Solar Panel Cost Guide in Myrtle Beach, SC (Oct 2022)
- Myrtle Beach Solar Installation Cost: $14,604
- 25-Year Savings: $30,194
- Payback Period: 8.2 Years
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Updated 9/16/2022
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Average Cost of Solar Panels in Myrtle Beach
Let's take a look at the average cost of solar panels in Myrtle Beach.
In Myrtle Beach, solar panels cost about $3 per watt on average. Using this figure, a typical 7.7 would cost about $14,604 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of going solar can vary depending on several factors, such as how many panels you need, your energy consumption and what company you go with. With average savings of about $22,000 on utility bills over 20 years, many homeowners in Myrtle Beach find installing solar panels can pay off big.
To get a free estimate from a top solar installer in Myrtle Beach, you can click the button below.
Solar savings over time in Myrtle Beach
| Year | Return on Investment |
|---|---|
| 1 years | $-12,812 |
| 3 years | $-9,228 |
| 5 years | $-5,644 |
| 7 years | $-2,060 |
| 9 years | $1,523 |
| 11 years | $5,107 |
| 13 years | $8,691 |
| 15 years | $12,275 |
| 17 years | $15,859 |
| 19 years | $19,442 |
| 21 years | $23,026 |
| 23 years | $26,610 |
| 25 years | $30,194 |
Top Solar Installers in Myrtle Beach
When switching to solar energy, many homeowners choose to go with a solar installer since handling can be a difficult project. Plus, if you're not certain what brand of solar panels and equipment you want, a solar company can help you find the right equipment for you after a site survey and consultation.
If you'd like to go solar but still aren't sure which solar installer to go with, here are our suggestions for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Myrtle Beach
Factors that Affect Solar Panel Costs in Myrtle Beach
There are a number of factors that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment Size
The size of the system you need is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. The brand and kind 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 a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Myrtle Beach to be prohibitively steep, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest. You'll have to consider the long-term cost of financing options, including the amount of 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 more than the principal cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Myrtle Beach is the company you hire to install your solar panel system. As with choosing a company to renovate your kitchen, for example, you'll have many options for solar installers that provide a range of services for different budgets. The size of the company sometimes plays the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower 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 | $2.83 | $11,881 | $23,159 | 8.5 years |
| 8 kW | $2.77 | $15,537 | $31,183 | 8.3 years |
| 10 kW | $2.72 | $19,040 | $39,360 | 8.2 years |
| 12 kW | $2.67 | $22,391 | $47,689 | 8.0 years |
| 14 kW | $2.61 | $25,590 | $56,170 | 7.8 years |
| 16 kW | $2.56 | $28,636 | $64,804 | 7.7 years |
| 18 kW | $2.50 | $31,530 | $73,590 | 7.5 years |
| 20 kW | $2.45 | $34,272 | $82,528 | 7.3 years |
Solar Incentives in Myrtle Beach
| Name | Renewable Energy and Energy Storage Property Tax Exemption |
| Incentive Amount | 100% exemption |
| More Info | Click here |
| Name | Santee Cooper - Rooftop Solar Rebate Program |
| Website | Visit here |
| More Info | Click here |
| Name | Solar Energy, Small Hydropower, and Geothermal Tax Credit (Corporate) |
| Website | Visit here |
| More Info | Click here |
| Name | Solar Energy, Small Hydropower, and Geothermal Tax Credit (Personal) |
| Website | Visit here |
| More Info | Click here |
| Name | Duke Energy Progress - Residential Energy Efficiency Rebate Program |
| Website | Visit here |
| More Info | Click here |
| Name | Residential Renewable Energy Tax Credit |
| Website | Visit here |
| More Info | Click here |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a tough decision, we have some tips to help you, such as:
- Contract: Before signing a contract with a solar company, make sure you read it through carefully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project timeline.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Different companies offer different brands and kinds of panels. If you want a specific brand, make sure the solar installer 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 (coming 2022)
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Myrtle Beach, SC Solar Cost FAQs
How much does it cost to install solar panels in Myrtle Beach?
This is a tough question to answer exactly, because the cost depends on a few different 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 additional solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Myrtle Beach?
Leasing solar panels can be an appealing choice, as it often 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 tax rebates and credits 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 property value?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Myrtle Beach?
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 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.
