Solar Panel Cost Guide in Socastee, SC (Oct 2022)

  • Socastee Solar Installation Cost: $14,604
  • 25-Year Savings: $30,792
  • Payback Period: 8.0 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 Socastee

Let's take a look at the average cost of solar panels in Socastee.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Socastee, the average cost of solar panels is $3 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 $10,807 after the 30% federal solar tax credit is applied.

The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of going solar can vary based on multiple factors, such as what size system you need, your energy usage and what installation company you go with. With average savings of about $22,000 on electricity bills over 20 years, many homeowners in Socastee find going solar can be quite rewarding.

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

Many homeowners choose to hire a solar installation company since trying to install solar panels yourself can be time-consuming. A solar company can also help save you money over time by offering warranties, repairs and system component replacements.

If you'd like to make the switch to solar but still aren't certain which solar system company to go with, here are our recommendations for providers near you:

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 Socastee

Factors that Affect Solar Panel Costs in Socastee

The cost of installing a solar system in Socastee can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar company you choose.

Solar Equipment Size

One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend around $2,720 per kilowatt in Socastee. The brand and type of equipment you get for your solar system can raise or lower 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 a small roof 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. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.

Solar Financing Terms

Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That's why many Socastee homeowners opt to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also increases your total costs, so it's vital to include that in your estimate as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.

Solar Panel Installation Company

The solar installer you go with to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar installation companies in Socastee, and each can charge varying amounts for labor and equipment. Additionally, some companies in Socastee have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 $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

Solar Incentives in Socastee

Name Renewable Energy and Energy Storage Property Tax Exemption
Incentive Amount 100% exemption
More Info Click here

Name Santee Cooper - Rooftop Solar Rebate Program
Website Visit here
More Info Click here

Name Solar Energy, Small Hydropower, and Geothermal Tax Credit (Corporate)
Website Visit here
More Info Click here

Name Solar Energy, Small Hydropower, and Geothermal Tax Credit (Personal)
Website Visit here
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

How to Save on Solar Panels

The solar company you go with will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, such as:

  • Installation Process: When making the switch to solar energy, it's essential to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process works and the completion timeline.
  • Reputation: Long-running companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
  • Solar Panel Brands: Different companies will offer various brands and types of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
  • Contract: It's important to read through your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.

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 Socastee, SC Solar Cost FAQs

How much does it cost to install solar panels in Socastee?

This is a tough question to answer precisely, because the cost depends on many factors. Generally 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 additional solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.

Is cost the most important consideration when buying solar panels?

Cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.

How much can I save on power bills after installing solar panels?

It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Socastee, 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 check with a local solar installer to see how many panels can fit on your roof.

What solar power system size is right for my home?

To figure out how many solar panels you need, you should find out 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.

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