Solar Panel Cost Guide in Wake Forest, NC (2024 Update)
- Wake Forest Solar Installation Cost: $17,254
- 25-Year Savings: $20,759
- Payback Period: 13.0 Years
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Average Cost of Solar Panels in Wake Forest
Find out what the average cost of solar panel installation is in Wake Forest.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Wake Forest, the average cost of solar panels is 4 per watt.Using this figure, a typical 7.0-kW system would cost about $17,254 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 Wake Forest homeowners. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.But, once you've paid the upfront cost of installation, the savings for most homeowners is quite good, with a net average savings of about $18,000 over 20 years on energy bills.
You can click the button below to get connected with a vetted solar installer in Wake Forest for a quote for your home.
Solar savings over time in Wake Forest
| Year | Return on Investment |
|---|---|
| 1 years | $-15,857 |
| 3 years | $-13,064 |
| 5 years | $-10,271 |
| 7 years | $-7,478 |
| 9 years | $-4,684 |
| 11 years | $-1,891 |
| 13 years | $902 |
| 15 years | $3,695 |
| 17 years | $6,489 |
| 19 years | $9,282 |
| 21 years | $12,075 |
| 23 years | $14,868 |
| 25 years | $17,661 |
Top Solar Installers in Wake Forest
When making the switch to solar, many homeowners decide to hire a solar company since overseeing your solar installation yourself can be a challenging project. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some nearby:
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 Wake Forest
Factors that Affect Solar Panel Costs in Wake Forest
The cost of installing a solar system in Wake Forest can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,510. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Wake Forest, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a solid choice because they lower your upfront costs and allow you to pay for your system over five to seven years on average.Even though solar loans make going solar more accessible for Wake Forest homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Wake Forest is the company you get to install your PV system. As with choosing a company to install new cabinets, for instance, there are plenty of solar installers that provide a range of services for different budgets.Larger national companies generally have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 | $13,073 | 13.5 years |
| 8 kW | $3.58 | $20,049 | $17,823 | 13.2 years |
| 10 kW | $3.51 | $24,570 | $22,771 | 13.0 years |
| 12 kW | $3.44 | $28,894 | $27,914 | 12.7 years |
| 14 kW | $3.37 | $33,022 | $33,255 | 12.5 years |
| 16 kW | $3.30 | $36,953 | $38,792 | 12.2 years |
| 18 kW | $3.23 | $40,688 | $44,525 | 11.9 years |
| 20 kW | $3.16 | $44,226 | $50,455 | 11.7 years |
How to Save on Solar Panels
The solar company you go with will influence not only your overall costs, but also the kinds 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: Different companies have various brands and kinds of panels. If you know you want a specific brand, make sure the solar installer you’re considering has it.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one sign of a quality company.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years likely offer high-quality solar panel installation and expertise.
- Installation Process: Make sure you’re on the same page with the installer with regard to how the installation process will go and what you need to do 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 Wake Forest, NC Solar Cost FAQs
What is the average cost of installing solar panels in Wake Forest?
The average cost of solar panels in Wake Forest 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 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?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is making the switch to solar 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 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 typically produce about 250 to 400 watt-hours per hour, the average home 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.