Solar Panel Cost Guide in Newport, SC (2023 Update)
- Newport Solar Installation Cost: $15,422
- 25-Year Savings: $24,998
- Payback Period: 9.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Newport
Here's how much it might cost to make the switch to solar in Newport.
The national average cost of solar panels is $2.66 per watt, but in Newport it's 2.72 per watt. Because a 8.1-kW system is needed to cover the energy consumption of a typical home in Newport, the average price of going solar will be about $15,422 after claiming the federal solar tax credit of 30%.
Remember that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy needs, the type of solar system you want to get, your solar contractor and more. With average savings of about $19,000 on electricity bills over 20 years, many homeowners in Newport find investing in solar has a decent ROI.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Newport
| Year | Return on Investment |
|---|---|
| 1 years | $-13,806 |
| 3 years | $-10,572 |
| 5 years | $-7,338 |
| 7 years | $-4,105 |
| 9 years | $-871 |
| 11 years | $2,362 |
| 13 years | $5,596 |
| 15 years | $8,830 |
| 17 years | $12,063 |
| 19 years | $15,297 |
| 21 years | $18,530 |
| 23 years | $21,764 |
| 25 years | $24,998 |
Top Solar Installers in Newport
Many homeowners decide to use a solar installer since trying to install solar panels on your own can be challenging. The payback period on a solar system will vary depending on factors like your location and energy use, but going with a solar installer can shorten it. Your provider will be able to help you identify incentives available in your area.
If you'd like to start using solar energy but still aren't sure which solar installer to go with, here are our recommendations for providers in Newport:
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
For many Newport homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Newport, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
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 energy your household consumes, the larger your system will likely need to be. You can expect to pay around $2,720 per kilowatt in Newport. There are many different solar panel brands and the one you pick also affects the cost. Usually, the brands that offer higher efficiency tend to also be more expensive. Additionally, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a popular option because they lower your upfront costs and let you pay for your system over five to seven years on average. Though solar loans make adopting solar energy more accessible for Newport homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you go with to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar installation companies operating in Newport, and each can charge different amounts for labor and equipment. Additionally, some companies in Newport know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $18,047 | 9.9 years |
| 8 kW | $2.77 | $15,537 | $24,367 | 9.7 years |
| 10 kW | $2.72 | $19,040 | $30,839 | 9.5 years |
| 12 kW | $2.67 | $22,391 | $37,464 | 9.4 years |
| 14 kW | $2.61 | $25,590 | $44,241 | 9.2 years |
| 16 kW | $2.56 | $28,636 | $51,171 | 9.0 years |
| 18 kW | $2.50 | $31,530 | $58,253 | 8.8 years |
| 20 kW | $2.45 | $34,272 | $65,487 | 8.6 years |
How to Save on Solar Panels
There are numerous companies to choose from in Newport, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for years to come and save you money on repairs and maintenance.
- Reputation: Your solar installer should have a good 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 certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
- Contract: Though reading through a contract can be tedious, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
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 hard question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $13,600 for a 5-kW system and $27,200 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on power bills after switching to solar?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout 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 contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Newport?
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 larger amount 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.