Solar Panel Cost Guide in Lugoff, SC (2024 Update)
- Lugoff Solar Installation Cost: $19,278
- 25-Year Savings: $29,783
- Payback Period: 10.7 Years
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Average Cost of Solar Panels in Lugoff
We break down average solar pricing in Lugoff.
Although the national average of solar panels is $2.66 per watt, solar panels in Lugoff typically cost about 3.Using this figure, a typical 8.0-kW system would cost about $19,278 before the 0 federal solar tax credit is applied.
The true cost of your system can be higher or lower than the average in Lugoff depending on a variety of factors, such as the brand of solar panels you choose and the solar company you hire.Even with the large initial cost, the average Lugoff homeowner can save about $23,000 on their energy bills over 20 years, which is one of the benefits of solar.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lugoff
| Year | Return on Investment |
|---|---|
| 1 years | $-17,720 |
| 3 years | $-14,604 |
| 5 years | $-11,488 |
| 7 years | $-8,372 |
| 9 years | $-5,256 |
| 11 years | $-2,140 |
| 13 years | $976 |
| 15 years | $4,092 |
| 17 years | $7,208 |
| 19 years | $10,324 |
| 21 years | $13,440 |
| 23 years | $16,556 |
| 25 years | $19,672 |
Top Solar Installers in Lugoff
Installing solar panels on your own can be a dangerous project, which is why hiring a solar installation company is a good option for many homeowners. Some solar installers, particularly local ones, can help you better understand incentives in Lugoff, therefore optimizing your ROI.
If you’d like to start using 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 Lugoff
Factors that Affect Solar Panel Costs in Lugoff
There are many criteria that can determine your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That’s why it’s a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use.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 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. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Lugoff to be prohibitively costly, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to paying more over time due to interest.However, the interest on solar loans also increases your total costs, so it’s important to consider that as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The remaining major cost factor you should consider is the installer you choose. Given the massive popularity of renewable energy solutions in Lugoff, you’ll have many options to choose from, but each comes at varying price points for labor and equipment.Additionally, some companies in Lugoff are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $3.59 | $15,070 | $18,740 | 11.1 years |
| 8 kW | $3.52 | $19,706 | $25,373 | 10.9 years |
| 10 kW | $3.45 | $24,150 | $32,199 | 10.7 years |
| 12 kW | $3.38 | $28,400 | $39,218 | 10.5 years |
| 14 kW | $3.31 | $32,458 | $46,431 | 10.3 years |
| 16 kW | $3.24 | $36,322 | $53,837 | 10.1 years |
| 18 kW | $3.17 | $39,992 | $61,436 | 9.9 years |
| 20 kW | $3.11 | $43,470 | $69,228 | 9.6 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Lugoff, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: Even though reading through a contract can take a lot of time, it’s important to do it thoroughly 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 Lugoff, SC Solar Cost FAQs
How much does it cost to install solar panels in Lugoff?
The average cost of solar panels in Lugoff 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 stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Lugoff?
Leasing solar panels can be an attractive choice, because it usually comes with low or $0 upfront payments. The drawback 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 maximize your savings.
Do solar panels increase your home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lugoff is currently $238,203, so you could be looking at a value of about $9,766 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Lugoff is a worthwhile investment.
How long do solar panels last in Lugoff?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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.