Solar Panel Cost Guide in Fort Mill, SC (Mar 2023)
- Fort Mill Solar Installation Cost: $15,422
- 25-Year Savings: $23,918
- Payback Period: 9.8 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated March 14, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Fort Mill
Find out what the average cost of solar panel installation is in Fort Mill.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Fort Mill, the typical cost of a solar system is 2.72 per watt. The average Fort Mill homeowner needs a 8.1-kilowatt system, which would cost about $15,422 with the federal tax credit, or $22,053 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy use, the type of solar panels you want, your solar contractor and more. Despite the large initial cost, the average Fort Mill homeowner can save around $18,000 on their electricity bills over 20 years, which is one of the positives of solar.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Fort Mill
| Year | Return on Investment |
|---|---|
| 1 years | $-13,849 |
| 3 years | $-10,702 |
| 5 years | $-7,554 |
| 7 years | $-4,407 |
| 9 years | $-1,260 |
| 11 years | $1,887 |
| 13 years | $5,035 |
| 15 years | $8,182 |
| 17 years | $11,329 |
| 19 years | $14,476 |
| 21 years | $17,623 |
| 23 years | $20,771 |
| 25 years | $23,918 |
Top Solar Installers in Fort Mill
Many homeowners choose to use a solar installer since trying to put up solar panels on your own can be hard. Plus, if you aren't sure what brand of solar panels and equipment you want, a solar company can help you figure that out after a site survey and consultation.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Fort Mill
Factors that Affect Solar Panel Costs in Fort Mill
There are a number of criteria that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay around $2,720 per kilowatt in Fort Mill. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Fort Mill, 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
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are available from most installers in Fort Mill, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar panel installer you pick will play a role in your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk prices, 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 | $17,247 | 10.2 years |
| 8 kW | $2.77 | $15,537 | $23,301 | 10.0 years |
| 10 kW | $2.72 | $19,040 | $29,507 | 9.8 years |
| 12 kW | $2.67 | $22,391 | $35,865 | 9.6 years |
| 14 kW | $2.61 | $25,590 | $42,376 | 9.4 years |
| 16 kW | $2.56 | $28,636 | $49,039 | 9.2 years |
| 18 kW | $2.50 | $31,530 | $55,854 | 9.0 years |
| 20 kW | $2.45 | $34,272 | $62,822 | 8.8 years |
How to Save on Solar Panels
There are numerous companies available in Fort Mill, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: The brand of solar panel you'd like to get plays a part in which company you should go with, since different companies have access to different panels.
- Installation Process: When going solar, it's necessary to maintain an open line of communication with your solar installer. Make sure you understand how the installation process will go and the project timeline.
- Reputation: Long-standing companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: Although reading through a contract can be tedious, it's important to do it fully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Fort Mill, SC Solar Cost FAQs
What is the average cost of installing solar panels in Fort Mill?
This is a hard question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $13,600 for a 5-kW system and $27,200 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Fort Mill?
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 don't have access to 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.
Do solar panels increase your property value?
Solar panels can increase the value of your home 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% after installing a solar system."
How long do solar panels last in Fort Mill?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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.