Solar Panel Cost Guide in Mount Olive, NC (2024 Update)
- Mount Olive Solar Installation Cost: $17,109
- 25-Year Savings: $19,898
- Payback Period: 13.3 Years
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Average Cost of Solar Panels in Mount Olive
Let’s have a look at the average cost of solar in Mount Olive.
The national average cost of solar panels is $2.66 per watt, but in Mount Olive it’s 4 per watt.Since a 7.0-kW system is needed to cover the energy costs of a typical home in Mount Olive, the average price of going solar will be about $17,109 after claiming the federal solar tax credit of 0.
Keep in mind that the figures above are only estimates based on the average Mount Olive homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.But, after you've paid the initial cost of installation, the payback for most homeowners is quite good, with a net average savings of about $18,000 over 20 years on electricity bills.
Click the button below to get connected to a reputable solar company in Mount Olive for a personalized quote.
Solar savings over time in Mount Olive
| Year | Return on Investment |
|---|---|
| 1 years | $-15,638 |
| 3 years | $-12,696 |
| 5 years | $-9,754 |
| 7 years | $-6,812 |
| 9 years | $-3,870 |
| 11 years | $-927 |
| 13 years | $2,015 |
| 15 years | $4,957 |
| 17 years | $7,899 |
| 19 years | $10,841 |
| 21 years | $13,784 |
| 23 years | $16,726 |
| 25 years | $19,668 |
Top Solar Installers in Mount Olive
Many homeowners opt for a solar panel company since trying to install solar panels on your own can be hard. Companies can also offer access to various kinds of the best solar panels and help you decide which one will be best for you.
If you're searching for a solar installer in Mount Olive, we've organized a list of our top suggestions here:
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 Mount Olive
Factors that Affect Solar Panel Costs in Mount Olive
There are several factors that can play into your solar system 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
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 about $3,510 per kilowatt in Mount Olive.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 more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That’s why many Mount Olive homeowners choose to finance their solar panel systems to make paying for solar more affordable.You’ll have to consider the long-term cost of financing options, including the total interest you’ll pay over the length of the loan. If you can only 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 getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The remaining major cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Mount Olive, you’ll have a great number of options to choose from, but each comes at varying price points for labor and equipment.Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and find a company that offers the products, warranties and services you want and also fit into 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 | $3.65 | $15,332 | $12,481 | 13.8 years |
| 8 kW | $3.58 | $20,049 | $17,034 | 13.5 years |
| 10 kW | $3.51 | $24,570 | $21,784 | 13.3 years |
| 12 kW | $3.44 | $28,894 | $26,730 | 13.0 years |
| 14 kW | $3.37 | $33,022 | $31,874 | 12.7 years |
| 16 kW | $3.30 | $36,953 | $37,213 | 12.5 years |
| 18 kW | $3.23 | $40,688 | $42,749 | 12.2 years |
| 20 kW | $3.16 | $44,226 | $48,482 | 11.9 years |
How to Save on Solar Panels
The solar installer you choose will influence not only your overall 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, such as:
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Before signing a contract with a solar installer, make sure you read it through completely so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
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 Mount Olive, NC Solar Cost FAQs
How much does it cost to install solar panels in Mount Olive?
The average cost of solar panels in Mount Olive 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 like the model of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Mount Olive?
You can’t get solar panels for free in Mount Olive. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Does Mount Olive have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future utility bills.
How long do solar panels last in Mount Olive?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.