Solar Panels Cost 8.5k-17k in Elon, NC | October, 2024

Solar Panels Cost $8.5k-$17k in Elon, NC | October, 2024

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How much do solar panels cost in Elon, NC in 2024?

On average, in Elon, NC in the month of October, 2024, the cost per watt for going solar is $3.05/W.

In accordance with this cost, we can come to the conclusion that for every 1000 watts (1 kW) of solar power capacity will require an investment of $3,050 for installation. Typically, the cost for a 5 kW solar panel system in Elon, after you subtract 30% federal tax credit, is $10,675. Please note that a larger system could be needed to satisfy your energy needs.

To the left, you can select a county to view the average roof size and the average maximum generation capacity for residential solar on homes in your area. Outlined below are the costs, payback period, and 20-year average savings for a 5 kW system installed in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Elon: $10,675US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Elon: 7 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Elon: $15,897US Average: $15,784

Solar Potential in Elon

Estimated system size and solar electricity production per median viable roof in
Elon.

Roof size 679sq. ft.
Capacity 9.5kW DC
Electricity 12kkWh AC per yr.

Electricity Costs in Elon, NC & What that Means for Your Solar Panel Pricing

In Elon, energy consumers usually see an average electric bill of $129.78 each month, with an average consumption of 994 kWh. It is important to note that this number also encompasses smaller residences like apartments, which usually use lower energy.

For October 2024, the mean electricity rate in Elon, NC is 13.05¢ per kWh.

To cover all of their power consumption needs of a typical user in Elon, a solar system of 8 kW or higher is necessary. The initial cost for an 8 kW solar system amounts to $24,400, but after receiving a 30% federal tax credit, your total comes down to $17,080.

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Average solar panel costs by system size in Elon

Presented on the left and below is the price breakdown for different sizes of solar panel systems set up in Elon. Although a bigger solar installation comes with a greater cost, it also offers higher electricity savings and more substantial income tax credits.

The solar panel cost and benefit breakdown, visible in the calculator to the right and below, is based on an average electric bill of $129.78 in Elon. If you desire customized results, modify the $129.78 to your average electricity bill amount.

System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $782 a year
Est. Price
$8,540
Savings from a 4kWthis system
  • Est. yearly production 6,016 kWh
  • Est. monthly savings $65
  • Full payback in 5 years
Environmental Impacts
  • Reduces CO2 emissions by 1.91 tons a year
  • Equivalent to planting 88 trees a year
  • Equivalent to driving 4,737 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $978 a year
Est. Price
$10,675
Savings from a 5kWthis system
  • Est. yearly production 7,520 kWh
  • Est. monthly savings $81
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 2.39 tons a year
  • Equivalent to planting 110 trees a year
  • Equivalent to driving 5,921 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,173 a year
Est. Price
$12,810
Savings from a 6kWthis system
  • Est. yearly production 9,024 kWh
  • Est. monthly savings $98
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 2.87 tons a year
  • Equivalent to planting 132 trees a year
  • Equivalent to driving 7,106 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,369 a year
Est. Price
$14,945
Savings from a 7kWthis system
  • Est. yearly production 10,528 kWh
  • Est. monthly savings $114
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 3.35 tons a year
  • Equivalent to planting 154 trees a year
  • Equivalent to driving 8,290 mi less a year
System Size 8kW
Roof Size Min. space required
572 ft²
Electricity Value Annual Production $1,564 a year
Est. Price
$17,080
Savings from a 8kWthis system
  • Est. yearly production 12,032 kWh
  • Est. monthly savings $130
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 3.82 tons a year
  • Equivalent to planting 175 trees a year
  • Equivalent to driving 9,449 mi less a year

Elon Solar Panel Installation Incentives & Rebates | 2024

The financial burden of installing photovoltaic or wind turbines for rural agricultural enterprises and small businesses could be eased with the REAP Grant, covering 80% to 100% of the costs. To see if you qualify, use our REAP Grant eligibility tool.

