Solar Panel Cost Guide in Smithfield, VA (2024 Update)
- Smithfield Solar Installation Cost: $19,403
- 25-Year Savings: $20,726
- Payback Period: 13.6 Years
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Average Cost of Solar Panels in Smithfield
See how much it might cost to make the switch to solar in Smithfield.
In Smithfield, solar panels cost about 4 per watt on average.The average Smithfield homeowner needs a 7.7-kilowatt system, which would cost about $19,403 with the federal tax credit, or $27,746 before the 0 tax credit is applied.
The actual price you pay can be above or below the average in Smithfield depending on a variety of factors, such as the type of solar panels you choose and the solar installer you hire.For most homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $18,000 in savings on utility bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Smithfield
| Year | Return on Investment |
|---|---|
| 1 years | $-17,804 |
| 3 years | $-14,606 |
| 5 years | $-11,408 |
| 7 years | $-8,210 |
| 9 years | $-5,012 |
| 11 years | $-1,814 |
| 13 years | $1,384 |
| 15 years | $4,581 |
| 17 years | $7,779 |
| 19 years | $10,977 |
| 21 years | $14,175 |
| 23 years | $17,373 |
| 25 years | $20,571 |
Top Solar Installers in Smithfield
Trying to install solar panels by yourself can be a stressful project, which is why hiring a solar installation company is a good option for many homeowners. Plus, if you’re not certain what type of solar panels and equipment you may need, a solar company can help you figure that out after a site survey and consultation.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some near you:
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
There are several factors that can determine your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,590. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your power bills. In addition, extra products, like solar batteries, can bump up your total well above the Smithfield average.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are a popular option because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Smithfield is the company you hire to install your solar panel system. As with choosing a company to install new cabinets, for example, there’s no shortage of solar installers that offer a range of services for different budgets.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and find a company that has the products, warranties and services you’re looking for and also fits within your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.73 | $15,681 | $11,975 | 14.2 years |
| 8 kW | $3.66 | $20,506 | $16,369 | 13.9 years |
| 10 kW | $3.59 | $25,130 | $20,963 | 13.6 years |
| 12 kW | $3.52 | $29,553 | $25,759 | 13.4 years |
| 14 kW | $3.45 | $33,775 | $30,756 | 13.1 years |
| 16 kW | $3.37 | $37,796 | $35,954 | 12.8 years |
| 18 kW | $3.30 | $41,615 | $41,353 | 12.5 years |
| 20 kW | $3.23 | $45,234 | $46,953 | 12.3 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: Read the contract terms closely to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- Solar Panel Brands: The brand of solar panel you need plays a part in which installer you should go with, since different companies provide different panels.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project timeline.
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
How much does it cost to install solar panels in Smithfield?
The average cost of solar panels in Smithfield is about $17,950 for a 5-kW system and $35,900 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider in addition to cost when buying solar panels?
The initial cost is a very important factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Can you sell solar power back to the grid in Smithfield?
The majority of states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt 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.