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Raleigh solar panels
Solar power can be a great choice for your Raleigh residence or small business. If you want to learn about the costs and benefits of solar panels in Raleigh, SaveOnEnergy can help you find the best solar solutions for your home. We’ll walk you through the solar incentives you can claim and the savings you can gain by going solar today.
Ready to go solar? Call 866-915-7234to be connected with a solar expert today!
Cost of solar panels in Raleigh
The cost to install solar panels in North Carolina ranges from $3.11 to $5.77 per watt, according to Berkeley Lab’s Tracking the Sun report. This price variation is due to thetype of solar panels you install, the size of your system, and the price charged for additional services. The median price for installing solar panels in North Carolina is $4.63.
How much do solar panels cost in Raleigh in 2022?
A typical household in Raleigh requires a 7-kilowatt solar system to cover its energy needs. Yourinstallation cost could therefore range from $21,770 to $40,390 before applying incentives. The largest incentive you should know about is the federal tax credit, which will help you redeem 30% of your installation costs in tax credits.
Assuming you pay the median price of $4.63 per watt, the cost to install a 7-kilowatt system would be $32,410. With the 30% federal tax credit, your savings would amount to $9,723. If your household pays theaverage monthly electricity bill in North Carolina of $123.15, you would have a payback period for your solar system of 15.3 years. The payback period is the length of time it takes to recoup your investments through your energy bill savings. We calculate this by subtracting the savings amount with the federal tax credit from the total system cost and then dividing that number by the average amount spent on electricity in North Carolina in a year (the average monthly bill x 12 months).
Over a 20-year period, a North Carolina customer pays an average of $29,556 on their electricity bills. Taking the 30% tax credit into account, you could expect to have savings on your electricity bill of about $8,866. Note that this figure is based on the median cost for solar panel installation in North Carolina of $4.63 per watt, so you could save more if you get a more competitive price.
Average solar panel cost by system size in Raleigh
Solar systems can range in size in Raleigh from around 4.8 kilowatts to 9.9 kilowatts. The median cost for solar panels in North Carolina is $4.63 per watt, which is above thenational average of $3.82 per watt. Assuming you pay $4.63 per watt for your solar panel installation, you could spend $22,224 on a 4.8-kilowatt system and $45,837 for a 9.9-kilowatt system. You’d save $6,667 on a 4.8-kilowatt system and $13,751 on a 9.9-kilowatt system with the federal tax credit. A reputable solar installer can help you estimate the size of the solar system you’ll need for your home. SaveOnEnergy can help you explore quality solar installation companies and secure the best price for your household — call the number on your screen or fill out this form to get started.
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Incentives for solar panels in Raleigh
Solar energy incentives are designed to make the cost of installing solar panels more affordable. We’ve already mentioned the 30%federal tax credit, which is the largest incentive you should be aware of. You can also look into state, local, and utility incentives that might help increase your overall savings.
| Incentive | Local, State, or Federal? | Incentive Details |
| Residential Clean Energy Credit | Federal | Residential solar installations in the United States are eligible for a 30% tax credit under the Inflation Reduction Act. This credit will last until the end of 2032, when it will decrease to 26% in 2033 and then 22% in 2024. |
| Property tax exemption | State | If the value of your property increases due to a solar panel installation, you will be exempted from paying additional property tax. |
| Net metering | State | North Carolina’s net metering program lets you sell excess energy produced by your solar panels back to the grid. In return, you gain credits on your next electricity bill. |
| Duke Energy Solar Rebate Program | Local | Duke Energy offers a 40% rebate per watt for residential customers. For a 5-kilowatt system, your rebate would be $2,000. The program often has a long waiting list. |
Solar companies in Raleigh
There are several quality solar companies in Raleigh to choose from for your installation needs. Some solar providers offer services in addition to panel installation, including solar batteries. If you’d like to learn more about theservices offered by solar companies in Raleigh, check out the SaveOnEnergy marketplace. To get connected with an installer in your area, completeour inquiry form or give us a call to talk with one of our solar experts.
Is going solar in Raleigh right for you?
There are a variety of options available for going solar in Raleigh that can work for many budgets. If cost is a factor preventing you from buying your solar panels, you can considerleasing or power purchase agreements (PPAs) to access solar power in Raleigh without the upfront cost.
Solar for renters
If you rent your property, you probably won’t be allowed to install your own solar panels. Leasing could be an alternative. With asolar lease, you will be able to use power from solar panels that are owned by a leasing company. You’ll won’t own the panels, but you will save money on upfront costs and be able to take advantage of savings from solar power.
Alternatively, you couldconsider a PPA. A PPA is a contract between you and a solar developer, who will install and maintain a solar system on your home. Though this company owns the panels, they will allow you to use some of the energy generated at a rate that is often lower than a typical energy bill.
Solar for homeowners
As a homeowner, you can receive the biggest savings by purchasing your solar panels. Thanks to the federal tax credit, net metering, and utility rebates, you can see thousands of dollars in overall savings. On top of that, you’ll have access to free solar energy once your payback period is completed. If you want to be sure you have a reserve of energy in the occasion of a power outage, you caninstall a battery to provide backup storage.
Community solar
If you live in a part of Raleigh where it’sdifficult to access solar or if your roof can’t support a solar system, you may want to check out community solar in your area. With community solar, you and many other local residents can save money by sharing power produced by a single solar farm. This is a reliable and affordable source of solar energy and can also reduce your home’s carbon footprint.
Solar power FAQs
The median cost for solar panels in Raleigh is $4.63 per watt. The typical solar system in North Carolina needs to be 7 kilowatts in size to meet a household’s energy needs. The upfront cost to install such a system would be $32,410. You would save $9,723 with the federal tax credit, which would bring the cost down to $22,687. Further savings may be possible if you access local rebates, like the Duke Energy rebate program.
Over the long term, you will gain the most savings by purchasing your solar panels. If you apply the federal tax credit, you can save over $6,000 at minimum when you buy your system. Even if you decide to lease or enter a PPA, you can still save money, since solar power is often cheaper to lease or access through a PPA than your typical electricity price. You can also consider investing in smaller solar devices to save money, like solar panels for RVs or small panels for your patio or balcony.
The best place for comparing Raleigh solar power quotes is the SaveOnEnergy marketplace. We have a strong selection of solar companies for you to choose from. It’s easy to find out more information about each provider, and you can always contact a solar expert for further advice on your best options. Call us at the number on your screen or fill out this form to find solar solutions that work best for you.
Solar power is a renewable and green energy source that doesn’t deplete natural resources or release carbon into the atmosphere. As more people rely on the sun’s rays for their energy needs, the amount of carbon dioxide and other harmful substances we produce will decline. You can do your part by relying on solar power for your home, which will significantly reduce your carbon footprint.