Solar Panel Cost Guide in Smithfield, NC (2024 Update)

  • Smithfield Solar Installation Cost: $17,148
  • 25-Year Savings: $19,540
  • Payback Period: 13.4 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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Average Cost of Solar Panels in Smithfield

We go over average solar pricing in Smithfield.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Smithfield, the average cost of solar panels is 4 per watt.The average solar panel system size in Smithfield is around 7.0 kilowatts, meaning a cost of about $17,148 for a solar installation, or $24,522 before the 0 federal solar tax credit is applied.

Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy needs, the type of equipment you want to get, your solar contractor and more.Despite the significant initial cost, the average Smithfield homeowner can save about $17,000 on their energy bills over 20 years, which is one of the benefits of solar.

Click the button below to get connected to a highly rated solar panel company in your area for a personalized quote.

Solar savings over time in Smithfield

Year Return on Investment
1 years $-15,677
3 years $-12,735
5 years $-9,793
7 years $-6,851
9 years $-3,908
11 years $-966
13 years $1,976
15 years $4,918
17 years $7,860
19 years $10,803
21 years $13,745
23 years $16,687
25 years $19,629

Top Solar Installers in Smithfield

Many homeowners opt for a solar panel company since figuring out how to install solar panels by yourself can be a labor-intensive endeavor. Solar installers provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.

Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • Excellent reputation
  • Many financing options
  • Representatives are experts on local policies
  • No leases or PPAs

See all of the solar companies in Smithfield

Factors that Affect Solar Panel Costs in Smithfield

Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that will push your cost above or below the average in Smithfield: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.

Solar Equipment

The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with better 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 kind of solar panels and equipment you choose is another factor that will substantially impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond 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

Most solar companies in Smithfield offer solar loans, which reduce your upfront costs of installing solar.Although solar loans make going solar more accessible for Smithfield homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

The solar installation company you select will affect your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Smithfield are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save 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 $12,134 14.0 years
8 kW $3.58 $20,049 $16,572 13.7 years
10 kW $3.51 $24,570 $21,206 13.4 years
12 kW $3.44 $28,894 $26,037 13.2 years
14 kW $3.37 $33,022 $31,064 12.9 years
16 kW $3.30 $36,953 $36,289 12.6 years
18 kW $3.23 $40,688 $41,709 12.3 years
20 kW $3.16 $44,226 $47,326 12.1 years

How to Save on Solar Panels

The solar installer you go with will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, such as:

  • Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
  • Contract: It’s important to read through your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
  • Installation Process: Make sure you’re on the same page with the company regarding how the installation process will go and what needs to be done before your solar system is installed, such as updating or replacing your electrical system or roof.
  • Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • Excellent reputation
  • Many financing options
  • Representatives are experts on local policies
  • No leases or PPAs

EcoWatch's Smithfield, NC Solar Cost FAQs

What is the average cost of installing solar panels in Smithfield?

The average cost of solar panels in Smithfield 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 stuff like the kind of solar panels you want, what size system you need and how much energy you consume.

Is cost the most important consideration when buying solar panels?

The upfront cost is a crucial factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.

Do solar panels increase your home value?

Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Smithfield is currently $284,822, which means you can expect a value of about $11,678 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Smithfield is a rewarding investment.

How many solar panels should I get to power my home?

To figure out what solar panel system size you need, you should find out how much energy your home needs 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 household 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.

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