Solar Panel Cost Guide in Elkin, NC (2024 Update)
- Elkin Solar Installation Cost: $17,231
- 25-Year Savings: $22,299
- Payback Period: 12.4 Years
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Average Cost of Solar Panels in Elkin
Let’s take a look at the average cost of solar panels in Elkin.
The average cost of solar panels in Elkin is 4 per watt.The average solar panel system size in Elkin is around 7.0 kilowatts, meaning a cost of about $17,231 for a solar installation, or $24,640 before the 0 federal solar tax credit is applied.
These figures are just averages, and your own solar costs may vary based on your specific situation and what company you choose to go with.With average savings of about $19,000 on energy bills over 20 years, many homeowners in Elkin find investing in solar can pay off big.
Click the button below to get connected to a top solar panel company in Elkin for a customized quote.
Solar savings over time in Elkin
| Year | Return on Investment |
|---|---|
| 1 years | $-15,909 |
| 3 years | $-13,264 |
| 5 years | $-10,620 |
| 7 years | $-7,976 |
| 9 years | $-5,332 |
| 11 years | $-2,687 |
| 13 years | $-43 |
| 15 years | $2,601 |
| 17 years | $5,245 |
| 19 years | $7,890 |
| 21 years | $10,534 |
| 23 years | $13,178 |
| 25 years | $15,822 |
Top Solar Installers in Elkin
Many homeowners decide to hire a solar installer since trying to put up solar panels yourself can be challenging. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
Working with a vetted solar installer can help your solar project go smoothly. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
See all of the solar companies in Elkin
Factors that Affect Solar Panel Costs in Elkin
There are a number of factors that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. Because of that, it’s important to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Elkin, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Elkin provide solar loans, which reduce the initial cost of installing solar.While solar loans make switching to solar energy more accessible for Elkin homeowners, they can also increase the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar company you pick will influence your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor.You may see national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.65 | $15,332 | $14,414 | 12.9 years |
| 8 kW | $3.58 | $20,049 | $19,612 | 12.6 years |
| 10 kW | $3.51 | $24,570 | $25,006 | 12.4 years |
| 12 kW | $3.44 | $28,894 | $30,597 | 12.1 years |
| 14 kW | $3.37 | $33,022 | $36,385 | 11.9 years |
| 16 kW | $3.30 | $36,953 | $42,369 | 11.6 years |
| 18 kW | $3.23 | $40,688 | $48,549 | 11.4 years |
| 20 kW | $3.16 | $44,226 | $54,926 | 11.2 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Contract: It’s important to look over your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what you can expect about your solar system’s energy production.
- Warranty: Warranties that cover replacement parts and repairs over a couple decades are the best you can get in the business, and offering that kind of warranty is one sign of a quality company.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
- Installation Process: Get details 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.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Elkin, NC Solar Cost FAQs
What is the average cost of installing solar panels in Elkin?
The average cost of solar panels in Elkin is about $17,550 for a 5-kW system and $35,100 for a 10-kW system before the ITC, but the actual cost will depend on things 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?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase how much your home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Elkin is currently $215,236, which means you could be looking at a value of about $8,825 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Elkin is a rewarding investment.
How often do you have to replace solar panels?
Although 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 their energy production will have decreased significantly after that point. You can opt to replace them once you've had 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.