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.
Although the national average of solar panels is $2.66 per watt, solar panels in Cheraw generally cost around 3.The average Cheraw homeowner needs a 8.1-kilowatt system, which would cost about $19,540 with the federal tax credit, or $27,942 before the 0 tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy consumption, the type of solar panels you want to get, your solar contractor and more.Many homeowners find going solar is a rewarding investment. The average homeowner in Cheraw can save around $21,000 on their power bills over 20 years.
Click the button below to get connected to a reputable solar panel company in your area for a personalized quote.
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
Installing solar panels by yourself can be a time-consuming undertaking, which is why hiring a solar installer is a good option for many homeowners. Another advantage of going with a solar installer is that they can help you optimize your return of investment by cutting back on future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.
There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best National Provider
SunPower
- 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
- 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
For many Cheraw homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Cheraw, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,450. The kind of solar panels and equipment you get is another factor that will substantially impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to think 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 for a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Cheraw to be too steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest.When estimating your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you choose to install your solar system can impact the cost. Cheraw’s solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and go with the company that offers the products, warranties and services you’re looking for and also fits within your budget.
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
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running for a long time and save you money on part replacement and repairs.
- Installation Process: When going solar, it’s necessary to maintain an open line of communication with your solar panel company. Confirm that you understand how the installation process will go and the completion timeline.
- Contract: When reading over your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to get the job done well. Another way you can verify your installer’s reputation is by reading reviews.
Best National Provider
SunPower
- 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
- 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
How much does it cost to install 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 actual cost will depend on things like the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Cheraw?
Leasing solar panels can be an appealing choice, because it typically comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
How will solar panels impact my property value?
Solar panels can increase your home value remarkably 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% with a solar installation."
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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.