Solar Panel Cost Guide in Murrells Inlet, SC (Feb 2023)

  • Murrells Inlet Solar Installation Cost: $14,470
  • 25-Year Savings: $32,100
  • Payback Period: 7.8 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Murrells Inlet

Let's take a look at the average cost of solar in Murrells Inlet.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Murrells Inlet, the average cost of a solar system is $3 per watt. Using this figure, a typical 7.6 would cost about $14,470 before the 30% federal solar tax credit is applied.

The true cost of your system can go above or below the average in Murrells Inlet depending on a few factors, such as the type of solar panels you choose and the solar installer you hire. But, once you've paid the upfront cost of installation, the payback for most homeowners is typically good, with a net average savings of about $23,000 over 20 years on power bills.

You can click the button below to get connected with a vetted solar installer in Murrells Inlet for a quote for your home.

Solar savings over time in Murrells Inlet

Year Return on Investment
1 years $-12,608
3 years $-8,882
5 years $-5,156
7 years $-1,431
9 years $2,295
11 years $6,020
13 years $9,746
15 years $13,472
17 years $17,197
19 years $20,923
21 years $24,648
23 years $28,374
25 years $32,100

Top Solar Installers in Murrells Inlet

Although it's possible to install solar panels by yourself, it takes extra time and knowledge. That's one of the reasons the majority of homeowners choose a solar panel installer. A solar installer can also help save you money in the long run by providing warranties, repairs and component replacements.

If you'd like to switch to solar energy but still aren't sure which solar system installer to go with, here are our recommendations for providers in Murrells Inlet:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • Excellent reputation
  • Many financing options
  • Representatives are experts on local policies
  • No leases or PPAs

See all of the solar companies in Murrells Inlet

Factors that Affect Solar Panel Costs in Murrells Inlet

The cost of installing a solar system in Murrells Inlet can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.

Solar Equipment

System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it's important to accurately assess 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 want for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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

Most solar installers in Murrells Inlet provide solar loans, which reduce your upfront costs of installing a solar system. 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 above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs significantly.

Solar Panel Installation Company

The solar installer you pick will influence your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Murrells Inlet know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. 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 $24,900 8.1 years
8 kW $2.77 $15,537 $33,505 7.9 years
10 kW $2.72 $19,040 $42,261 7.8 years
12 kW $2.67 $22,391 $51,171 7.6 years
14 kW $2.61 $25,590 $60,232 7.5 years
16 kW $2.56 $28,636 $69,446 7.3 years
18 kW $2.50 $31,530 $78,812 7.1 years
20 kW $2.45 $34,272 $88,331 7.0 years

How to Save on Solar Panels

The solar panel company you opt for will be a major factor in determining not only your overall costs, but also the kinds 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 take into account, including:

  • Warranty: An all-inclusive, 25-year warranty can help keep your solar system running for a long time and save you money on repairs and maintenance.
  • Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
  • 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 installation process.
  • Solar Panel Brands: Different companies offer various brands and types of panels. If you know you want a specific brand, make sure the solar company you're considering has it.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • Excellent reputation
  • Many financing options
  • Representatives are experts on local policies
  • No leases or PPAs

EcoWatch's Murrells Inlet, SC Solar Cost FAQs

What is the average cost of installing solar panels in Murrells Inlet?

This is a difficult question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $13,600 for a 5-kW system and $27,200 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.

What other factors should I consider aside from cost when buying solar panels?

Cost is a key factor to consider, but whether it's the most important for you depends on your goals for going 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.

How much can I save on energy bills after installing solar panels?

Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,226.03 per year.

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 decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.

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