Solar Panel Cost Guide in Socastee, SC (Mar 2023)
- Socastee Solar Installation Cost: $14,604
- 25-Year Savings: $30,792
- Payback Period: 8.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Socastee
Let's take a look at the average cost of solar panels in Socastee.
The national average cost of solar panels is $2.66 per watt, but in Socastee it's 2.72 per watt. The average solar panel system size in Socastee is around 7.7 kilowatts, meaning a cost of about $14,604 for a solar installation, or $20,884 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of going solar can vary based on several factors, such as what size system you need, your energy consumption and what solar installer you go with. For most homeowners, the upfront cost of solar is worth paying. On average Socastee homeowners see about $22,000 in savings on utility bills over 20 years.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Socastee
| Year | Return on Investment |
|---|---|
| 1 years | $-12,788 |
| 3 years | $-9,156 |
| 5 years | $-5,525 |
| 7 years | $-1,893 |
| 9 years | $1,739 |
| 11 years | $5,370 |
| 13 years | $9,002 |
| 15 years | $12,634 |
| 17 years | $16,265 |
| 19 years | $19,897 |
| 21 years | $23,529 |
| 23 years | $27,160 |
| 25 years | $30,792 |
Top Solar Installers in Socastee
Putting up solar panels by yourself can be a difficult task, which is why hiring a solar installer is a good option for many homeowners. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Socastee
Factors that Affect Solar Panel Costs in Socastee
For many Socastee homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Socastee, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of solar panels in Socastee, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can gauge by looking at past power bills. Your total cost can increase by around $2,720 for each additional kilowatt you need. 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 often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Socastee to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to a higher cost over time because of interest. Although solar loans make going solar more accessible for Socastee homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you pick will influence your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and find a company that has the products, warranties and services you want and also fits within your budget.
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 | $23,627 | 8.4 years |
| 8 kW | $2.77 | $15,537 | $31,807 | 8.2 years |
| 10 kW | $2.72 | $19,040 | $40,140 | 8.0 years |
| 12 kW | $2.67 | $22,391 | $48,624 | 7.9 years |
| 14 kW | $2.61 | $25,590 | $57,262 | 7.7 years |
| 16 kW | $2.56 | $28,636 | $66,051 | 7.6 years |
| 18 kW | $2.50 | $31,530 | $74,993 | 7.4 years |
| 20 kW | $2.45 | $34,272 | $84,087 | 7.2 years |
How to Save on Solar Panels
There are a large number of companies to choose from in Socastee, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Contract: Read the contract terms closely to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Even though there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of offerings before making your decision.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to install your solar system. Another way you can verify your installer's reputation is by reading reviews.
- Installation Process: Make sure you're on the same page with the company in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Outstanding Regional Installer
Renu Energy Solutions
- Excellent reputation
- Many financing options
- Representatives are experts on local policies
- No leases or PPAs
EcoWatch's Socastee, SC Solar Cost FAQs
What is the average cost of installing solar panels in Socastee?
This is a difficult question to answer exactly, 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. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to consider 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.
Is switching to solar power worth it?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house 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.