Solar Panel Cost Guide in Honea Path, SC (2024 Update)
- Honea Path Solar Installation Cost: $19,341
- 25-Year Savings: $28,883
- Payback Period: 11.0 Years
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Average Cost of Solar Panels in Honea Path
Let’s take a look at the average cost of solar panels in Honea Path.
The national average cost of solar panels is $2.66 per watt, but in Honea Path it’s 3 per watt.The average solar panel system size in Honea Path is around 8.0 kilowatts, meaning a cost of about $19,341 for a solar installation, or $27,658 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy consumption, the type of solar panels you want, your solar contractor and more.Despite the high upfront cost, the average Honea Path homeowner can save around $21,000 on their electricity bills over 20 years, which is one of the positives of solar.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Honea Path
| Year | Return on Investment |
|---|---|
| 1 years | $-17,856 |
| 3 years | $-14,885 |
| 5 years | $-11,915 |
| 7 years | $-8,944 |
| 9 years | $-5,974 |
| 11 years | $-3,003 |
| 13 years | $-33 |
| 15 years | $2,938 |
| 17 years | $5,908 |
| 19 years | $8,879 |
| 21 years | $11,849 |
| 23 years | $14,820 |
| 25 years | $17,791 |
Top Solar Installers in Honea Path
Installing solar panels on your own can be a difficult undertaking, which is why using a solar installer is a good option for many homeowners. The expertise that solar companies offer can be useful as well, especially if you don’t quite know what kind of solar equipment would be right for your home.
Working with a professional solar company can help your solar project go smoothly. Here are our recommendations:
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 Honea Path
Factors that Affect Solar Panel Costs in Honea Path
There are many factors that can play into 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 panels.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $3,450. The 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, higher efficiency could save you more over time on your energy bills. Additionally, extra products, such as solar batteries, can bring your total well above the Honea Path average.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a solid route because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also adds to your all-in costs, so it’s crucial to consider that as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you pick will influence your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Honea Path are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $17,993 | 11.4 years |
| 8 kW | $3.52 | $19,706 | $24,377 | 11.2 years |
| 10 kW | $3.45 | $24,150 | $30,954 | 11.0 years |
| 12 kW | $3.38 | $28,400 | $37,725 | 10.7 years |
| 14 kW | $3.31 | $32,458 | $44,688 | 10.5 years |
| 16 kW | $3.24 | $36,322 | $51,845 | 10.3 years |
| 18 kW | $3.17 | $39,992 | $59,195 | 10.1 years |
| 20 kW | $3.11 | $43,470 | $66,738 | 9.9 years |
How to Save on Solar Panels
The company that does your solar 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 tough decision, we have some tips to help you, such as:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
- Contract: When looking over your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Installation Process: When going solar, it’s important to maintain an open line of communication with your solar panel installer. See to it that you understand how the installation process will go and the project completion timeline.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
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 Honea Path, SC Solar Cost FAQs
How much does it cost to install solar panels in Honea Path?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $17,250 for a 5-kW system and $34,500 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Honea Path?
Leasing solar panels can be an appealing choice, as it often 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 way to go if you want to get the most savings.
Do solar panels increase the value of your home?
Solar panels can increase your property’s value 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% with a solar installation."
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.