Solar Panel Cost Guide in Cheraw, SC (2024 Update)
- Cheraw Solar Installation Cost: $19,540
- 25-Year Savings: $30,339
- Payback Period: 10.7 Years
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Average Cost of Solar Panels in Cheraw
Here’s how much it might cost to install solar panels in Cheraw.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Cheraw, the average cost of a solar system is 3 per watt.Since a 8.1-kW system is needed to cover the energy usage of a typical home in Cheraw, the average price of going solar will be about $19,540 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of making the switch to solar can vary quite a bit depending on several factors, such as how many panels you need, your energy usage and what company you go with.But, after you've paid the initial cost of installation, the return on investment for most homeowners is typically fruitful, with a net average savings of about $21,000 over 20 years on utility bills.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Cheraw
| Year | Return on Investment |
|---|---|
| 1 years | $-17,982 |
| 3 years | $-14,866 |
| 5 years | $-11,750 |
| 7 years | $-8,634 |
| 9 years | $-5,518 |
| 11 years | $-2,402 |
| 13 years | $714 |
| 15 years | $3,830 |
| 17 years | $6,946 |
| 19 years | $10,062 |
| 21 years | $13,178 |
| 23 years | $16,294 |
| 25 years | $19,410 |
Top Solar Installers in Cheraw
DIY solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Using a solar panel installer can make your swap to solar power much easier. Plus, if you’d like to maximize your investment in solar, going with a solar installer can help with that too. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives and net metering programs.
If you’d like to switch to solar energy but still aren’t certain which solar installer to go with, here are our recommendations for providers nearby:
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in Cheraw
Factors that Affect Solar Panel Costs in Cheraw
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that affect your total cost in Cheraw: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay about $3,450 per kilowatt in Cheraw.The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your power bills. In addition, extra products, like solar batteries, can bump up your total well above the Cheraw average.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That’s why many Cheraw homeowners decide to finance their solar panel systems to make going solar more affordable.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the massive popularity of clean energy solutions in Cheraw, you’ll have many options to choose from, but each comes at varying price points for labor and equipment.Larger national companies usually have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $3.59 | $15,070 | $18,852 | 11.1 years |
| 8 kW | $3.52 | $19,706 | $25,523 | 10.9 years |
| 10 kW | $3.45 | $24,150 | $32,387 | 10.7 years |
| 12 kW | $3.38 | $28,400 | $39,444 | 10.5 years |
| 14 kW | $3.31 | $32,458 | $46,694 | 10.3 years |
| 16 kW | $3.24 | $36,322 | $54,137 | 10.0 years |
| 18 kW | $3.17 | $39,992 | $61,774 | 9.8 years |
| 20 kW | $3.11 | $43,470 | $69,604 | 9.6 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running for years to come and save you money on repairs and maintenance.
- Installation Process: Make sure you’re on the same page with the company regarding how the installation process will go and what needs to be done before your solar system is installed, such as updating your electrical system or roof.
- Contract: Review the contract terms carefully to make sure you understand how much it will cost, project timeline incentives and warranties.
- Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 $17,250 for a 5-kW system and $34,500 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Cheraw?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How will installing solar panels impact how much my home is worth?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t choose 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 many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.