Solar Panel Cost Guide in Laurel Bay, SC (2024 Update)
- Laurel Bay Solar Installation Cost: $17,687
- 25-Year Savings: $29,676
- Payback Period: 10.1 Years
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Average Cost of Solar Panels in Laurel Bay
Let’s have a look at the average cost of solar panels in Laurel Bay.
The national average cost of solar panels is $2.66 per watt, but in Laurel Bay it’s 3 per watt.Because a 7.3-kW system is needed to cover the energy usage of a typical home in Laurel Bay, the average price of going solar will be about $17,687 after claiming the federal solar tax credit of 0.
These figures are only estimates, and your own solar costs will differ based on factors unique to your home and what company you go with.Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Laurel Bay can save about $24,000 on their electricity bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Laurel Bay
| Year | Return on Investment |
|---|---|
| 1 years | $-15,946 |
| 3 years | $-12,466 |
| 5 years | $-8,985 |
| 7 years | $-5,504 |
| 9 years | $-2,023 |
| 11 years | $1,458 |
| 13 years | $4,938 |
| 15 years | $8,419 |
| 17 years | $11,900 |
| 19 years | $15,381 |
| 21 years | $18,862 |
| 23 years | $22,342 |
| 25 years | $25,823 |
Top Solar Installers in Laurel Bay
Installing solar panels on your own can be a challenging project, which is why getting a solar installer is a good option for many homeowners. Local solar installation companies can also help you optimize your return on investment by assisting with any local incentives and by offering warranties and repairs.
If you’d like to switch to solar energy but still aren’t certain which solar company 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 Laurel Bay
Factors that Affect Solar Panel Costs in Laurel Bay
There are many criteria that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend about $3,450 per kilowatt in Laurel Bay.The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar installers in Laurel Bay provide solar loans, which reduce your upfront costs of installing a solar system.When estimating your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar panel installation company you choose will impact your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor.The company’s size sometimes plays the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because they have greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes 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 | $20,667 | 10.5 years |
| 8 kW | $3.52 | $19,706 | $27,942 | 10.3 years |
| 10 kW | $3.45 | $24,150 | $35,410 | 10.1 years |
| 12 kW | $3.38 | $28,400 | $43,072 | 9.9 years |
| 14 kW | $3.31 | $32,458 | $50,927 | 9.7 years |
| 16 kW | $3.24 | $36,322 | $58,975 | 9.5 years |
| 18 kW | $3.17 | $39,992 | $67,216 | 9.3 years |
| 20 kW | $3.11 | $43,470 | $75,650 | 9.1 years |
How to Save on Solar Panels
The solar panel company you go with will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, such as:
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Installation Process: Make sure you’re on the same page with the company with regard to how the installation process will go and what needs to be done before your solar system is installed, such as repairing your electrical system or roof.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Though reading through a contract can be tedious, it’s important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
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 Laurel Bay, SC Solar Cost FAQs
How much does it cost to install solar panels in Laurel Bay?
The average cost of solar panels in Laurel Bay is about $17,250 for a 5-kW system and $34,500 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Laurel Bay?
Leasing solar panels can be an appealing choice, as it typically 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 get the most savings.
Does Laurel Bay have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future energy bills.
How long do solar panels last in Laurel Bay?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount 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.