Solar Panel Cost Guide in Cheraw, SC (2023 Update)
- Cheraw Solar Installation Cost: $15,403
- 25-Year Savings: $30,341
- Payback Period: 8.4 Years
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Updated May 04, 2023
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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 2.72 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 $22,026 before 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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- 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
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, which is measured in kilowatts (kW). 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 |
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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Cheraw, SC Solar Cost FAQs
What is the average cost of installing 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 real cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is making the switch to solar worth it?
Solar panels can be a beneficial investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.