Solar Panel Cost Guide in Greensboro, NC (2024 Update)
- Greensboro Solar Installation Cost: $17,128
- 25-Year Savings: $17,880
- Payback Period: 14.1 Years
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Average Cost of Solar Panels in Greensboro
See how much it might cost to install solar panels in Greensboro.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Greensboro, the average cost of solar panels is 4 per watt.The average Greensboro homeowner needs a 7.0-kilowatt system, which would cost about $17,128 with the federal tax credit, or $24,493 before the 0 tax credit is applied.
These figures are just averages, and your own solar costs may look different based on the amount of energy your home requires and what company you go with.But, after you've paid the initial cost of installation, the return on investment for most homeowners is typically good, with a net average savings of about $17,000 over 20 years on electricity bills.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Greensboro
| Year | Return on Investment |
|---|---|
| 1 years | $-15,806 |
| 3 years | $-13,162 |
| 5 years | $-10,518 |
| 7 years | $-7,873 |
| 9 years | $-5,229 |
| 11 years | $-2,585 |
| 13 years | $59 |
| 15 years | $2,704 |
| 17 years | $5,348 |
| 19 years | $7,992 |
| 21 years | $10,636 |
| 23 years | $13,281 |
| 25 years | $15,925 |
Top Solar Installers in Greensboro
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Going with a solar company can make converting to solar power much easier. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run because of their warranties, repair services and expert design.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Greensboro
Factors that Affect Solar Panel Costs in Greensboro
There are several criteria that can play into your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay around $3,510 per kilowatt in Greensboro.The brand of solar panels and equipment you want is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Further, solar equipment is more than just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That’s why many Greensboro homeowners decide to finance their solar panel systems to make paying for solar more affordable.When estimating your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The remaining major cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Greensboro, you’ll have a great number of options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in Greensboro 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 walking you through the whole process. 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 | $10,725 | 14.7 years |
| 8 kW | $3.58 | $20,049 | $14,693 | 14.4 years |
| 10 kW | $3.51 | $24,570 | $18,858 | 14.1 years |
| 12 kW | $3.44 | $28,894 | $23,219 | 13.9 years |
| 14 kW | $3.37 | $33,022 | $27,777 | 13.6 years |
| 16 kW | $3.30 | $36,953 | $32,532 | 13.3 years |
| 18 kW | $3.23 | $40,688 | $37,483 | 13.0 years |
| 20 kW | $3.16 | $44,226 | $42,630 | 12.7 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- 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 considerable role in the company you hire.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years most likely provide high-quality solar panel installation and expertise.
- Contract: It’s important to read your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
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
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Greensboro, NC Solar Cost FAQs
What is the average cost of installing solar panels in Greensboro?
This is a hard question to answer precisely, 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. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Are solar panels free in Greensboro?
Solar panels aren’t free in Greensboro, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Do solar panels increase your property 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 Greensboro is currently $249,740, so you can look forward to a value of about $10,239 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Greensboro is a fruitful investment.
How long do solar panels last in Greensboro?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.