Solar Panel Cost Guide in Cheraw, SC (Sep 2022)

  • Cheraw Solar Installation Cost: $15,403
  • 25-Year Savings: $30,341
  • Payback Period: 8.4 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in Cheraw

Find out what the average cost of solar panel installation is in Cheraw.

In Cheraw, solar panels cost about $3 per watt on average. The average solar panel system size in Cheraw is around 8.1 kilowatts, meaning a cost of about $15,403 for a solar installation, or $11,398 after the 30% federal solar tax credit is applied.

The true price you pay can go higher or lower than the average in Cheraw based on a few factors, such as the type of solar panels you choose and the solar company you hire. For most homeowners, the upfront investment in solar power is worth paying. On average homeowners in Cheraw see about $21,000 in savings on electricity bills over 20 years.

To get a free estimate from a pre-vetted solar installation company in Cheraw, you can click the button below.

Solar savings over time in Cheraw

Year Return on Investment
1 years $-13,574
3 years $-9,914
5 years $-6,255
7 years $-2,595
9 years $1,065
11 years $4,724
13 years $8,384
15 years $12,043
17 years $15,703
19 years $19,362
21 years $23,022
23 years $26,681
25 years $30,341

Top Solar Installers in Cheraw

Many homeowners opt for a solar installer since trying to put up solar panels on your own can be challenging. Local solar companies can also help you maximize your return on investment by walking you through any local incentives you can benefit from and by offering warranties and repairs.

There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • Excellent reputation
  • Many financing options
  • Representatives are experts on local policies
  • No leases or PPAs

See all of the solar companies in Cheraw

Factors that Affect Solar Panel Costs in Cheraw

The cost of installing a solar system in Cheraw can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar installer you choose.

Solar Equipment Size

The cost of solar panels varies by thousands of dollars due to a few different factors. One of the key factors is the system size. Solar power systems that have higher efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,720. The kind of solar panels and equipment you choose is another factor that will substantially affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.

Solar Financing Terms

Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Cheraw homeowners opt to finance their solar panel systems to make paying for solar more affordable. While solar loans make adopting solar energy more accessible for Cheraw homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

The solar company you select will impact your total cost to make the switch to solar energy. Different companies will charge different amounts for the equipment and labor. You may come across national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.

Solar Panel Cost Data by System Size

System size Cost per system watt Solar system cost 25-Year savings Payback period
6 kW $2.83 $11,881 $22,041 8.8 years
8 kW $2.77 $15,537 $29,693 8.6 years
10 kW $2.72 $19,040 $37,497 8.4 years
12 kW $2.67 $22,391 $45,453 8.3 years
14 kW $2.61 $25,590 $53,562 8.1 years
16 kW $2.56 $28,636 $61,823 7.9 years
18 kW $2.50 $31,530 $70,236 7.7 years
20 kW $2.45 $34,272 $78,802 7.6 years

Solar Incentives in Cheraw

Name ITC
Type Tax Incentive
Incentive Amount 26% of installation cost
Website Visit here

Name Renewable Energy and Energy Storage Property Tax Exemption
Incentive Amount 100% exemption
Website Visit here
More Info Click here

Name Solar Energy, Small Hydropower, and Geothermal Tax Credit (Corporate)
Incentive Amount 25% of eligible costs
Incentive Max In any given tax year, $3,500, or 50% of taxpayer's tax liability for that taxable year, whichever is less. If the amount of the credit exceeds $3,500 for each facility, the taxpayer may carry forward the excess for up to ten years.
Website Visit here
More Info Click here

Name Santee Cooper - Rooftop Solar Rebate Program
Incentive Amount Residential and Commercial: $1.05/W
Non-Profit: $1.30/W
Incentive Max Residential and Commercial: $6,300
Non-Profit: $7,800
Website Visit here
More Info Click here

Name Solar Energy, Small Hydropower, and Geothermal Tax Credit (Personal)
Incentive Amount 25% of eligible costs
Incentive Max In any given tax year a maximum of $3,500, or 50% of taxpayer's tax liability for that taxable year, whichever is less. If the amount of the credit exceeds $3,500 for each facility, the taxpayer may carry forward the excess for up to ten years.
Website Visit here
More Info Click here

How to Save on Solar Panels

There are a lot of companies to choose from in Cheraw, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:

  • Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
  • Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
  • Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you go with.
  • Contract: When looking over your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • Excellent reputation
  • Many financing options
  • Representatives are experts on local policies
  • No leases or PPAs

EcoWatch's Cheraw, SC Solar Cost FAQs

How much does it cost to install solar panels in Cheraw?

The average cost of solar panels in Cheraw is about $13,600 for a 5-kW system and $27,200 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you use.

What other factors should I consider apart from cost when buying solar panels?

The initial cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.

How will having solar panels impact my home value?

Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."

How long do solar panels last in Cheraw?

On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.

Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert’s opinion on the top solar companies featured here, follow this link.

Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.

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