Nearly all homeowners can benefit from the federal 30% income tax credit for solar panels, which turns installing solar energy a sensible choice in numerous regions of the U.S. Additionally, there are numerous state and local incentives to further encourage the adoption of solar energy.

In North Carolina, various utilities and government agencies offer 10 solar rebate and incentive programs.

Solar incentives in NC

Duke Energy - NC Solar Rebate Program

Value:Up to $50,000

Any Duke Energy Carolinas/Progress customer who installs a new solar photovoltaic system may be entitled to a rebate. The rebate amount is based on the rated capacity of the system. The rebate program's annual budget covers up to 10 MW of solar energy. 5,000 kW of the total budget is reserved for residential customers, while 2,500 kW is reserved for nonprofits. Additional information is available from the Duke Energy website.

Lumbee River EMC - Residential Weatherization Loan Program

Value:Up to $17,000

Residential customers of the Lumbee River Electric Membership Corporation may be entitled to special financing on energy efficiency improvement projects. Available loan offers and eligible projects will vary from time to time. Currently, financing may be obtained for ductwork, windows, water heating, geothermal pumps, and insulation/weatherization. The maximum available principal is $17,000 at market-rate interest. Loans will be secured either with a cosigner or using a deed of trust as collateral. Standard credit checks apply. Additional information is available from the LREMC website.

Piedmont EMC - Residential Solar and Energy Efficiency Loan Program

Value:Varies

Residential and business Piedmont Electric Membership Corporation customers may be eligible for special financing on new solar water heaters or photovoltaic systems. Loans may be available for other energy efficiency improvements. The maximum available principal for a single loan is $10,000 at 5% interest, to be repaid over seven years. Additional information and a directory of banking and lending partners are available from PEMC's website.

PSNC Energy (Gas) - Green Building Rate Discount

Value:Varies

PSNC offers special incentive rates for home and business customers whose property meets sustainable construction standards. Commercial facilities that have official LEED certification from the US Green Building Council and which are currently charged from Rate Schedule 125 will have a standing discount applied to their bills. To qualify, the property owner should submit a statement from the building's engineer attesting to low energy usage. Homes that have ENERGY STAR certification and which are currently using Rate Schedule 101 can switch to Schedule 102 rates that have the discount already applied. To qualify, homeowners should submit a copy of their ENERGY STAR certificate. Additional information is available from the PSNC website.

Haywood EMC - Residential Heat Pump and Weatherization Loan Program

Value:Varies

Homeowners in the Haywood EMC service area may be entitled to special financing on energy efficiency improvements. Eligible projects for a loan will vary from time to time. Currently, loans may fund insulation/weatherization, windows, central/room HVAC, generators, water heaters, heat pumps, ENERGY STAR certified appliances, and new solar PV/HVAC/water heaters. The maximum available principal is $35,000 at variable APR. As of 2021, interest is 3.90% on a 120-month repayment plan. Standard credit checks apply. Additional information is available from the HEMC website.

South River EMC - Solar Water Heating Rebate Program

Value:Varies

Residential and business customers of the South River Electric Membership Corporation may be entitled to rebates on new solar water heaters. The rebate amount will depend on the size and rated capacity of solar collectors. To qualify, both the solar panels and the heating module should meet Solar Rating and Certification Corporation (SRCC) standards. The system should be interconnected to the grid and have safety controls to prevent both overheating and freezing. Once a customer purchases and installs their system, they have 90 days to schedule a final utility inspection and thus claim their rebate. Additional information is available from the SREMC website.

