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.
The national average cost of solar panels is $2.66 per watt, but in Lake Murray of Richland it’s 3 per watt.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.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of making the switch to solar can vary quite a bit depending on a few factors, such as what size system you need, your energy consumption and what company you go with.For most homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $23,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a vetted solar company in Lake Murray of Richland that can help you get a more accurate cost estimate for your home.
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
Although you can install solar panels by yourself, it requires extra labor and know-how. That's why the majority of homeowners choose a solar panel installer. Plus, if you’d like to maximize your investment in solar, opting for a solar installer can help with that as well. Different providers can offer repairs, expertise on installation and sometimes even information on local incentives, rebates and net metering programs.
If you’d like to switch to solar energy but still aren’t sure which solar system company to go with, here are our recommendations 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 Lake Murray of Richland
Factors that Affect Solar Panel Costs in Lake Murray of Richland
There are many factors that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That’s why it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use.The kind of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that falls within your budget.
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.Although solar loans make adopting solar energy more accessible for Lake Murray of Richland homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the massive popularity of green energy solutions in Lake Murray of Richland, you’ll have plenty of options to choose from, but each comes at different price points for labor and equipment.Larger national companies typically have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
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 large number of companies to choose from in Lake Murray of Richland, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: Make sure you’re on the same page with the company with regard to how the installation process will go and what you need to do before your solar system is installed, such as updating or replacing your electrical system or roof.
- 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 sound reputation as a company and have proven expertise in the field. A couple of 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 satisfied reviews from past customers.
- 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 expectations you should have about the project timeline.
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 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 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. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Lake Murray of Richland?
Solar panels aren’t free in Lake Murray of Richland, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Can solar panels completely eradicate my power bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Lake Murray of Richland, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
Although 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 their energy production will have decreased significantly after that point. You can opt 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.