Solar Panel Cost Guide in Winston-Salem, NC (2024 Update)
- Winston-Salem Solar Installation Cost: $17,137
- 25-Year Savings: $19,753
- Payback Period: 13.3 Years
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Average Cost of Solar Panels in Winston-Salem
See how much it might cost to go solar in Winston-Salem.
In Winston-Salem, solar panels cost about 4 per watt on average.The average Winston-Salem homeowner needs a 7.0-kilowatt system, which would cost about $17,137 with the federal tax credit, or $24,506 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of installing solar panels can vary quite a bit based on several factors, such as how many panels you need, your energy consumption and what company you go with.Many homeowners find going solar is a solid investment. The average homeowner in Winston-Salem can save about $18,000 on their energy bills over 20 years.
To get a free quote from a highly rated solar installation company in Winston-Salem, you can click the button below.
Solar savings over time in Winston-Salem
| Year | Return on Investment |
|---|---|
| 1 years | $-15,815 |
| 3 years | $-13,171 |
| 5 years | $-10,526 |
| 7 years | $-7,882 |
| 9 years | $-5,238 |
| 11 years | $-2,594 |
| 13 years | $51 |
| 15 years | $2,695 |
| 17 years | $5,339 |
| 19 years | $7,983 |
| 21 years | $10,627 |
| 23 years | $13,272 |
| 25 years | $15,916 |
Top Solar Installers in Winston-Salem
DIY solar panel installation is a possibility, but it's an undertaking that can be a pain. Going with a solar panel installer can make swapping over to solar power much easier. Also, if you’d like to maximize your investment in solar energy, opting for a solar installer can help with that too. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives, rebates and net metering programs.
If you’d like to start using solar energy but still aren’t certain which solar company to go with, here are our suggestions for providers in Winston-Salem:
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 Winston-Salem
Factors that Affect Solar Panel Costs in Winston-Salem
Though the average cost of a solar system in Winston-Salem is $17,137, your actual cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Winston-Salem, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can determine by looking at past energy bills. Your total cost can increase by around $3,510 for each additional kilowatt you need.There are several different solar panel brands and the one you pick also affects the cost. Typically, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you’re looking to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are available from most installers in Winston-Salem, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Winston-Salem is the company you choose to install your PV system. Similar to choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that provide a range of services for different budgets.Additionally, some companies in Winston-Salem have more knowledge 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 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 | $12,328 | 13.9 years |
| 8 kW | $3.58 | $20,049 | $16,831 | 13.6 years |
| 10 kW | $3.51 | $24,570 | $21,530 | 13.3 years |
| 12 kW | $3.44 | $28,894 | $26,426 | 13.1 years |
| 14 kW | $3.37 | $33,022 | $31,518 | 12.8 years |
| 16 kW | $3.30 | $36,953 | $36,807 | 12.5 years |
| 18 kW | $3.23 | $40,688 | $42,293 | 12.3 years |
| 20 kW | $3.16 | $44,226 | $47,975 | 12.0 years |
How to Save on Solar Panels
There are a lot of companies available in Winston-Salem, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Contract: Before signing a contract with a solar company, make sure to read it through completely so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: The model of solar panel you need to install plays a part in which installer you should choose, since different companies offer different panels.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should secure and what the project timeline is.
- Warranty: A high-quality company stands out from other companies by providing 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 Winston-Salem, NC Solar Cost FAQs
What is the average cost of installing solar panels in Winston-Salem?
The average cost of solar panels in Winston-Salem 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 model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Winston-Salem?
Leasing solar panels can be an appealing choice, because it often comes with low or $0 upfront payments. The downside 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
How will solar panels impact my property value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Winston-Salem is currently $242,519, which means you can expect a value of about $9,943 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Winston-Salem is a worthwhile investment.
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 should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose 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.