Are you located in North Carolina and considering adding solar energy to your home or business? If so, you’re not alone. With increasing utility costs, and a long-term investment that pays dividends over time, many North Carolinians are exploring how affordable solar power could work for their homes or businesses. In this blog post we’ll discuss why solar panels may be worth it for those living in North Carolina, plus all of the advantages they provide now – and down the road. Let’s dig into what makes investing in solar panels such an attractive option!
North Carolina Solar Viability
North Carolina is one of the top states for solar energy in the United States. In fact, according to reports from SEIA (Solar Energy Industries Association), North Carolina ranks 4th in the country for solar installations. Residents also enjoy lower energy rates than most homeowners throughout the country. The average homeowner saves $20,035 over the lifetime of their solar system. That’s a pretty substantial amount of savings! Additionally, North Carolina offers various incentives and rebate programs to encourage the use of solar energy. These include the federal solar investment tax credit (ITC) and net metering program.
Determining the Viability of Solar Panels in North Carolina: A Comprehensive Guide
Solar panels can be a cost-saving solution for many homeowners and business owners in NC, but it’s important to note that they may not be a wise investment for every home or business. To help you decide if solar is the right choice for you, let’s explore some key factors that should be taken into consideration.
What’s Your NC Electricity Consumption?
To begin, it is important to determine your home or business’s average monthly electricity consumption when considering solar panels. Since the primary advantage of solar panels is the reduction in electric bills, understanding your power usage is a crucial factor in assessing the feasibility of solar energy. Generally, properties that consume less than 500 kilowatt-hours per month are not suitable candidates for solar panels. You can refer to your utility bills to find your average usage over the past year. If your consumption is below this 500 kWh benchmark, it may be worth reconsidering the installation of solar panels. However, it is worth noting that the average monthly energy consumption in North Carolina is 1,041 kWh, meaning that the majority of residents in NC are eligible for solar panels based on their energy usage.
How Much Does it Cost To Go Solar in North Carolina?
Naturally, the total cost of your solar array will impact your return on investment. In North Carolina, the average price of solar panels is approximately $2.54 per watt, resulting in a total cost of around $18,669 for a typical 10.5-kW system after considering the federal tax credit. Both the per-watt price and the overall cost of an average solar panel system in North Carolina are significantly lower than the national average. This means that your money stretches further when investing in photovoltaic equipment in NC compared to many other states.
Solar power offers greater value to homeowners and business owners who pay above-average prices for electricity, whether due to high rates or high energy consumption. While electricity prices in North Carolina are below average, the typical energy consumption of 1,041 kWh exceeds the national average of 893 kWh. Consequently, solar panels hold greater worth in North Carolina compared to the rest of the country, on average.
What’s the Payback Period for Solar in North Carolina?
Installing solar panels offers a remarkable benefit: they typically pay for themselves over time. To determine how long this process will take for your home or business, you can calculate the solar panel payback period. In North Carolina, the average payback period is 13 years, slightly higher than the national average of 12 years. The typical range in NC falls between 10 to 16 years. It’s worth noting that the lifespan of solar panels is 25+ years, meaning you’ll continue to enjoy savings long after the payback period. On average, North Carolina homeowners can expect approximately 12 years of energy savings once their panels have covered their costs, which is truly impressive. If your payback period extends beyond 16 years, your overall return on investment may be slightly lower than average, but you can still anticipate long-term savings.
What Are Average Buy-Back Rates in North Carolina?
Net metering, a highly favorable policy for solar customers, is mandated in many states. It allows you to interconnect with your utility company through inverters, enabling you to sell excess electricity back to them. For every kWh of surplus power, you receive a credit on your energy bill. In North Carolina, net metering is mandatory, granting all solar customers access to this incentive..
How Much Sun Does Your Roof Receive?
Solar panels convert sunlight into electricity, resulting in significant savings on your electric bill. Consequently, homes that receive ample sunlight naturally enjoy greater cost savings. On average, North Carolina experiences approximately 213 sunny days per year, surpassing the average of most other states, which hovers around 205. Therefore, solar panels hold slightly higher value in NC due to the abundance of available sunlight. However, assessing the viability of solar energy for your home requires consideration of individual factors. For instance, the orientation of your roof plays a crucial role in the efficiency of your panels. In the United States, south-facing roofs are best suited for solar installations, while west-facing and east-facing roofs, although less ideal, can still yield worthwhile results. Additionally, shading on your roof significantly impacts the feasibility of solar power. If your roof is partially shaded by trees or buildings, sunlight obstruction will result in lower energy production and overall savings.
What’s the Outlook on Solar in North Carolina?
North Carolina is ranked 4th in the nation for solar conversions, making it one of the leading states in terms of solar power adoption. The Old North State has wholeheartedly embraced solar energy as its primary renewable source, and its popularity continues to soar. Utility-scale solar projects have gained immense traction throughout North Carolina, while residential solar conversions have experienced a significant surge in popularity over the past decade.
The robustness of North Carolina’s solar market can be attributed to the state’s ambitious Renewable Portfolio Standard (RPS) goals and the plethora of incentives available to residents, making solar energy both enticing and affordable. With no signs of slowing down, the solar industry in North Carolina is poised for continued growth in the foreseeable future.
Is Solar Power a Viable Investment in North Carolina?
Investing in solar power is a smart and financially rewarding choice for most residents of North Carolina. By going solar, homeowners in the area can save an impressive average of $20,035 throughout the lifetime of their solar systems. However, it’s crucial to note that solar panels may not be suitable for every home. Before making a commitment, it is essential to conduct a thorough assessment of your property to determine its solar viability. We recommend reaching out to a reputable solar panel installation company in your area, such as RED Group. We can provide expert guidance and help you determine whether solar power is the right choice for your home or business.
If you are a homeowner or business owner in North Carolina looking to save money on electricity costs while also reducing your carbon footprint, consider investing in solar today! Contact us today to see how much you could save by adding solar panels to your home or business. With our help, you can join thousands of North Carolina residents who are already enjoying the many benefits of solar power.