Solar Panel Cost Guide in Newport, SC (2024 Update)
- Newport Solar Installation Cost: $19,570
- 25-Year Savings: $24,991
- Payback Period: 12.1 Years
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Average Cost of Solar Panels in Newport
Find out what the average cost of solar panels are in Newport.
In Newport, solar panels cost about 3 per watt on average.To account for the typical energy usage of the average home in Newport, most homeowners require a 8.1-kilowatt system. Using the per-watt figure above, a solar installation costs about $19,570, or $27,985 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The true cost of installing solar panels can vary quite a bit depending on several factors, such as what size system you need, your energy usage and what company you go with.Despite the high upfront cost, the average Newport homeowner can save around $19,000 on their energy bills over 20 years, which is one of the perks of solar.
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Solar savings over time in Newport
| Year | Return on Investment |
|---|---|
| 1 years | $-18,085 |
| 3 years | $-15,114 |
| 5 years | $-12,144 |
| 7 years | $-9,173 |
| 9 years | $-6,203 |
| 11 years | $-3,232 |
| 13 years | $-261 |
| 15 years | $2,709 |
| 17 years | $5,680 |
| 19 years | $8,650 |
| 21 years | $11,621 |
| 23 years | $14,591 |
| 25 years | $17,562 |
Top Solar Installers in Newport
When switching to solar energy, many homeowners prefer to go with a solar installation company since handling can be a time-consuming project. Solar companies offer key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
If you’d like to make the switch to solar but still aren’t certain which solar company to go with, here are our recommendations for providers nearby:
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 Newport
Factors that Affect Solar Panel Costs in Newport
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few key factors that will push your cost above or below the average in Newport: 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 panels 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 greater efficiency or power production use 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.The type of solar panels and equipment you want is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Plus, solar equipment is more than just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are an affordable choice because they lower your upfront costs and allow you to pay for your system over five to seven years on average.However, the interest on solar loans also adds to your total costs, so it’s important to take that into consideration as well. You can always lower the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panel system can affect how much you pay. Newport’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size can sometimes play the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to more resources and better 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 names.
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 | $14,858 | 12.6 years |
| 8 kW | $3.52 | $19,706 | $20,197 | 12.3 years |
| 10 kW | $3.45 | $24,150 | $25,729 | 12.1 years |
| 12 kW | $3.38 | $28,400 | $31,455 | 11.9 years |
| 14 kW | $3.31 | $32,458 | $37,374 | 11.6 years |
| 16 kW | $3.24 | $36,322 | $43,485 | 11.4 years |
| 18 kW | $3.17 | $39,992 | $49,791 | 11.1 years |
| 20 kW | $3.11 | $43,470 | $56,289 | 10.9 years |
How to Save on Solar Panels
There are a lot of companies available in Newport, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years in most cases offer good-quality solar panel installation and expertise.
- Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the best you can get in the business, and offering such a warranty is one mark of a quality company.
- Contract: Look through the contract terms thoroughly to make sure you understand how much it will cost, completion timeline incentives and warranties.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should secure and what the project timeline is.
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 Newport, SC Solar Cost FAQs
What is the average cost of installing solar panels in Newport?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $17,250 for a 5-kW system and $34,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
The initial cost is a key factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
How much can I save on power bills after installing solar panels?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Newport, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Newport?
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 decide to replace them once you've had 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.