Solar Panel Cost Guide in Hanahan, SC (2024 Update)
- Hanahan Solar Installation Cost: $18,511
- 25-Year Savings: $31,976
- Payback Period: 9.9 Years
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Average Cost of Solar Panels in Hanahan
See how much it might cost to switch to solar power in Hanahan.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hanahan, the average cost of a solar system is 3 per watt.To account for the typical energy needs of the average home in Hanahan, most homeowners require a 7.7-kilowatt system. Using the figure above, a solar installation costs around $18,511, or $26,471 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of installing solar panels can vary quite a bit based on multiple factors, such as how many panels you need, your energy usage and what installation company you go with.For many homeowners, the upfront cost of solar is worth paying. On average homeowners in Hanahan see about $24,000 in savings on utility bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Hanahan
| Year | Return on Investment |
|---|---|
| 1 years | $-16,771 |
| 3 years | $-13,290 |
| 5 years | $-9,809 |
| 7 years | $-6,328 |
| 9 years | $-2,848 |
| 11 years | $633 |
| 13 years | $4,114 |
| 15 years | $7,595 |
| 17 years | $11,076 |
| 19 years | $14,556 |
| 21 years | $18,037 |
| 23 years | $21,518 |
| 25 years | $24,999 |
Top Solar Installers in Hanahan
Many homeowners decide to use a solar installation company since trying to put up solar panels yourself can be a lot of work. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
If you’d like to start using solar energy but still aren’t certain which solar panel company to go with, here are our suggestions for providers nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Hanahan
Factors that Affect Solar Panel Costs in Hanahan
There are several factors that can influence your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay about $3,450 per kilowatt in Hanahan.The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your energy bills. In addition, add-on products, such as solar batteries, can bring your total well above the Hanahan average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are available from most installers in Hanahan, which can reduce, or in some cases eliminate, your upfront costs to make solar more affordable.When considering your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar panel installation company you choose will impact your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.Companies that 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 at a higher cost. It’s best to do some research and go with the company that has 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 | $21,384 | 10.3 years |
| 8 kW | $3.52 | $19,706 | $28,898 | 10.1 years |
| 10 kW | $3.45 | $24,150 | $36,605 | 9.9 years |
| 12 kW | $3.38 | $28,400 | $44,506 | 9.7 years |
| 14 kW | $3.31 | $32,458 | $52,600 | 9.5 years |
| 16 kW | $3.24 | $36,322 | $60,887 | 9.3 years |
| 18 kW | $3.17 | $39,992 | $69,367 | 9.1 years |
| 20 kW | $3.11 | $43,470 | $78,041 | 8.9 years |
How to Save on Solar Panels
The solar installer you choose will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, such as:
- Installation Process: Make sure you’re aligned with the installer with regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as updating or replacing your electrical system or roof.
- Warranty: If you’re worried about the endurance of your solar panels, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Different companies have various brands and kinds of panels. If you want a specific brand, make sure the solar installer you’re considering has it.
- Reputation: Companies that have been in business for many years likely have a solid 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
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 Hanahan, SC Solar Cost FAQs
How much does it cost to install solar panels in Hanahan?
This is a hard question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $17,250 for a 5-kW system and $34,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Hanahan?
Leasing solar panels can be an appealing choice, as 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase your home value?
Solar panels can increase the value of your home considerably 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."
What solar power system size is right for 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.