Solar Panel Cost Guide in Lake Wylie, SC (2023 Update)
- Lake Wylie Solar Installation Cost: $15,429
- 25-Year Savings: $23,911
- Payback Period: 9.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lake Wylie
We go over average solar pricing 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 cover the typical energy needs of the average home in Lake Wylie, most homeowners require a 8.1-kilowatt system. Using the per-watt figure above, a solar installation costs about $15,422, or $22,053 before the federal solar tax credit of 30% 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 going solar can vary based on several factors, such as what size system you need, your energy usage and what company you go with. For most homeowners, the upfront cost of solar is worth paying. On average homeowners in Lake Wylie see about $18,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a vetted solar company in Lake Wylie for a quote for your home.
Solar savings over time in Lake Wylie
| Year | Return on Investment |
|---|---|
| 1 years | $-13,944 |
| 3 years | $-10,973 |
| 5 years | $-8,003 |
| 7 years | $-5,032 |
| 9 years | $-2,062 |
| 11 years | $909 |
| 13 years | $3,879 |
| 15 years | $6,850 |
| 17 years | $9,820 |
| 19 years | $12,791 |
| 21 years | $15,762 |
| 23 years | $18,732 |
| 25 years | $21,703 |
Top Solar Installers in Lake Wylie
DIY solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Using a solar company can make your swap to solar power much easier. Plus, if you're not certain what kind of solar panels and equipment you need, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you're searching for a solar installer in Lake Wylie, the EcoWatch team has put together a list of our top suggestions here:
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 Wylie
Factors that Affect Solar Panel Costs in Lake Wylie
The cost of installing a solar system in Lake Wylie can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are provided by most installers in Lake Wylie, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible. 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 can only 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
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.