Solar Panel Cost Guide in Murrells Inlet, SC (2024 Update)
- Murrells Inlet Solar Installation Cost: $18,346
- 25-Year Savings: $32,106
- Payback Period: 9.8 Years
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Average Cost of Solar Panels in Murrells Inlet
We go over average solar pricing in Murrells Inlet.
In Murrells Inlet, solar panels cost about 3 per watt on average.Since a 7.6-kW system is needed to cover the energy consumption of a typical home in Murrells Inlet, the average price of going solar will be about $18,346 after claiming the federal solar tax credit of 0.
The true price you pay can be higher or lower than the average in Murrells Inlet depending on a variety of factors, such as the type of solar panels you choose and the solar contractor you hire.Despite the high initial cost, the average Murrells Inlet homeowner can save about $23,000 on their power bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a reputable solar panel company in Murrells Inlet for a custom estimate.
Solar savings over time in Murrells Inlet
| Year | Return on Investment |
|---|---|
| 1 years | $-16,564 |
| 3 years | $-13,000 |
| 5 years | $-9,436 |
| 7 years | $-5,872 |
| 9 years | $-2,308 |
| 11 years | $1,256 |
| 13 years | $4,820 |
| 15 years | $8,384 |
| 17 years | $11,948 |
| 19 years | $15,512 |
| 21 years | $19,076 |
| 23 years | $22,640 |
| 25 years | $26,204 |
Top Solar Installers in Murrells Inlet
DIY solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Taking advantage of a solar panel installer can make switching to solar power much easier. Plus, warranties and repairs from your solar panel installer can protect your investment and reduce the cost of maintenance over time.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Murrells Inlet
Factors that Affect Solar Panel Costs in Murrells Inlet
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that determine your overall cost in Murrells Inlet: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,450.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Murrells Inlet, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Murrells Inlet to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest.However, the interest on solar loans also increases your total costs, so it’s crucial to include that in your estimate 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
Lastly, the company you hire to install your solar system can impact your pricing. Murrells Inlet’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to more 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 down to compete with bigger companies.
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 | $21,711 | 10.2 years |
| 8 kW | $3.52 | $19,706 | $29,335 | 10.0 years |
| 10 kW | $3.45 | $24,150 | $37,151 | 9.8 years |
| 12 kW | $3.38 | $28,400 | $45,161 | 9.7 years |
| 14 kW | $3.31 | $32,458 | $53,364 | 9.5 years |
| 16 kW | $3.24 | $36,322 | $61,761 | 9.3 years |
| 18 kW | $3.17 | $39,992 | $70,350 | 9.1 years |
| 20 kW | $3.11 | $43,470 | $79,133 | 8.9 years |
How to Save on Solar Panels
There are numerous companies to choose from in Murrells Inlet, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: When reading over your solar company’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Installation Process: When making the switch to solar power, it’s important to maintain an open line of communication with your solar panel company. Confirm that you understand how the installation process will go and the completion timeline.
- Reputation: Your solar installer should have a sound reputation as a company and have proven 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.
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 Murrells Inlet, SC Solar Cost FAQs
How much does it cost to install solar panels in Murrells Inlet?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly 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. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Are solar panels free in Murrells Inlet?
You can’t get solar panels for free in Murrells Inlet. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Do solar panels increase the value of your home?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Murrells Inlet is currently $379,464, so you can look forward to a value of about $15,558 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Murrells Inlet is a rewarding investment.
How long do solar panels last in Murrells Inlet?
On average, the lifespan of solar panels is 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.