Solar Panel Cost Guide in Lake Murray of Richland, SC (2024 Update)
- Lake Murray of Richland Solar Installation Cost: $19,102
- 25-Year Savings: $31,018
- Payback Period: 10.4 Years
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Average Cost of Solar Panels in Lake Murray of Richland
Find out what the average cost of installing solar panels is in Lake Murray of Richland.
In Lake Murray of Richland, solar panels cost about 3 per watt on average.The average solar panel system size in Lake Murray of Richland is around 7.9 kilowatts, meaning a cost of about $19,102 for a solar installation, or $27,316 before the 0 federal solar tax credit is applied.
These figures are just estimates, and your own solar costs will most likely look different based on your energy needs and what company you want to go with.Even with the large initial cost, the average Lake Murray of Richland homeowner can save about $23,000 on their power bills over 20 years, which is one of the benefits of solar.
To get a free estimate from a vetted solar company in Lake Murray of Richland, you can click the button below.
Solar savings over time in Lake Murray of Richland
| Year | Return on Investment |
|---|---|
| 1 years | $-17,447 |
| 3 years | $-14,136 |
| 5 years | $-10,825 |
| 7 years | $-7,515 |
| 9 years | $-4,204 |
| 11 years | $-893 |
| 13 years | $2,417 |
| 15 years | $5,728 |
| 17 years | $9,039 |
| 19 years | $12,350 |
| 21 years | $15,660 |
| 23 years | $18,971 |
| 25 years | $22,282 |
Top Solar Installers in Lake Murray of Richland
When making the switch to solar, many homeowners choose to go with a solar installer since installing solar panels yourself can be a time-consuming project. Plus, if you’d like to maximize your investment in solar power, opting for a solar installer can help with that too. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives, rebates and net metering programs.
If you’d like to go solar but still aren’t sure which solar system installer to go with, here are our recommendations for providers nearby:
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 Lake Murray of Richland
Factors that Affect Solar Panel Costs in Lake Murray of Richland
Though the average cost of a solar system in Lake Murray of Richland is $19,102, your final cost may be above or below the average. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production use 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 panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Lake Murray of Richland, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That’s why many Lake Murray of Richland homeowners choose to finance their solar panel systems to make going solar more affordable.Even though solar loans make adopting solar energy more accessible for Lake Murray of Richland homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the massive popularity of clean energy solutions in Lake Murray of Richland, you’ll have many options to choose from, but each comes at various price points for labor and equipment.Additionally, some companies in Lake Murray of Richland know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, 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 | $19,883 | 10.8 years |
| 8 kW | $3.52 | $19,706 | $26,897 | 10.6 years |
| 10 kW | $3.45 | $24,150 | $34,104 | 10.4 years |
| 12 kW | $3.38 | $28,400 | $41,504 | 10.2 years |
| 14 kW | $3.31 | $32,458 | $49,098 | 9.9 years |
| 16 kW | $3.24 | $36,322 | $56,884 | 9.7 years |
| 18 kW | $3.17 | $39,992 | $64,864 | 9.5 years |
| 20 kW | $3.11 | $43,470 | $73,037 | 9.3 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Contract: It’s important to read through your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about your solar system’s energy production.
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 Lake Murray of Richland, SC Solar Cost FAQs
How much does it cost to install solar panels in Lake Murray of Richland?
This is a difficult question to answer exactly, because the cost depends on a few different 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 extra 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.
Can you get solar panels for free in Lake Murray of Richland?
You can’t get solar panels for free in Lake Murray of Richland. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
How much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,165.07 per year.
How long do solar panels last in Lake Murray of Richland?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.