North Carolina is ranked among the highest in the country in terms of solar installation. With more homes and businesses taking up solar energy in recent years, many are wondering how much it’ll cost to install it for themselves.
So, what’s the cost of solar panels in NC? Read on to find out.
Cost of Solar Panels in NC: Installation
Understanding the cost of solar panels, NC or otherwise, depends on your home’s wattage.
To get a better sense of what you’ll be paying for solar cost in your state, you need to find out how many watts your household produces. In North Carolina, solar power costs about $2.54 per watt.
After that, you’ll need to get in contact with a solar installation company to get your panels up and ready. The initial cost of installation runs you upwards of $20,000 depending on the model and other factors.
This might sound like a lot of money, but you have to realize that paying for solar panels is a long-term process. You’ll find that you’re saving thousands of dollars a year due to lower electricity payments each month. You’ll find that you’re saving thousands of dollars a year due to lower electricity payments each month.
It’s estimated that paying off your solar panels in North Carolina takes a little over ten years. There are also credits and rebates you can claim to make that initial cost seem much less detrimental.
Rebates and Credits
While there aren’t any unified state solar tax credits in North Carolina, if your area is served by Duke Energy, they offer rebates based on Watts. You can claim up to $0.75 per watt in some cases.
There’s also been legislation that’s allowed North Carolina cities and counties to provide low-interest loans for solar installation. This helps out those who may not have the capital at the moment to purchase a solar panel system.
Don’t forget about the federal solar tax credit either. There are some stipulations to get this credit, so make sure you read up on it before applying.
Other Financial Benefits
There are also non-tax-related benefits that lower your overall cost of solar panels in North Carolina. For starters, it boosts your home’s property value. This means you can sell it for a potentially high price when the time comes.
There are also net metering programs in North Carolina that provide credits for extra electricity produced by your solar panels. These credits can be cashed in with your service providers when you need some energy.
At the end of the day, solar panels save you plenty of cash down the road. With lower electricity bills, you’ll have more money to spend for the decade-plus that your solar panels will be operating at full power.
Understanding the Total Cost of Solar Panels
When looking up the “cost of solar panels in NC,” it’s important to understand all the elements that determine the final price. Use this guide to help you navigate the complicated process of paying for new solar panels in NC.
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