Should I go solar in Cary? What are the financial benefits?
Going solar in Cary, North Carolina can be a smart decision, but it’s essential to consider several factors before making the leap. Here’s what you need to know:
- Solar Viability in North Carolina:
- North Carolina ranks 4th in the country for solar installations.
- The average electricity rate is 12.71 cents per kilowatt-hour.
- The average solar payback period is 13 years.
- Homeowners benefit from a great net metering program and the federal solar investment tax credit (ITC).
- On average, a homeowner can save $24,794 over the lifetime of their solar system.
- Net Metering in North Carolina:
- North Carolina utilities offer full retail net metering.
- Solar panels can eliminate your entire electricity bill, except for certain mandatory charges.
- You could save over $1,000 per year through net metering.
- To cover the average $150 electricity bill, you’d need to spend about $13,000 on a solar installation after the 30% federal tax credit.
- Choosing a Solar Company:
- Consider reputable solar companies in Cary, such as Yes Solar Solutions and Blue Raven Solar.
- Yes Solar Solutions is accredited by the North American Board of Certified Energy Practitioners and offers turn-key projects3.
- Blue Raven Solar provides competitive pricing and is a top solar provider.
- Property Value and Savings:
- Solar panels can increase your home’s property value.
- According to the National Energy Laboratory, every $1 saved on utility bills increases home value by $20.
*However, the exact worth of going solar can vary depending on specific factors such as your home’s solar potential, your current electricity usage, and the specific financing and pricing options offered by your chosen solar installer.
How much does solar save homeowners in Cary, North Carolina?
Electricity Costs in Cary, NC:
On average, residents in Cary spend approximately $214 per month on electricity, totaling $2,568 per year. This is 18% higher than the national average electric bill of $2,179.
The average residential electricity rate in Cary is 16 cents per kilowatt-hour (kWh), which is slightly higher than the North Carolina average of 13.42 cents/kWh and lower than the national average of 18 cents/kWh.
How Solar Panels Reduce Costs:
Solar panels generate clean energy from sunlight, which can significantly reduce or even eliminate your monthly electricity bill.
By installing solar panels, you can offset your electricity consumption, leading to substantial savings.
Let’s consider an example: Suppose your average electricity consumption is 1,368 kWh per month (16,416 kWh annually). To cover this usage, you’d need an 11.4 kW solar panel system.
On the EnergySage Marketplace, the average cost for such a system is around $30,000 before incentives.
Assuming an annual 1% increase in electricity prices and financing the system with a $0-down loan, you could save:
- First year: $2,600
- Five years: $13,100
- Ten years: $26,900
- Twenty years: $56,600.
Net Metering Policies in North Carolina:
Net metering allows you to earn credits for excess solar electricity sent to the grid.
North Carolina recently updated its net metering rules, which will impact long-term solar savings.
If you submit a net metering application by October 1, 2023, you can lock in current rates through 2026.
Current Duke Energy solar customers can keep their rates through September 30, 2027.
What is the average cost of going solar in Cary, North Carolina?
As of April 2024, the average cost of solar panels in Cary, North Carolina is approximately $2.67 per watt, including installation. Let’s break down the costs based on system size:
- Average Solar Panel Cost in Cary, NC (2024):
- As of April 2024, the average cost of a solar panel system, including installation, is approximately $2.67 per watt in Cary, North Carolina.
- For a 5 kW installation, the total cost before incentives would be around $13,333. However, prices can range from $11,333 to $15,333.
- After considering the 30% federal tax credit, the average price drops by 30%.
- Solar Cost by System Size:
- Larger solar panel systems cost more money. Here’s how the cost varies based on system size:
- 3 kW: $7,786 ($5,450 after tax credit)
- 4 kW: $10,381 ($7,267 after tax credit)
- 5 kW: $12,977 ($9,084 after tax credit)
- 6 kW: $15,572 ($10,900 after tax credit)
- 7 kW: $18,167 ($12,717 after tax credit)
- 8 kW: $20,763 ($14,534 after tax credit)
- 9 kW: $23,358 ($16,351 after tax credit)
- 10 kW: $25,953 ($18,167 after tax credit)
- Larger solar panel systems cost more money. Here’s how the cost varies based on system size:
- Solar Savings and Payback Period:
- If you pay for your system with cash, you can save about $4,207 over 20 years on electricity costs with a 5 kW system in North Carolina.
- The payback period is approximately 16.49 years.
- Financing options, such as $0-down loans, allow you to start saving from day one if your loan payments are less than your current electric bills.
Cary Solar Incentives & Rebates
Certainly! If you’re considering going solar in Cary, North Carolina, there are several incentives, tax credits, and rebates available to help offset the upfront costs. Let’s explore them:
- Duke Energy – NC Solar Rebate Program:
- Incentive Type: Rebate Program
- Program Details:
- Residential: $0.60/W-AC
- Nonresidential: $0.50/W-AC
- Nonprofit: $0.75/W-AC
- Learn more: Duke Energy Solar Rebate Program
- Property Tax Abatement for Solar Electric Systems:
- Incentive Type: Property Tax Incentive
- Program Details:
- Residential systems: 100% of the appraised value
- All other systems: 80% of the appraised value
- Active Solar Heating and Cooling Systems Exemption:
- Incentive Type: Property Tax Incentive
- Program Details: No more than conventional equipment
- EnergyUnited (Electric) Residential Energy Efficiency Program:
- Incentive Type: Rebate Program
- Program Details:
- Heat Pumps (15 SEER): $150/unit
- Heat Pumps (16 SEER): $300/unit
- Learn more: EnergyUnited Rebates
- Duke Energy (Electric) – Residential Energy Efficiency Rebate Program:
- Incentive Type: Rebate Program
- Program Details:
- Central Air Conditioning or Heat Pump: $300 – $400 + $50 with added smart thermostat
- Geothermal Heat Pump: $400 + $50 with added smart thermostat
- Heat Pump Water Heater: $350
- Attic Insulation or Attic Air Sealing: $250
- Duct Sealing: $100
- Variable-Speed Pool Pumps: $300
- Learn more: Duke Energy Smart Saver Program
- NC GreenPower Production Incentive:
- Incentive Type: Performance-Based Incentive
- Program Details:
- Varies by technology and system size
- PV larger than 5 kW: Must enter bid process
- Wind up to 10 kW: $0.09/kWh
- Wind larger than 10 kW: Must enter bid process
- Learn more: NC GreenPower
*Please note that these programs are subject to change and it’s recommended to check with the relevant authorities or a local solar installer for the most up-to-date information.
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