Best Solar Companies in Winston-Salem

Should I go solar in Winston-Salem? What are the financial benefits?

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 are eligible for a great net metering program and the federal solar investment tax credit (ITC).

On average, homeowners save $24,794 over the lifetime of their solar system.

Local Solar Companies in Winston-Salem:

Winston-Salem has several solar companies that can help you make an informed decision.

The average Winston-Salem homeowner saves $1,475 per year with solar panels.

Cost of Solar Panels in Winston-Salem:

As of April 2024, the average cost of solar panels in Winston-Salem is $2.3 per watt.

A typical 6000-watt (6 kW) solar system would cost approximately $9,658 after claiming the 30% federal solar tax credit.

Savings and Incentives:

By switching to solar power, homeowners have reported saving up to $150 per month.

Additionally, there are incentives such as the Duke rebate for installing and using solar panels in Winston-Salem.

*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 Winston-Salem, North Carolina?

Average Electricity Costs in Winston-Salem:

On average, residents in Winston-Salem spend approximately $202 per month on electricity, totaling $2,424 per year. This is 11% higher than the national average electric bill of $2,179.

The average electric rate in Winston-Salem is 15 cents per kilowatt-hour (kWh).

Over the next 25 years, you can expect to pay around $68,500 on electric bills in Winston-Salem.

Solar Panels and Savings:

Solar panels can significantly reduce or even eliminate your electricity costs. By generating your own clean energy, you become less reliant on the grid.

The amount you save with solar depends on your current electricity usage and how much of your bill you can offset.

Let’s consider an example: If your annual electricity consumption is 16,416 kWh, you’d need an 11.4 kW solar panel system to offset 100% of that usage.

Assuming a 1% annual increase in electricity prices and financing with a $0-down loan, here’s the potential savings:

• First year: $2,400
• Five years: $12,400
• Ten years: $25,400
• Twenty years: $53,400.

Payback Period and ROI

The payback period and return on investment (ROI) depend on several factors, including electricity rates, system costs, and available incentives.

1. System Costs:
   • As of April 2024, the average cost of a solar panel system in Winston-Salem is approximately $2.3 per watt.
   • For a typical 6,000-watt (6 kW) system, the upfront cost would be around $9,658 after claiming the 30% federal solar tax credit.
2. Electricity Rates:
   • The average electric rate in Winston-Salem is 15 cents per kilowatt-hour (kWh).
   • To calculate potential savings, we’ll assume a conservative annual increase of 1% in electricity prices.
3. Payback Period:
   • The payback period represents the time it takes for your solar investment to pay for itself through energy savings.
   • Let’s consider the example of a 6 kW solar system:
     • Total system cost: $9,658
     • Annual electricity savings: $1,475
     • Payback period: 6.5 years
4. Return on Investment (ROI):
   • ROI measures the profitability of your solar investment over its lifetime.
   • Over 25 years, the total savings from the solar system would be approximately $37,000.
   • Calculating ROI:
     • Total savings / Initial investment = $37,000 / $9,658 = 3.83
     • ROI: 383%

What is the average cost of going solar in Winston-Salem, North Carolina?

Below, I’ve compiled a comprehensive table that breaks down system costs based on different sizes and output performances:

Winston-Salem Solar Incentives & Rebates

If you’re considering going solar in Winston-Salem, North Carolina, there are several incentives, tax credits, and rebates available to make your transition more affordable. Let’s explore them:

• 3 kW system costs $8,044 before the Investment Tax Credit (ITC) and $5,631 after ITC.
• 4 kW system costs $10,725 before the ITC and $7,508 after ITC.
• 5 kW system costs $13,407 before the ITC and $9,385 after ITC.
• 6 kW system costs $16,088 before the ITC and $11,262 after ITC.
• 7 kW system costs $18,770 before the ITC and $13,139 after ITC.
• 8 kW system costs $21,451 before the ITC and $15,016 after ITC.
• 9 kW system costs $24,132 before the ITC and $16,893 after ITC.
• 10 kW system costs $26,814 before the ITC and $18,770 after ITC.

1. Federal Solar Investment Tax Credit (ITC):
   • All U.S. homeowners, including those in North Carolina, are eligible for the federal ITC.
   • You can receive 30% of the cost of your solar panel system as a credit on your federal tax returns.
   • This credit can roll over for up to 5 years.
   • On average, this amounts to $10,112 in savings for North Carolina homeowners.
2. Property Tax Abatement for Solar Electric Systems:
   • North Carolina does not tax homeowners for the increase in property value realized by installing photovoltaic (PV) solar panels.
   • This property tax exemption is applied annually on your tax returns.
3. Financing Program for Renewable Energy and Energy Efficiency:
   • North Carolina enables revolving loan programs from cities and counties.
   • The maximum interest rate is 8%, and the maximum loan term is 20 years.
   • This program applies to monthly payments over the loan duration.
4. Local Utility-Specific Incentives:
   • Residential Customers: Receive 40 cents per watt, translating to an average savings of $2,000 for a typical 5 kW system.
   • Commercial Customers: Get 30 cents per watt, with a maximum rebate of $30,000.
   • Nonprofit Customers: Receive 75 cents per watt, up to a rebate of $75,000.

*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.