Renewable Energy and Energy Efficiency Portfolio Standard

Value:Varies

North Carolina has both a renewable portfolio standard and an energy efficiency portfolio standard; together, they are referred to as "REPS". As of 2021, standard benchmarks require at least 12.5% of the state's retail energy to be generated from renewable sources. At least 60% of standard investment must be through new renewable energy; the remainder can be used for energy efficiency projects. Carve-outs require renewable investment to include a required proportion of solar and poultry/swine waste technologies. Compliance is measured through a Renewable Energy Credit (REC) system pegging a fixed amount of electricity to a variable dollar value. To meet their portion of the standard, utilities must either purchase credits from customers through net metering or generate them using their own renewable energy facilities. Credits expire after three years. Additional information is available from the North Carolina Utilities Commission website.

Blue Ridge EMC - Net Metering

Value:Varies

Residential customers of the Blue Ridge Electric Membership Corporation may be eligible for solar or wind net metering. Hydroelectric net metering may be available for systems rated below 25 kW. Parties to a net metering contract will be compensated for their net excess generation (NEG) at the full retail rate; however, they may be subject to higher facilities charges and minimum bills. Additional information is available from the BREMC website.

Four-County EMC - Residential Energy Efficiency Rebate Program

Value:Varies

Residential customers of the Four-County Electric Membership Corporation may be entitled to rebates on large appliances. Available rebate offers will vary from time to time. Currently, a flat $50 incentive may be claimed for new fridge/freezers, washer/dryers, dishwashers, and heat pumps at or over 16 SEER. It does not matter whether the appliance is completely new or if it will replace an older unit. To apply, proof of purchase is required. Additional information is available from the FCEMC website.

NC GreenPower Production Incentive

Value:Varies

NOTE: Applications are no longer accepted for small solar devices. NC GreenPower is a public incentive program administered by the state government in partnership with private utilities. The program effectively creates a large-scale power purchasing agreement (PPA) for owners of solar, wind, biomass, and hydroelectric systems not participating in a net metering contract. Participants will receive compensation for the energy they produce and export to the grid at a fixed per-kilowatt rate. Rate schedules depend on what technology is used to generate the energy. Additional information is available through the NC GreenPower website.

Are solar panels worth it in North Carolina?

For those planning to remain in their homes after the solar system's payback period, installing solar panels is a clear choice in Elon. Having a 5 kW solar system in Elon, NC can potentially save you roughly $20,472.2 over a span of 20 years, with an average break even point of 7 years.

The cost of not having solar panels in Elon, NC

In addition to forgoing the savings, the absence of solar panels or another backup energy source leads to full dependence on your electric utility for your power needs. Complete reliance on your utility provider is not always ideal, as recent examples in the news have demonstrated.

In recent years, Elon has seen an average of 1.2 utility outages per customer each year. Outages generally last for an average of 157.13 minutes. During major occurrences like lightning strikes, grid management errors, or construction accidents, these times can extend significantly.

A solar panel system, regardless of whether it includes a backup battery or not, could lessen the impact of future power outages you might face.

Power Outages

Currently, 0 customers are being tracked in Alamance County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Elon, NC?

Your Energy Needs - Larger solar panel systems come with a greater upfront cost, but the price per watt is decreased. Setting up a solar panel system that can cover the electric bill is advantageous to consumers because of the savings gained.

Make & Model - Just like any other product, solar panels and mounting equipment are offered in a range of makes and models. Because the installer you choose might have particular system preferences, selecting a reputable installer is even more important. The selection of superior makes and models can greatly better the long-term experience for buyers.

Solar Panel Type - There's a good reason why monocrystalline panels are now considered the industry standard. Despite the higher price tag, these panels generate greater energy output. The majority of installation experts use panels constructed from this material.

Your Property - No two properties or homes are the same. Trees, irregular terrain, or additional hurdles can make the installation process more challenging. Today, many solar installers can assess your home with satellite images and factor in these considerations in the initial cost estimate.

Labor Rates - Companies pay varied wages to their employees, and these costs are inevitably passed on to the consumers. Businesses paying higher wages typically receive better reviews for their work and customer service.

Permitting & Interconnection - The cost of installation will change depending on local permitting and utility interconnection fees. Reputable local installers will include these figures in your initial estimates to ensure transparency.

