Solar Panel Cost Guide in North Myrtle Beach, SC (Sep 2022)

  • North Myrtle Beach Solar Installation Cost: $14,604
  • 25-Year Savings: $29,657
  • Payback Period: 8.2 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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Average Cost of Solar Panels in North Myrtle Beach

We go over average solar pricing in North Myrtle Beach.

Currently, the national average cost of solar panels is $2.66 per watt. However, in North Myrtle Beach, the average cost of a solar system is $3 per watt. Using this figure, a typical 7.7 would cost about $14,604 before the 30% 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 needs, the type of equipment you want, your solar contractor and more. Many homeowners find going solar is a rewarding investment. The average homeowner in North Myrtle Beach can save about $22,000 on their energy bills over 20 years.

To get a free quote from a pre-vetted solar installer in North Myrtle Beach, you can click the button below.

Solar savings over time in North Myrtle Beach

Year Return on Investment
1 years $-12,833
3 years $-9,292
5 years $-5,751
7 years $-2,211
9 years $1,330
11 years $4,871
13 years $8,412
15 years $11,953
17 years $15,494
19 years $19,035
21 years $22,576
23 years $26,116
25 years $29,657

Top Solar Installers in North Myrtle Beach

Installing solar panels on your own can be a stressful undertaking, which is why getting a solar installer is a good option for many homeowners. Companies can also have access to various kinds of the best solar panels and help you decide which one will be best for your home.

There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • Excellent reputation
  • Many financing options
  • Representatives are experts on local policies
  • No leases or PPAs

See all of the solar companies in North Myrtle Beach

Factors that Affect Solar Panel Costs in North Myrtle Beach

There are a number of criteria that can affect your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.

Solar Equipment Size

The size of the solar system you need to offset your energy usage is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,720. 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 often have a higher price tag 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 add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many North Myrtle Beach homeowners choose to finance their solar panel systems to make paying for solar more affordable. When estimating your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.

Solar Panel Installation Company

A final consideration when trying to evaluate the cost of solar for your home or business in North Myrtle Beach is the company you hire to install your solar system. Similar to choosing a company to renovate your kitchen, for example, there's no shortage of solar installers that provide a range of services for different budgets. Additionally, some companies in North Myrtle Beach have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. 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 $11,881 $22,739 8.6 years
8 kW $2.77 $15,537 $30,624 8.4 years
10 kW $2.72 $19,040 $38,661 8.2 years
12 kW $2.67 $22,391 $46,850 8.1 years
14 kW $2.61 $25,590 $55,191 7.9 years
16 kW $2.56 $28,636 $63,685 7.8 years
18 kW $2.50 $31,530 $72,331 7.6 years
20 kW $2.45 $34,272 $81,129 7.4 years

Solar Incentives in North 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 brands and price points. To help you find the right company for you, here are some tips to keep in mind:

  • Contract: Although reading through a contract can be tedious, it's important to do it carefully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
  • Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
  • Installation Process: Make sure you're aligned with the installer with regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as updating your electrical system or roof.
  • Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you hire.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Outstanding Regional Installer

Renu Energy Solutions

★★★★★
4.5

  • Excellent reputation
  • Many financing options
  • Representatives are experts on local policies
  • No leases or PPAs

EcoWatch's North Myrtle Beach, SC Solar Cost FAQs

How much does it cost to install solar panels in North Myrtle Beach?

The average cost of solar panels in North 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 things such as the model of solar panels you want, what size system you need and how much energy you use.

Is it better to lease or buy solar panels in North Myrtle Beach?

Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The downside 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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.

Is going solar worth it?

Solar panels can be a great investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.

How many solar panels should I get to power my home?

To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.

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.

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