Get An Instant Savings Estimate
Wondering how we calculate your savings? Here’s how we break down the numbers using North Carolina averages and your monthly electric bill, so you can see if it’s a smart long-term investment for your home.
1. We Start With Your Monthly Electric Bill
Your monthly electric bill gives us a starting point. If your bill is around $150/month, that’s $1,800/year in utility payments (and that cost rises over time!).
2. We Project Your Utility Costs Over 30 Years
Electric rates in North Carolina increase about 2.5% each year. That means your $150/month bill could grow to $315/month in year 30, adding up to a total of $79,025 over 30 years.
3. We Estimate the Solar System Size You’ll Need
To offset your energy use, you’d need a solar system sized to match your usage. For a $150 monthly bill, we estimate an 8 kW system which is a common size for residential homes in North Carolina.
4. We Calculate How Many Solar Panels That Requires
Most high-efficiency panels produce around 400 watts each. To hit 8,000 watts (8 kW), you’d need about 20 panels.
5. We Estimate Monthly Solar Payments
An 8 kW system typically costs around $24,000. If financed over 25 years at 4.99% interest, your monthly solar payment would be around $140. This is a fixed payment, unlike utility rates which continue to rise.
6. We Apply the 30% Federal Tax Credit
Right now, homeowners can claim 30% of the system cost back as a federal tax credit. That’s $7,200 on a $24,000 system, reducing your out-of-pocket cost to $16,800.
7. We Compare Long-Term Costs
- Staying with your utility: ~$79,000 over 30 years
- Going solar: ~$59,000 (loan + net system cost)
That’s an estimated savings of over $20,000, not to mention the benefit of locking in your monthly payment and increasing your home value.
Try It Yourself
Use the calculator above to get a personalized solar estimate based on your monthly utility bill with no sign-up needed.
Want a Custom Quote?
Click here to get connected with a certified solar provider near you.
Sources:
U.S. Energy Information Administration – NC Electricity Prices
NC Clean Energy Technology Center
DSIRE – Federal Solar Tax Credit
EnergySage – Solar Panel Costs