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.
Although the national average of solar panels is $2.66 per watt, solar panels in Laurel Bay typically cost around 3.Because a 7.3-kW system is needed to cover the energy needs 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.
Keep in mind that the figures above are only estimates based on the average energy use of Laurel Bay homeowners. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.Many homeowners find installing solar panels 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 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 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 kind of solar panels and equipment you get is another factor that will significantly 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 think 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’s in your budget.
Solar Financing Terms
Most solar installers in Laurel Bay have solar loans, which reduce the initial cost of installing solar.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panel system can affect your pricing. Laurel Bay’s solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and go with the company that offers the products, warranties and services you want and also fit into your budget.
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
Since the type of solar panels and the installation company you choose significantly influences your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of options before deciding.
- Installation Process: When going solar, it’s important to keep an open line of communication with your solar panel installer. Make sure you understand how the installation process will go and the project completion timeline.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- 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 the cost.
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 Laurel Bay, SC Solar Cost FAQs
How much does it cost to install solar panels in Laurel Bay?
This is a tough question to answer exactly, because the cost depends on many 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 higher-than-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Laurel Bay?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Can you sell solar power back to the grid in Laurel Bay?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future utility bills.
How often do you have to replace solar panels?
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 higher level 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.