Solar Panel Cost Guide in Elroy, NC (2024 Update)
- Elroy Solar Installation Cost: $17,187
- 25-Year Savings: $19,615
- Payback Period: 13.4 Years
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Average Cost of Solar Panels in Elroy
We break down average solar pricing in Elroy.
The average cost of a solar panel system in Elroy is 4 per watt.The average Elroy homeowner needs a 7.0-kilowatt system, which would cost about $17,187 with the federal tax credit, or $24,577 before the 0 tax credit is applied.
The true cost of your system can go above or below the average in Elroy based on a variety of factors, such as the kind of solar panels you choose and the solar installer you hire.But, once you've paid the initial cost of installation, the savings for most homeowners is quite rewarding, with a net average savings of about $17,000 over 20 years on utility bills.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Elroy
| Year | Return on Investment |
|---|---|
| 1 years | $-15,716 |
| 3 years | $-12,774 |
| 5 years | $-9,832 |
| 7 years | $-6,890 |
| 9 years | $-3,948 |
| 11 years | $-1,005 |
| 13 years | $1,937 |
| 15 years | $4,879 |
| 17 years | $7,821 |
| 19 years | $10,763 |
| 21 years | $13,706 |
| 23 years | $16,648 |
| 25 years | $19,590 |
Top Solar Installers in Elroy
Many homeowners opt for a solar installation company since trying to put up solar panels on your own can be hard. Local solar companies can also help you optimize your return on investment by assisting with any local incentives and by providing warranties and repairs.
If you’d like to start using solar energy but still aren’t certain which solar company to go with, here are our suggestions for providers in Elroy:
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 Elroy
Factors that Affect Solar Panel Costs in Elroy
For many Elroy homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Elroy, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Elroy, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can figure out by looking at past power bills. Your total cost can increase by about $3,510 for each additional kilowatt you need.The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag 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 more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar companies in Elroy offer solar loans, which reduce your upfront costs of installing solar.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar company you opt for to handle your switch to green energy can play a role in your total costs. There are about 3 solar panel companies in Elroy, and each can charge different 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 specific equipment options like Tesla Powerwall batteries or add-on services like electric car 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 | $3.65 | $15,332 | $12,160 | 13.9 years |
| 8 kW | $3.58 | $20,049 | $16,607 | 13.7 years |
| 10 kW | $3.51 | $24,570 | $21,250 | 13.4 years |
| 12 kW | $3.44 | $28,894 | $26,090 | 13.1 years |
| 14 kW | $3.37 | $33,022 | $31,126 | 12.9 years |
| 16 kW | $3.30 | $36,953 | $36,359 | 12.6 years |
| 18 kW | $3.23 | $40,688 | $41,788 | 12.3 years |
| 20 kW | $3.16 | $44,226 | $47,414 | 12.1 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Different companies offer different brands and kinds of panels. If you know you want a specific brand, make sure the solar panel company you’re considering has it.
- Contract: It’s important to read through your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Installation Process: When going solar, it’s important to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process works and the project completion timeline.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can check your installer’s reputation is by reading reviews.
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 Elroy, NC Solar Cost FAQs
How much does it cost to install solar panels in Elroy?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $17,550 for a 5-kW system and $35,100 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Elroy?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Do solar panels increase the value of your home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Elroy is currently $210,169, so you can expect a value of about $8,617 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Elroy is a rewarding investment.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses 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 home 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.