Solar Panel Cost Guide in Myrtle Beach, SC (Aug 2022)
- Myrtle Beach Solar Installation Cost: $15,438
- 25-Year Savings: $29,359
- Payback Period: 8.6 Years
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Updated 7/19/2022
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Average Cost of Solar Panels in Myrtle Beach
Find out what the average cost of solar panel installation is in Myrtle Beach.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Myrtle Beach, the average cost of solar panels is $3 per watt. To account for the typical energy needs of the average home in Myrtle Beach, most homeowners require a 7.7-kilowatt system. Using the figure above, a solar installation costs about $15,438, or $11,424 after the federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy use, the type of solar panels you want, your solar contractor and more. But, after you've paid the upfront cost of installation, the return on investment for most homeowners is quite good, with a net average savings of about $22,000 over 20 years on utility bills.
Click the button below to get connected to a reputable solar panel company in your area for a custom quote.
Solar savings over time in Myrtle Beach
| Year | Return on Investment |
|---|---|
| 1 years | $-13,646 |
| 3 years | $-10,062 |
| 5 years | $-6,479 |
| 7 years | $-2,895 |
| 9 years | $689 |
| 11 years | $4,273 |
| 13 years | $7,857 |
| 15 years | $11,440 |
| 17 years | $15,024 |
| 19 years | $18,608 |
| 21 years | $22,192 |
| 23 years | $25,776 |
| 25 years | $29,359 |
Top Solar Installers in Myrtle Beach
Although you can install solar panels yourself, it takes extra labor and handiness. For that reason, most homeowners choose to hire a solar panel installer. The expertise that solar installers provide can be useful as well, especially if you aren't sure what type of solar equipment you need.
If you're searching for a solar installer in Myrtle Beach, we've compiled a list of our top suggestions here:
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
See all of the solar companies in Myrtle Beach
Factors that Affect Solar Panel Costs in Myrtle Beach
The cost of installing a solar system in Myrtle Beach can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment Size
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay around $2,720 per kilowatt in Myrtle Beach. 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 often come at a higher price 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra 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. Fortunately, almost every solar company in the area provides financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to paying more over time because of interest. When figuring out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The final key cost factor you should keep in mind is the installer you choose. Given the massive popularity of sustainable energy solutions in Myrtle Beach, you'll have plenty of options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Myrtle Beach have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, 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 | $12,560 | $22,480 | 9.0 years |
| 8 kW | $2.77 | $16,424 | $30,296 | 8.8 years |
| 10 kW | $2.72 | $20,128 | $38,272 | 8.6 years |
| 12 kW | $2.67 | $23,671 | $46,409 | 8.4 years |
| 14 kW | $2.61 | $27,052 | $54,708 | 8.3 years |
| 16 kW | $2.56 | $30,273 | $63,167 | 8.1 years |
| 18 kW | $2.50 | $33,332 | $71,788 | 7.9 years |
| 20 kW | $2.45 | $36,230 | $80,569 | 7.8 years |
Solar Incentives in Myrtle Beach
| Name | ITC |
| Type | Tax Incentive |
| Incentive Amount | 26% of installation cost |
| Website | Visit here |
| Name | Renewable Energy and Energy Storage Property Tax Exemption |
| Incentive Amount | 100% exemption |
| Website | Visit here |
| More Info | Click here |
| Name | Solar Energy, Small Hydropower, and Geothermal Tax Credit (Corporate) |
| Incentive Amount | 25% of eligible costs |
| Incentive Max | In any given tax year, $3,500, or 50% of taxpayer's tax liability for that taxable year, whichever is less. If the amount of the credit exceeds $3,500 for each facility, the taxpayer may carry forward the excess for up to ten years. |
| Website | Visit here |
| More Info | Click here |
| Name | Santee Cooper - Rooftop Solar Rebate Program |
| Incentive Amount | Residential and Commercial: $1.05/W Non-Profit: $1.30/W |
| Incentive Max | Residential and Commercial: $6,300 Non-Profit: $7,800 |
| Website | Visit here |
| More Info | Click here |
| Name | Solar Energy, Small Hydropower, and Geothermal Tax Credit (Personal) |
| Incentive Amount | 25% of eligible costs |
| Incentive Max | In any given tax year a maximum of $3,500, or 50% of taxpayer's tax liability for that taxable year, whichever is less. If the amount of the credit exceeds $3,500 for each facility, the taxpayer may carry forward the excess for up to ten years. |
| Website | Visit here |
| More Info | Click here |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Installation Process: Make sure you're aligned with the installer in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.
- Contract: Before signing a contract with a solar company, be sure to read it through fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. Two 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 satisfied reviews from previous customers.
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
EcoWatch's Myrtle Beach, SC Solar Cost FAQs
What is the average cost of installing solar panels in Myrtle Beach?
The average cost of solar panels in Myrtle Beach is about $13,600 for a 5-kW system and $27,200 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider other than cost when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase how much your home is worth?
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 Myrtle Beach is currently $203,096, which means you can expect about a value of about $8,327 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Myrtle Beach is a worthwhile investment.
How long do solar panels last in Myrtle Beach?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can continue to use 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.
