Solar Panel Cost Guide in North Myrtle Beach, SC (2023 Update)
- North Myrtle Beach Solar Installation Cost: $14,604
- 25-Year Savings: $29,657
- Payback Period: 8.2 Years
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Updated May 04, 2023
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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 2.72 per watt. Using this figure, a typical 7.7-kW system 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 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 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
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, 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 |
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 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 North Myrtle Beach, SC Solar Cost FAQs
What is the average cost of installing 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 actual cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in North Myrtle Beach?
You can't get solar panels for free in North Myrtle Beach. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Do solar panels increase the value of your home?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.