Solar Panel Cost Guide in Smithfield, VA (2023 Update)
- Smithfield Solar Installation Cost: $14,863
- 25-Year Savings: $20,726
- Payback Period: 10.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Smithfield
Let's take a look at the average cost of solar panels in Smithfield.
The average cost of a solar system in Smithfield is 2.75 per watt. Because a 7.7-kW system is needed to cover the energy needs of a typical home in Smithfield, the average price of going solar will be about $14,861 after claiming the federal solar tax credit of 30%.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of solar system you choose, your solar contractor and more. Many homeowners find installing a solar panel system is a rewarding investment. The average homeowner in Smithfield can save about $18,000 on their energy bills over 20 years.
You can click the button below to get connected with a top solar installer in Smithfield that can help you get a more accurate cost estimate for your home.
Solar savings over time in Smithfield
| Year | Return on Investment |
|---|---|
| 1 years | $-14,744 |
| 3 years | $-14,507 |
| 5 years | $-14,270 |
| 7 years | $-14,032 |
| 9 years | $-13,795 |
| 11 years | $-13,558 |
| 13 years | $-13,321 |
| 15 years | $-13,083 |
| 17 years | $-12,846 |
| 19 years | $-12,609 |
| 21 years | $-12,372 |
| 23 years | $-12,134 |
| 25 years | $-11,897 |
Top Solar Installers in Smithfield
Putting up solar panels by yourself can be a stressful task, which is why hiring a solar installer is a good option for many homeowners. Plus, warranties and repairs from your solar panel company can protect your investment and reduce the cost of maintenance over time.
Working with a licensed solar installer can make going solar easier. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Smithfield
Factors that Affect Solar Panel Costs in Smithfield
Although the average cost of a solar system in Smithfield is $14,861, your final cost may be above or below the average. There are quite a few factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,750. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are an affordable choice because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years. When considering your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you hire to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies in Smithfield, and each can charge varying amounts for labor and equipment. Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional 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 solar company you go with will be a major factor in determining not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, including:
- Contract: Though reading through a contract can be tedious, it's important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Installation Process: Make sure you're aligned with the installer with regard to how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you opt for.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Smithfield, VA Solar Cost FAQs
What is the average cost of installing solar panels in Smithfield?
The average cost of solar panels in Smithfield is about $13,750 for a 5-kW system and $27,500 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider aside from cost when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Does Smithfield have a net metering program?
Most states offer net metering programs of some kind. Through these, you can either get paid for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Smithfield?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using them at a lower efficiency.
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.