vetted solar installer is that it'll usually provide warranties and free repairs, which help protect your solar investment.
Working with a professional solar company can help you make the most of your investment in solar. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Smithfield
Factors that Affect Solar Panel Costs in Smithfield
Even though the average cost of a solar system in Smithfield is $14,861, your actual cost may differ. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay around $2,750 per kilowatt in Smithfield. There are many different solar panel brands and the one you choose also changes the cost. Usually, the brands that have better efficiency tend to also be more expensive. Additionally, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a solid choice because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The last significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Smithfield, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.86 | $12,012 | $15,644 | 10.9 years |
| 8 kW | $2.81 | $15,708 | $21,167 | 10.6 years |
| 10 kW | $2.75 | $19,250 | $26,843 | 10.4 years |
| 12 kW | $2.69 | $22,638 | $32,674 | 10.2 years |
| 14 kW | $2.64 | $25,872 | $38,659 | 10.0 years |
| 16 kW | $2.58 | $28,952 | $44,797 | 9.8 years |
| 18 kW | $2.53 | $31,878 | $51,090 | 9.6 years |
| 20 kW | $2.48 | $34,650 | $57,537 | 9.4 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can look into your installer's reputation is by reading reviews.
- Solar Panel Brands: The type of solar panel you need to get plays a role in which installer you should go with, since different companies have access to different panels.
- Contract: When reading over your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Smithfield, VA Solar Cost FAQs
What is the average cost of installing solar panels in Smithfield?
This is a hard question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $13,750 for a 5-kW system and $27,500 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Smithfield?
Leasing solar panels can be an attractive choice, because it typically comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase your property value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.