See what solar panels cost in other NC cities

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Who are the best solar installers in Elon?

Freedom Forever

Temecula, CA(800) 685-1850

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.

Eagle Solar and Light

Birmingham, AL(205) 202-2208

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.

Academy Energy Group

Newburgh, IN(812) 518-2150

Services

  • Reparation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Monitoring of independent energy generation.
  • Installation of solar arrays.
  • Auditing of energy requirements for independent energy generation.

8MSolar

Wake Forest, NC(919) 372-0315

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Reparation of solar arrays.

Yes Solar Solutions

Cary, NC(919) 925-4707

Services

  • Monitoring of independent energy generation.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.

Powur PBC

Del Mar, CA(866) 467-6987

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.

Micrometer Engineering

Scottsdale, AZ(602) 790-5749

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Renu Energy Solutions

Charlotte, NC(336) 565-7291

Services

  • Installation of solar arrays.
  • Reparation of batteries.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.

IonSOLAR

Provo, UT(888) 781-7074

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.

SolFarm Solar co.

Asheville, NC(828) 332-3003

Services

  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.

Go Solar Power

Boca Raton, FL(800) 530-9597

Services

  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.

SunPro Solar

Mandeville, LA(866) 599-3643

Services

  • Monitoring of independent energy generation.
  • Solar systems for selling electricity back to the grid.
  • Auditing of energy requirements for independent energy generation.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

Power Home Solar

Mooresville, NC(704) 870-3670

Services

  • Installation of batteries for energy storage.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Reparation of solar arrays.
  • Installation of solar arrays.

Solar Energy World

Elkridge CDP, MD(866) 856-4580

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Palmetto Solar

Charleston, SC(855) 339-1831

Services

  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Reparation of solar arrays.
  • Installation of solar arrays.

Entero Energy

Austin, TX(512) 551-0742

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

SunPower Corporation

San Jose, CA(800) 786-7693

Services

  • Installation of batteries for energy storage.
  • Reparation of solar arrays.
  • Monitoring of independent energy generation.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Consulting on all things solar related.

Silver Sun Solar

Deltona, FL(340) 227-7785

Services

  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

Cape Fear Solar Systems

Wilmington, NC(910) 409-5533

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.
  • Installation of solar arrays.

Sunnova Energy

Houston, TX(866) 786-6682

Services

  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

Sigora Solar

Charlottesville, VA(434) 465-6192

Services

  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

SunVolt Electric

Boone, NC(828) 773-2008

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Entegrity

Little Rock, AR(800) 700-1414

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

PE Solar

Tempe, AZ(480) 264-0690

Services

  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.

City Electric Supply

Dallas, TX(866) 634-9853

Services

  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.

PowerHome Solar

Mooresville, NC(704) 870-3670

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.

NC Solar Now

Raleigh, NC(919) 833-9096

Services

  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

R&C Construction Solar

Greer, SC(888) 748-9165

Services

  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Reparation of solar arrays.
  • Installation of solar arrays.

Precision Renewables

Snyderville CDP, UT(435) 602-4120

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Atomic Solar Energy

Burnsville, NC(866) 704-1187

Services

  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.

Elon, NC Solar Panel Cost FAQs

  • During October, 2024, the average price for solar panel installations in Elon, NC is $3.05/W. A 5 kW solar panel system will cost you around $10,675 in Elon, NC after the federal tax credit is applied.
  • Currently, North Carolina residents can benefit from 10 rebates and incentives available through various utilities and government bodies. On top of that, nearly everyone can qualify for the 30% federal tax credit.
  • Opting for cash payments yields the highest savings, but there are now various financing options for solar panels that are cost-effective. Financing details are often provided by installers and may be included in your initial quotes.
  • Yes, on average, 5 kW solar panels in Elon, NC pay for themselves in 7 years, with homeowners saving approximately $20,472.2 on electricity over 20 years.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01