Solar Panel Cost Guide in Isle of Palms, SC (2024 Update)
- Isle of Palms Solar Installation Cost: $17,655
- 25-Year Savings: $32,725
- Payback Period: 9.5 Years
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Average Cost of Solar Panels in Isle of Palms
Find out what the average cost of installing solar panels is in Isle of Palms.
The national average cost of solar panels is $2.66 per watt, but in Isle of Palms it’s 3 per watt.The average solar panel system size in Isle of Palms is around 7.3 kilowatts, meaning a cost of about $17,655 for a solar installation, or $25,247 before the 0 federal solar tax credit is applied.
The true cost of your system can be higher or lower than the average in Isle of Palms based on several factors, such as the type of solar panels you choose and the solar contractor you hire.For most homeowners, the upfront cost of solar power is worth paying. On average homeowners in Isle of Palms see about $26,000 in savings on utility bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Isle of Palms
| Year | Return on Investment |
|---|---|
| 1 years | $-15,915 |
| 3 years | $-12,434 |
| 5 years | $-8,953 |
| 7 years | $-5,473 |
| 9 years | $-1,992 |
| 11 years | $1,489 |
| 13 years | $4,970 |
| 15 years | $8,451 |
| 17 years | $11,931 |
| 19 years | $15,412 |
| 21 years | $18,893 |
| 23 years | $22,374 |
| 25 years | $25,855 |
Top Solar Installers in Isle of Palms
Trying to install solar panels yourself can be a challenging undertaking, which is why using a solar installer is a good option for many homeowners. Companies can also have access to a large variety of the best solar panels and help you decide which one will be right for your home.
If you’d like to switch to solar energy but still aren’t sure which solar company to go with, here are our recommendations for providers in Isle of Palms:
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 Isle of Palms
Factors that Affect Solar Panel Costs in Isle of Palms
While the average cost of a solar system in Isle of Palms is $17,655, your actual cost may be above or below the average. There are many factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,450.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Isle of Palms, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of 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
If paying for solar panels out of pocket is out of reach, solar loans are a popular option because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years.Though solar loans make adopting solar energy more accessible for Isle of Palms homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panels can impact your pricing. Isle of Palms’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company sometimes plays the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $23,212 | 9.8 years |
| 8 kW | $3.52 | $19,706 | $31,335 | 9.7 years |
| 10 kW | $3.45 | $24,150 | $39,652 | 9.5 years |
| 12 kW | $3.38 | $28,400 | $48,162 | 9.3 years |
| 14 kW | $3.31 | $32,458 | $56,866 | 9.1 years |
| 16 kW | $3.24 | $36,322 | $65,762 | 8.9 years |
| 18 kW | $3.17 | $39,992 | $74,852 | 8.7 years |
| 20 kW | $3.11 | $43,470 | $84,134 | 8.5 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: It’s important to look over your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what you can expect about your solar system’s energy production.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Solar Panel Brands: The kind of solar panel you need to install plays a part in which installer you should choose, since different companies offer different panels.
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Isle of Palms, SC Solar Cost FAQs
How much does it cost to install solar panels in Isle of Palms?
This is a difficult 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 higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Isle of Palms?
Leasing solar panels can be an attractive choice, because it often comes with low or $0 upfront payments. The downside 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 maximize your savings.
Can solar panels significantly reduce my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,276.04 per year.
How long do solar panels last in Isle of Palms?
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 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.