Solar Panel Cost Guide in Murrells Inlet, SC (2023 Update)
- Murrells Inlet Solar Installation Cost: $14,470
- 25-Year Savings: $32,100
- Payback Period: 7.8 Years
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Updated May 04, 2023
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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 2.72 per watt. Using this figure, a typical 7.6-kW system 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 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 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 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 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 a variety of 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 be more expensive 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.
Can you get solar panels for free in Murrells Inlet?
A solar panel system isn't free in Murrells Inlet, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Can you sell solar power back to the grid in Murrells Inlet?
Each state has some kind 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 offer you credit toward your future energy bills.
How long do solar panels last in Murrells Inlet?
Although 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 how much energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can keep using 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.