Solar Panel Cost Guide in Lenoir, NC (2024 Update)
- Lenoir Solar Installation Cost: $17,180
- 25-Year Savings: $15,873
- Payback Period: 13.0 Years
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Average Cost of Solar Panels in Lenoir
Let’s have a look at the average cost of solar in Lenoir.
The average cost of solar panels in Lenoir is 4 per watt.To cover the typical energy needs of the average home in Lenoir, most homeowners require a 7.0-kilowatt system. Using the per-watt figure above, a solar installation costs about $17,180, or $24,567 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of installing solar panels can vary based on multiple factors, such as what size system you need, your energy usage and what company you go with.But, after you've paid the upfront cost of installation, the payback for most homeowners is typically good, with a net average savings of about $18,000 over 20 years on power bills.
You can click the button below to get connected with a pre-vetted solar installer in Lenoir for a quote for your home.
Solar savings over time in Lenoir
| Year | Return on Investment |
|---|---|
| 1 years | $-15,858 |
| 3 years | $-13,214 |
| 5 years | $-10,570 |
| 7 years | $-7,925 |
| 9 years | $-5,281 |
| 11 years | $-2,637 |
| 13 years | $7 |
| 15 years | $2,652 |
| 17 years | $5,296 |
| 19 years | $7,940 |
| 21 years | $10,584 |
| 23 years | $13,229 |
| 25 years | $15,873 |
Top Solar Installers in Lenoir
Installing solar panels by yourself can be a dangerous project, which is why hiring a solar installation company is a good option for many homeowners. Also, if you’d like to maximize your investment in solar power, opting for a solar company can help with that too. Different providers can offer repairs, expertise on installation and sometimes even information on local incentives.
If you’d like to make the switch to solar but still aren’t certain which solar panel company to go with, here are our suggestions for providers near you:
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 Lenoir
Factors that Affect Solar Panel Costs in Lenoir
The cost of installing a solar system in Lenoir can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend around $3,510 per kilowatt in Lenoir.The type of solar panels and equipment you get is another factor that will largely impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Furthermore, solar equipment is more than just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Lenoir to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in paying more over time because of interest.When considering your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to solar energy can play a role in your total costs. There are about 3 solar panel companies operating in Lenoir, and each can charge varying amounts for labor and equipment.The size of the company sometimes plays the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $12,921 | 13.6 years |
| 8 kW | $3.58 | $20,049 | $17,622 | 13.3 years |
| 10 kW | $3.51 | $24,570 | $22,518 | 13.0 years |
| 12 kW | $3.44 | $28,894 | $27,612 | 12.8 years |
| 14 kW | $3.37 | $33,022 | $32,902 | 12.5 years |
| 16 kW | $3.30 | $36,953 | $38,388 | 12.3 years |
| 18 kW | $3.23 | $40,688 | $44,071 | 12.0 years |
| 20 kW | $3.16 | $44,226 | $49,951 | 11.7 years |
How to Save on Solar Panels
There are numerous companies available in Lenoir, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like EcoWatch.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running for years to come and save you money on repairs and maintenance.
- Contract: Read the contract terms thoroughly to make sure you understand how much it will cost, project timeline rebates and warranties.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you choose.
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 Lenoir, NC Solar Cost FAQs
What is the average cost of installing solar panels in Lenoir?
This is a tough question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $17,550 for a 5-kW system and $35,100 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to think about when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels significantly reduce my power bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Lenoir, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.