Solar Panel Cost Guide in Oxford, NC (2024 Update)
- Oxford Solar Installation Cost: $17,284
- 25-Year Savings: $21,829
- Payback Period: 12.6 Years
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Average Cost of Solar Panels in Oxford
Let’s have a look at the average cost of solar panels in Oxford.
In Oxford, solar panels cost about 4 per watt on average.Using this figure, a typical 7.0-kW system would cost about $17,284 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Oxford homeowners. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.Many homeowners find going solar is a solid investment. The average homeowner in Oxford can save about $19,000 on their energy bills over 20 years.
Click the button below to get connected to a highly rated solar installer in your area for a custom estimate.
Solar savings over time in Oxford
| Year | Return on Investment |
|---|---|
| 1 years | $-15,813 |
| 3 years | $-12,871 |
| 5 years | $-9,929 |
| 7 years | $-6,987 |
| 9 years | $-4,044 |
| 11 years | $-1,102 |
| 13 years | $1,840 |
| 15 years | $4,782 |
| 17 years | $7,724 |
| 19 years | $10,666 |
| 21 years | $13,609 |
| 23 years | $16,551 |
| 25 years | $19,493 |
Top Solar Installers in Oxford
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Using an installer can make swapping over to solar power much easier. Some solar installers, especially local ones, can help you take advantage of incentives in Oxford, thereby optimizing your ROI.
You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some 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 Oxford
Factors that Affect Solar Panel Costs in Oxford
The cost of installing a solar system in Oxford can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,510.The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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 can expect 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
If paying for solar panels in cash is too expensive, solar loans are a solid route because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.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’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you choose to handle your switch to green energy can play a role in your total costs. There are about 3 solar installation companies in Oxford, and each can charge varying amounts for labor and equipment.Additionally, some companies in Oxford are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $13,954 | 13.1 years |
| 8 kW | $3.58 | $20,049 | $18,999 | 12.8 years |
| 10 kW | $3.51 | $24,570 | $24,240 | 12.6 years |
| 12 kW | $3.44 | $28,894 | $29,678 | 12.3 years |
| 14 kW | $3.37 | $33,022 | $35,312 | 12.1 years |
| 16 kW | $3.30 | $36,953 | $41,142 | 11.8 years |
| 18 kW | $3.23 | $40,688 | $47,170 | 11.6 years |
| 20 kW | $3.16 | $44,226 | $53,394 | 11.3 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose significantly impacts your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: When making the switch to solar power, it’s essential to maintain an open line of communication with your solar company. See to it that you understand how the installation process will go and the completion timeline.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Contract: Before you sign 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 sure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Warranty: If you’re concerned about the longevity of your solar panels, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 Oxford, NC Solar Cost FAQs
How much does it cost to install solar panels in Oxford?
This is a hard question to answer precisely, because the cost depends on a few different 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 extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Oxford?
Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
Though 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 the amount of energy they produce will have decreased significantly after that point. You can opt to replace them after having 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.