Asheville, NC solar companies generally all rely on the same big marketing point: that purchasing their products will save you money in the long term. But is this really true in Asheville? Let’s break it down with some specifics that show that installing solar panels is, in fact, a very highly-recommend and economical option for you as an Asheville resident.
How Much Do You Pay for Electricity Each Month?
One of the biggest factors that dictate whether solar is worth it in Asheville, NC is how much you currently pay for grid energy. In areas where grid energy is very inexpensive, it doesn’t make much financial sense to invest in solar. However, based on the Asheville, NC time-of-use rates listed by Duke Energy, you may be paying anywhere from 7-23.5 cents per kWh on top of your basic monthly fees.
Accounting for inflation, we can estimate that over the next 25 years, the price per kWh of grid energy will average to about 25 cents, which is significantly higher than the current national average of just over 13 cents per kWh. By generating your own solar power you are in-effect hedging future costs saving you thousands of dollars each year alone.
How Much Will Solar for My Home Cost Me?
Next, of course, we need to look at how much it will cost to design and install solar energy.
North Carolina Solar Costs
At the time of this writing, the average cost of solar energy in Asheville is $4.13 per watt, which is higher than the national average of $3.34 per watt. This means that an average 6kW solar energy system in Asheville will cost around $24,780.
North Carolina Solar Incentives
However, North Carolina has some excellent solar incentives, and of course, Asheville residents are eligible for the 22% federal tax credit as well.
Your power company, Duke Energy, also offers a rebate of 60 cents per watt up to $6,000 per customer, which, when combined with the federal ITC can result in a savings of nearly 40%!
That would bring the overall cost of our example 6 kW solar energy system down to $14,868 and your price per kWh over a 25 year period could be as low as 5 cents.