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

  • Conway Solar Installation Cost: $14,604
  • 25-Year Savings: $34,123
  • Payback Period: 7.5 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 Conway

Find out what the average cost of a solar system is in Conway.

The average cost of a solar panel system in Conway is $3 per watt. The average solar panel system size in Conway is around 7.7 kilowatts, meaning a cost of about $14,604 for a solar installation, or $10,807 after the 30% federal solar tax credit is applied.

Keep in mind that the figures above are only estimates based on the average Conway homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. For most homeowners, the upfront investment in solar power is worth paying. On average homeowners in Conway see about $24,000 in savings on electricity bills over 20 years.

You can click the button below to get connected with a top solar installer in Conway that can help you get a more accurate cost estimate for your home.

Solar savings over time in Conway

Year Return on Investment
1 years $-12,655
3 years $-8,756
5 years $-4,858
7 years $-960
9 years $2,938
11 years $6,836
13 years $10,734
15 years $14,632
17 years $18,530
19 years $22,428
21 years $26,327
23 years $30,225
25 years $34,123

Top Solar Installers in Conway

Many homeowners opt for a solar panel company since installing solar panels yourself can be a lot of work. The expertise that solar companies provide can be useful as well, particularly if you aren't sure what kind of solar equipment would be right for your home.

There are several licensed solar professionals that can take care of your solar installation project. 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 Conway

Factors that Affect Solar Panel Costs in Conway

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

Solar Equipment Size

When it comes to estimating the cost of a solar system in Conway, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can gauge by looking at past power bills. Your overall cost can increase by about $2,720 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Conway, where sunlight is abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Conway homeowners opt to finance their solar panel systems to make going solar more affordable. When considering your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more upfront can lower the total interest paid over time.

Solar Panel Installation Company

The solar company you opt for to handle your switch to solar energy can play a part in your total costs. There are about 3 solar panel companies operating throughout Conway, and each can charge varying amounts for labor and equipment. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions 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 $26,232 7.8 years
8 kW $2.77 $15,537 $35,281 7.6 years
10 kW $2.72 $19,040 $44,482 7.5 years
12 kW $2.67 $22,391 $53,836 7.3 years
14 kW $2.61 $25,590 $63,341 7.2 years
16 kW $2.56 $28,636 $72,999 7.0 years
18 kW $2.50 $31,530 $82,810 6.9 years
20 kW $2.45 $34,272 $92,772 6.7 years

Solar Incentives in Conway

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 Santee Cooper - Renewable Energy Resource Loans
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

The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:

  • Installation Process: Make sure you're aligned with the installer regarding how the installation process will go and what you need to do before your solar system is installed, such as updating or replacing your electrical system or roof.
  • Solar Panel Brands: Different companies offer various brands and models of panels. If you know you want a specific brand, make sure the solar installer you're considering has it.
  • 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 do the job well. Another way you can check your installer's reputation is by reading reviews.
  • Contract: When looking through your solar company'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 the company going 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 Conway, SC Solar Cost FAQs

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

The average cost of solar panels in Conway 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 model of solar panels you want, what size system you need and how much energy you use.

Should I lease or buy solar panels in Conway?

Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home 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 savings from going solar.

How will installing solar panels impact my property value?

Solar panels can increase the value of your home significantly 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 solar panels."

How many solar panels should I get to power my home?

The exact number of solar panels you need depends on your household energy needs 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 cover 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.

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