Solar Panel Cost Guide in Oak Island, NC (2024 Update)
- Oak Island Solar Installation Cost: $15,716
- 25-Year Savings: $22,016
- Payback Period: 11.8 Years
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Average Cost of Solar Panels in Oak Island
Let’s take a look at the average cost of solar in Oak Island.
The average cost of solar panels in Oak Island is 4 per watt.Using this figure, a typical 6.4-kW system would cost about $15,716 before the 0 federal solar tax credit is applied.
How much you pay can go higher or lower than the average in Oak Island depending on a variety of factors, such as the brand of solar panels you choose and the solar contractor you hire.For many homeowners, the upfront investment in solar power is worth paying. On average homeowners in Oak Island see about $20,000 in savings on energy bills over 20 years.
To receive a free estimate from a vetted solar installation company in Oak Island, you can click the button below.
Solar savings over time in Oak Island
| Year | Return on Investment |
|---|---|
| 1 years | $-14,245 |
| 3 years | $-11,303 |
| 5 years | $-8,361 |
| 7 years | $-5,418 |
| 9 years | $-2,476 |
| 11 years | $466 |
| 13 years | $3,408 |
| 15 years | $6,350 |
| 17 years | $9,293 |
| 19 years | $12,235 |
| 21 years | $15,177 |
| 23 years | $18,119 |
| 25 years | $21,061 |
Top Solar Installers in Oak Island
Many homeowners choose to use a solar panel installer since trying to put up solar panels yourself can be hard. Some solar companies, particularly local ones, can help you make the most of incentives in Oak Island, thereby optimizing your ROI.
Working with a licensed solar company can help you make the most of your investment in solar. 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 Oak Island
Factors that Affect Solar Panel Costs in Oak Island
Though the average cost of a solar system in Oak Island is $15,716, your final cost may be higher or lower than that. There are many factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
When it comes to estimating the price of solar panels in Oak Island, one of the most important 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 gauge by looking at past power bills. Your overall 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 trusted 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 limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater 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
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are provided by most installers in Oak Island, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible.When considering your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The final key cost factor you should take into consideration is the installer you choose. Given the massive popularity of green energy solutions in Oak Island, you’ll have a great number of options to choose from, but each comes at different price points for labor and equipment.Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle 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 | $15,988 | 12.2 years |
| 8 kW | $3.58 | $20,049 | $21,710 | 12.0 years |
| 10 kW | $3.51 | $24,570 | $27,629 | 11.8 years |
| 12 kW | $3.44 | $28,894 | $33,744 | 11.5 years |
| 14 kW | $3.37 | $33,022 | $40,056 | 11.3 years |
| 16 kW | $3.30 | $36,953 | $46,565 | 11.1 years |
| 18 kW | $3.23 | $40,688 | $53,270 | 10.8 years |
| 20 kW | $3.16 | $44,226 | $60,172 | 10.6 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. Since choosing a company can be a tough decision, we have some tips to help you, such as:
- Contract: Before you sign a contract with a solar company, make sure to read it through fully so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
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 Oak Island, NC Solar Cost FAQs
How much does it cost to install solar panels in Oak Island?
This is a hard question to answer precisely, 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. It will cost more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Oak Island?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property 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 savings from going solar.
Can solar panels completely eradicate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,043.98 per year.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house 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.