Are you considering investing in solar panels in North Carolina?
It’s a wise decision as using renewable energy not only helps protect our planet but also saves you money in the long run. However, before making any decisions, it’s crucial to understand what factors affect the cost of solar panels.
In this blog post, we’ll reveal the ten factors that are going to affect the cost of solar panels in NC in 2024.
Read on to find out what they are!
1. Federal and State Incentives
The availability and amount of federal and state incentives make a significant difference in the cost of solar panels. Currently, the federal government offers a 26% solar tax credit in North Carolina, which can reduce the cost of a solar panel system. NC also offers incentives such as the State Renewable Energy and Energy Efficiency Portfolio Standard (REPS) and Duke Energy’s Solar Rebate Program.
2. Installer Costs
This refers to the fees that are charged by professional installers to set up and connect solar panels to a home or building. As the demand for solar panels increases, so does the demand for qualified and experienced installers, which in turn drives up the costs. Additionally, the complexity of the installation process and the need for specialized equipment can also contribute to higher installer costs.
As a result, consumers who are considering switching to solar energy in NC in 2024 should be aware of these potential expenses and consider their options before making a decision. To learn more about solar panel installer costs in NC, you may check out this link here now.
3. The Size of the Panel
The larger the system, the more expensive it will be. However, bigger systems will generate more power for your home or business. The size of the panel will depend on the amount of energy you need to generate from your solar panels.
You can determine this by looking at your household’s energy consumption, and the number of appliances and gadgets you have. A professional installer will be able to help you determine the size of the system you need based on your energy requirements.
4. Type of Panels
The type of solar panels you choose can have a significant impact on the cost. The two most common types of solar panels are monocrystalline and polycrystalline panels. Monocrystalline solar panels are the most efficient, and durable, and have the longest lifespan.
They are made up of high-purity silicon, which allows them to convert sunlight into electricity with a high level of efficiency. They are, however, more expensive compared to polycrystalline panels.
Polycrystalline solar panels, on the other hand, are less efficient but more affordable. They are made up of many silicon fragments and are less efficient, but this can be a good option if you are looking to save money. Therefore, your choice of solar panel will depend on your budget, the efficiency of the panel, and the space available for installation.
5. The Angle and Orientation of Your Roof
The angle and orientation of your roof will determine how much sunlight your solar panels will receive, which in turn, will impact how much electricity they can generate. If your roof is facing south and has a slope of around 30 degrees, it will receive the optimal amount of sunlight and generate the most electricity. However, if your roof is facing north or has a steep slope, it will receive less sunlight and generate less electricity.
In this case, you may need to install more solar panels to achieve the same energy output as a south-facing roof with a 30-degree slope. This will increase the cost of your solar panel installation.
6. Cost of Electricity
It’s one of the main reasons why more and more people are turning to solar power. As energy costs continue to rise, homeowners and businesses are looking for a way to reduce their energy bills and save money in the long term. Going solar in NC, you can generate your electricity and reduce your dependence on the grid.
The good news is that the cost of solar panels has been declining over the years, making it more affordable for homeowners to install them. In 2024, we can expect this trend to continue, and we may even see solar panels become more cost-effective than traditional electricity sources.
7. Storage Costs
Energy storage for a solar panel system comes at an extra cost. If you intend to use the energy during non-sunlight hours, you will need a battery storage system. The cost of storage systems can vary, so ensure to factor this in when calculating the cost of your solar panel system.
8. System Monitoring
When you install solar panels on your rooftop or ground, you want to ensure that your system is working and producing the expected level of energy. That’s where system monitoring comes into play. It refers to the process of tracking and analyzing your solar energy production and consumption.
Some companies charge a flat fee, while others use a per-panel or per-kW model. Moreover, some solar panel providers include system monitoring in their standard package, while others offer it as an optional add-on.
If you choose a system with sophisticated monitoring features and data analytics, you’ll pay more upfront but enjoy long-term benefits in terms of maintenance, performance tracking, and warranty. Conversely, if you opt for a basic monitoring system, you’ll save money upfront but risk losing out on critical insights and savings opportunities.
9. Weather
North Carolina experiences various weather patterns, including severe thunderstorms and hurricanes. You must factor in these weather hazards because they could damage your solar panel system. This will need you to carry out repairs, which could affect the cost of running your system.
10. The Cost of Financing
The cost of financing could affect the final cost of your solar panel system. The interest rate you get will depend on your credit score, loan term, and your lender. Shop around for favorable financing options to help reduce the cost of your solar system.
Break Down the Cost of Solar Panels in NC in 2024
When calculating the cost of solar panels in NC, you should consider all these factors carefully. Remember that solar panels are a long-term investment, so get professional help to ensure you make an informed decision.
Investing in solar panels will save you a significant amount of money in the long term, while at the same time helping preserve our environment. It is worth the investment, and now you know how to make a wise decision.
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