Solar Panel Cost Guide in North Myrtle Beach, SC (2024 Update)
- North Myrtle Beach Solar Installation Cost: $18,525
- 25-Year Savings: $29,656
- Payback Period: 10.5 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in North Myrtle Beach
Here’s how much it might cost to go solar in North Myrtle Beach.
While the national average of solar panels is $2.66 per watt, solar panels in North Myrtle Beach generally cost about 3.Since a 7.7-kW system is needed to cover the energy needs of a typical home in North Myrtle Beach, the average price of going solar will be about $18,525 after claiming the federal solar tax credit of 0.
The actual price you pay can be higher or lower than the average in North Myrtle Beach based on a variety of factors, such as the brand of solar panels you choose and the solar contractor you hire.With typical savings of about $22,000 on energy bills over 20 years, many homeowners in North Myrtle Beach find installing solar panels can be quite rewarding.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in North Myrtle Beach
Year | Return on Investment |
---|---|
1 years | $-16,905 |
3 years | $-13,666 |
5 years | $-10,427 |
7 years | $-7,188 |
9 years | $-3,949 |
11 years | $-709 |
13 years | $2,530 |
15 years | $5,769 |
17 years | $9,008 |
19 years | $12,247 |
21 years | $15,486 |
23 years | $18,725 |
25 years | $21,965 |
Top Solar Installers in North Myrtle Beach
When switching to solar energy, many homeowners opt to go with a solar installation company since handling can be a time-consuming project. A solar company can also help save you money in the long run by offering warranties, repairs and part replacements.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
See all of the solar companies in North Myrtle Beach
Factors that Affect Solar Panel Costs in North Myrtle Beach
For many North Myrtle Beach homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in North Myrtle Beach, with typical prices between $20,000 to $40,000. There are various factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That’s why it’s a priority 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 choose for your solar system can increase or decrease the price quite significantly. If you prefer a 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 limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in North Myrtle Beach to be prohibitively costly, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides access to financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to higher prices over time due to interest.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you can only 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 APR could reduce your costs remarkably.
Solar Panel Installation Company
The last significant cost factor you should take into consideration is the installer you choose. Given the massive popularity of sustainable energy solutions in North Myrtle Beach, you’ll have plenty of options to choose from, but each comes at varying price points for labor and equipment.The size of the company can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices due 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 discount can bring their pricing down 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 | $3.59 | $15,070 | $19,551 | 10.9 years |
8 kW | $3.52 | $19,706 | $26,454 | 10.7 years |
10 kW | $3.45 | $24,150 | $33,551 | 10.5 years |
12 kW | $3.38 | $28,400 | $40,840 | 10.3 years |
14 kW | $3.31 | $32,458 | $48,323 | 10.0 years |
16 kW | $3.24 | $36,322 | $55,999 | 9.8 years |
18 kW | $3.17 | $39,992 | $63,869 | 9.6 years |
20 kW | $3.11 | $43,470 | $71,931 | 9.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Installation Process: Make sure you’re aligned with the installer regarding how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.
- Contract: When looking through your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Reputation: Well-established companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Even though there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
EcoWatch's North Myrtle Beach, SC Solar Cost FAQs
What is the average cost of installing solar panels in North Myrtle Beach?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $17,250 for a 5-kW system and $34,500 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in North Myrtle Beach?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Do solar panels increase your property value?
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 North Myrtle Beach is currently $398,113, so you can look forward to a value of about $16,323 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in North Myrtle Beach is a worthwhile investment.
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 typically produce about 250 to 400 watt-hours per hour, the average home 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.