Solar Panel Cost Guide in Wilmington, NC (2024 Update)
- Wilmington Solar Installation Cost: $15,655
- 25-Year Savings: $20,946
- Payback Period: 12.1 Years
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Average Cost of Solar Panels in Wilmington
Find out what the average cost of solar panels are in Wilmington.
The national average cost of solar panels is $2.66 per watt, but in Wilmington it’s 4 per watt.The average solar panel system size in Wilmington is around 6.4 kilowatts, meaning a cost of about $15,655 for a solar installation, or $22,387 before the 0 federal solar tax credit is applied.
Remember 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 use, the type of solar system you choose, your solar contractor and more.But, after you've paid the initial cost of installation, the savings for most homeowners is usually fruitful, with a net average savings of about $19,000 over 20 years on power bills.
Click the button below to get connected to a top solar company in Wilmington for a custom estimate.
Solar savings over time in Wilmington
| Year | Return on Investment |
|---|---|
| 1 years | $-14,184 |
| 3 years | $-11,242 |
| 5 years | $-8,300 |
| 7 years | $-5,358 |
| 9 years | $-2,416 |
| 11 years | $527 |
| 13 years | $3,469 |
| 15 years | $6,411 |
| 17 years | $9,353 |
| 19 years | $12,295 |
| 21 years | $15,238 |
| 23 years | $18,180 |
| 25 years | $21,122 |
Top Solar Installers in Wilmington
Many homeowners opt for a solar installation company since trying to install solar panels on your own can be a labor-intensive endeavor. Another benefit of working with a solar installer is that they can help you make the most of your investment by bringing down your future costs of repairs and replacements with the help of warranties and giving you information on local incentives you can take advantage of.
If you’d like to switch to solar energy but still aren’t sure which solar installer to go with, here are our suggestions for providers in Wilmington:
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 Wilmington
Factors that Affect Solar Panel Costs in Wilmington
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that determine your overall cost in Wilmington: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the price of solar panels in Wilmington, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can determine by looking at past energy bills. Your overall cost can increase by around $3,510 for each additional kilowatt you need.The 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. However, higher efficiency could save you more in the long run on your electric bills. Additionally, add-on products, like solar batteries, can bring your total well above the Wilmington average.
Solar Financing Terms
Most solar companies in Wilmington have solar loans, which reduce the initial cost of installing solar panels.When estimating your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The final major cost factor you should keep in mind is the installer you choose. Given the massive popularity of sustainable energy solutions in Wilmington, you’ll have many options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in Wilmington are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, 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 | $15,060 | 12.6 years |
| 8 kW | $3.58 | $20,049 | $20,473 | 12.4 years |
| 10 kW | $3.51 | $24,570 | $26,083 | 12.1 years |
| 12 kW | $3.44 | $28,894 | $31,889 | 11.9 years |
| 14 kW | $3.37 | $33,022 | $37,892 | 11.6 years |
| 16 kW | $3.30 | $36,953 | $44,091 | 11.4 years |
| 18 kW | $3.23 | $40,688 | $50,487 | 11.2 years |
| 20 kW | $3.16 | $44,226 | $57,080 | 10.9 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: Make sure your solar system installer 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: Read the contract terms carefully to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Wilmington, NC Solar Cost FAQs
How much does it cost to install solar panels in Wilmington?
This is a difficult question to answer exactly, because the cost depends on many 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 additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Are solar panels free in Wilmington?
You can’t get solar panels for free in Wilmington. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d prefer to own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Wilmington?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much 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 continue to use 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.