Solar Panel Cost Guide in Lake Wylie, SC (Mar 2023)
- Lake Wylie Solar Installation Cost: $15,422
- 25-Year Savings: $23,918
- Payback Period: 9.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lake Wylie
Find out what the average cost of a solar system is in Lake Wylie.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lake Wylie, the average cost of a solar system is 2.72 per watt. To account for the typical energy usage of the average home in Lake Wylie, most homeowners require a 8.1-kilowatt system. Using the figure above, a solar installation costs about $15,422, or $22,053 before the federal solar tax credit of 30% is applied.
The true cost of your system can be higher or lower than the average in Lake Wylie depending on a few factors, such as the type of solar panels you choose and the solar contractor you hire. But, after you've paid the upfront cost of installation, the ROI for most homeowners is usually rewarding, with a net average savings of about $18,000 over 20 years on utility bills.
Click the button below to get connected to a top solar panel company in Lake Wylie for a personalized estimate.
Solar savings over time in Lake Wylie
| Year | Return on Investment |
|---|---|
| 1 years | $-13,849 |
| 3 years | $-10,702 |
| 5 years | $-7,554 |
| 7 years | $-4,407 |
| 9 years | $-1,260 |
| 11 years | $1,887 |
| 13 years | $5,035 |
| 15 years | $8,182 |
| 17 years | $11,329 |
| 19 years | $14,476 |
| 21 years | $17,623 |
| 23 years | $20,771 |
| 25 years | $23,918 |
Top Solar Installers in Lake Wylie
Many homeowners opt for a solar panel company since figuring out how to install solar panels on your own can be a labor-intensive endeavor. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Lake Wylie:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Wylie
Factors that Affect Solar Panel Costs in Lake Wylie
Even though the average cost of a solar system in Lake Wylie is $15,422, your actual cost may be above or below the average. There are quite a few factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,720. The kind of solar panels and equipment you choose is another factor that will significantly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to consider 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's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Lake Wylie to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in a higher cost over time because of interest. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Finally, the company you get to install your solar system can play a role in determining your pricing. Lake Wylie's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Lake Wylie have more knowledge 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 | $2.83 | $11,881 | $17,247 | 10.2 years |
| 8 kW | $2.77 | $15,537 | $23,301 | 10.0 years |
| 10 kW | $2.72 | $19,040 | $29,507 | 9.8 years |
| 12 kW | $2.67 | $22,391 | $35,865 | 9.6 years |
| 14 kW | $2.61 | $25,590 | $42,376 | 9.4 years |
| 16 kW | $2.56 | $28,636 | $49,039 | 9.2 years |
| 18 kW | $2.50 | $31,530 | $55,854 | 9.0 years |
| 20 kW | $2.45 | $34,272 | $62,822 | 8.8 years |
How to Save on Solar Panels
The solar panel company you opt for will be a major factor in determining not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, such as:
- Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: The type of solar panel you'd like to get plays a role in which company you should choose, since different companies provide different panels.
- Installation Process: Make sure you're aligned with the company with regard to how the installation process will go and what you need to do before your solar panel system is installed, such as repairing your electrical system or roof.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Lake Wylie, SC Solar Cost FAQs
What is the average cost of installing solar panels in Lake Wylie?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $13,600 for a 5-kW system and $27,200 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 consumption. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
What other factors should I consider apart from cost when buying solar panels?
The upfront cost is a very important factor to consider, but whether it's the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Is going solar worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use 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.