Solar Panel Cost Guide in Raeford, NC (2024 Update)
- Raeford Solar Installation Cost: $16,876
- 25-Year Savings: $19,639
- Payback Period: 13.2 Years
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Average Cost of Solar Panels in Raeford
Let’s have a look at the average cost of solar panels in Raeford.
The national average cost of solar panels is $2.66 per watt, but in Raeford it’s 4 per watt.The average solar panel system size in Raeford is around 6.9 kilowatts, meaning a cost of about $16,876 for a solar installation, or $24,133 before the 0 federal solar tax credit is applied.
These figures are just estimates, and the cost of going solar for you will most likely vary based on factors unique to your home and what company you want to go with.Many homeowners find installing a solar panel system is a solid investment. The average homeowner in Raeford can save around $18,000 on their power bills over 20 years.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Raeford
| Year | Return on Investment |
|---|---|
| 1 years | $-15,405 |
| 3 years | $-12,463 |
| 5 years | $-9,521 |
| 7 years | $-6,578 |
| 9 years | $-3,636 |
| 11 years | $-694 |
| 13 years | $2,248 |
| 15 years | $5,190 |
| 17 years | $8,133 |
| 19 years | $11,075 |
| 21 years | $14,017 |
| 23 years | $16,959 |
| 25 years | $19,901 |
Top Solar Installers in Raeford
When making the switch to solar, many homeowners choose to hire a solar company since putting up a solar system yourself can be a time-consuming project. Some solar companies, particularly local ones, can help you make the most of incentives in Raeford, optimizing your ROI.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Raeford
Factors that Affect Solar Panel Costs in Raeford
There are a number of factors that can affect your solar panel 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
When it comes to estimating the cost of a solar energy system in Raeford, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy usage, which you can figure out by looking at past power bills. Your overall cost can increase by around $3,510 for each additional kilowatt you need.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your electric bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Raeford average.
Solar Financing Terms
Many homeowners find the average cost of solar in Raeford to be too steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in paying more over time due to interest.You’ll have to consider the long-term cost of loans, 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 getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar panel installation company you pick will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor.The size of the company can sometimes play the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down 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 | $12,492 | 13.8 years |
| 8 kW | $3.58 | $20,049 | $17,049 | 13.5 years |
| 10 kW | $3.51 | $24,570 | $21,802 | 13.2 years |
| 12 kW | $3.44 | $28,894 | $26,752 | 13.0 years |
| 14 kW | $3.37 | $33,022 | $31,899 | 12.7 years |
| 16 kW | $3.30 | $36,953 | $37,242 | 12.5 years |
| 18 kW | $3.23 | $40,688 | $42,782 | 12.2 years |
| 20 kW | $3.16 | $44,226 | $48,518 | 11.9 years |
How to Save on Solar Panels
There are a large number of companies to choose from in Raeford, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running smoothly and save you money on part replacement and repairs.
- Contract: When reading through your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Reputation: Your solar installer should have a good 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 that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Installation Process: Make sure you’re aligned with the installer regarding how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
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 Raeford, NC Solar Cost FAQs
What is the average cost of installing solar panels in Raeford?
This is a difficult question to answer exactly, 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 be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Raeford?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to 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.
Is making the switch to solar worth it?
Solar panels can be a great investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and how much 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 account for 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.