Best Solar Companies in Charlotte

Should I go solar in Charlotte? What are the financial benefits?

Going solar in Charlotte, North Carolina, can indeed be a beneficial decision. Here are some of the financial benefits:

1. Lower Electricity Bills: By harnessing the power of the sun, you can significantly lower your electricity bills, providing you with extra savings every month.
2. Increased Home Value: Installing solar panels on your home can significantly increase its value. Studies have shown that homes with solar panels sell for higher prices compared to homes without them.
3. Government Incentives: The government offers generous incentives for solar energy, making now a perfect time to switch.

Moreover, Charlotte gets an average of 252 days of sun, and the total potential savings of installing solar in Charlotte is $1,725 annually. However, it’s important to do your research and understand the basic costs for solar in your area. You’ll also need to choose from the best solar companies in Charlotte that fit your needs.

Switching to residential solar energy is not just a smart choice for your wallet, but also for the environment.

*Please note that the actual savings and payback period can vary depending on your home’s configuration, your energy needs, and the specific solar installation. Going solar is a significant investment, but for many homeowners in Charlotte, it can be a financially beneficial decision.

Payback Period, ROI, and Cost Effectiveness

Here are some estimates for the average payback period and return on investment (ROI) for solar installations in Charlotte, NC:

1. Average Solar System Cost: As of April 2024, the average cost of a 5 kW solar panel system in Charlotte, NC, is approximately $13,793 before incentives. The cost can range from $11,724 to $15,862.
2. Federal Tax Credit: The federal investment tax credit (ITC) can lower the system cost by 30% of all your solar equipment and installation costs.
3. Electricity Rates: The average residential electricity rate in Charlotte, NC, is 12 ¢/kWh. This rate is used to calculate the savings from solar energy.
4. Payback Period: The payback period is the time it takes for the savings from your solar system to equal the total cost of the system. The average payback period for solar panel installation in Charlotte is approximately 11.85 years.
5. Return on Investment (ROI): ROI is a measure of the profitability of the investment. If you pay for your system with cash, you’ll save about $16,371 over 20 years on electricity costs with a 5 kW system in Charlotte, NC. This translates to a significant ROI over the lifetime of the system.

*Please note that these are average estimates and the actual figures can vary based on factors like the specific solar system you choose, the orientation and tilt of your roof, and changes in electricity rates. It’s always a good idea to get quotes from multiple solar installers to understand the costs and savings specific to your situation.

What is the average cost of going solar in Charlotte, North Carolina?

The average cost of going solar in Charlotte by system size and estimated output performance:

• 3 kW System
  • Average Cost (Before ITC): $8,276
  • Average Cost (After ITC): $5,793
  • Estimated Output (kWh/day): 0.675
• 4 kW System
  • Average Cost (Before ITC): $11,034
  • Average Cost (After ITC): $7,724
  • Estimated Output (kWh/day): 0.9
• 5 kW System
  • Average Cost (Before ITC): $13,793
  • Average Cost (After ITC): $9,655
  • Estimated Output (kWh/day): 1.125
• 6 kW System
  • Average Cost (Before ITC): $16,552
  • Average Cost (After ITC): $11,586
  • Estimated Output (kWh/day): 1.35
• 7 kW System
  • Average Cost (Before ITC): $19,310
  • Average Cost (After ITC): $13,517
  • Estimated Output (kWh/day): 1.575
• 8 kW System
  • Average Cost (Before ITC): $22,069
  • Average Cost (After ITC): $15,448
  • Estimated Output (kWh/day): 1.8
• 9 kW System
  • Average Cost (Before ITC): $24,827
  • Average Cost (After ITC): $17,379
  • Estimated Output (kWh/day): 2.025
• 10 kW System
  • Average Cost (Before ITC): $27,586
  • Average Cost (After ITC): $19,310
  • Estimated Output (kWh/day): 2.25

The estimated output is calculated based on the formula: Solar Output = Wattage × Peak Sun Hours × 0.75.

The peak sun hours in Charlotte is approximately 5 hours. Please note that these are average estimates and the actual figures can vary based on factors like the specific solar system you choose, the orientation and tilt of your roof, and changes in electricity rates. It’s always a good idea to get quotes from multiple solar installers to understand the costs and savings specific to your situation.

The federal investment tax credit (ITC) can lower the system cost by 30% of all your solar equipment and installation costs. This can significantly reduce the overall cost of your solar installation.

Please note that these are average estimates and the actual figures can vary based on factors like the specific solar system you choose, the orientation and tilt of your roof, and changes in electricity rates. It’s always a good idea to get quotes from multiple solar installers to understand the costs and savings specific to your situation.

Charlotte Solar Incentives & Rebates

Here are some of the solar incentives, tax credits, and rebates available specifically in Charlotte, North Carolina:

1. Duke Energy – NC Solar Rebate Program: This program offers a rebate for residential, nonresidential, and nonprofit customers who install solar panels. The rebate rates are as follows:
   • Residential: $0.60/W-AC
   • Nonresidential: $0.50/W-AC
   • Nonprofit: $0.75/W-AC
2. Property Tax Abatement for Solar Electric Systems: This state incentive exempts you from paying taxes on the increase in property value realized by installing photovoltaic (PV) solar panels. The exemption rates are:
   • Residential systems: 100% of the appraised value
   • All other systems: 80% of the appraised value
3. Active Solar Heating and Cooling Systems Exemption: This is another property tax incentive that exempts you from paying taxes on the increase in property value realized by installing active solar heating and cooling systems.
4. EnergyUnited (Electric) Residential Energy Efficiency Program: This program offers rebates for installing energy-efficient heat pumps.
5. Duke Energy (Electric) – Residential Energy Efficiency Rebate Program: This program offers rebates for installing energy-efficient appliances and making energy-efficient home improvements.
6. NC GreenPower Production Incentive: This performance-based incentive varies by technology and system size.
7. Local Option – Financing Program for Renewable Energy and Energy Efficiency: This loan program is enabled by a law that allows cities and counties to offer revolving loan programs with a maximum interest rate of 8% and a maximum term of 20 years.
8. Local Option – Green Building Incentives: This incentive is authorized by legislation for green buildings1.

These incentives are specific to Charlotte and can be used in addition to the general North Carolina incentives and rebates, which include the 30% federal solar tax credit, statewide property tax exemptions, renewable energy financing programs, and net metering. Please note that the availability and amount of these incentives can vary, and it’s always a good idea to check with a local solar installer or the relevant authorities for the most current information.

Remember, these incentives can significantly reduce the cost of your solar installation and increase the return on your investment. So, going solar in Charlotte can be a financially beneficial decision!

*However, the availability and amount of these incentives can vary depending on your specific location and the utility company. Therefore, it’s recommended to check with local solar installers or your utility company for the most accurate and up-to-date information. Also, remember to consult with a tax professional to understand how these incentives apply to your specific situation.