Solar Panel Cost Guide in Socastee, SC (2024 Update)
- Socastee Solar Installation Cost: $18,525
- 25-Year Savings: $30,790
- Payback Period: 10.2 Years
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Average Cost of Solar Panels in Socastee
Find out how much it might cost to install solar panels in Socastee.
Although the national average of solar panels is $2.66 per watt, solar panels in Socastee typically cost around 3.To cover the typical energy needs of the average home in Socastee, most homeowners require a 7.7-kilowatt system. Using the figure above, a solar installation costs around $18,525, or $26,491 before the federal solar tax credit of 0 is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Socastee homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.Many homeowners find installing a solar panel system is a rewarding investment. The average homeowner in Socastee can save about $22,000 on their electricity bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Socastee that can help you get a more accurate cost estimate for your home.
Solar savings over time in Socastee
| Year | Return on Investment |
|---|---|
| 1 years | $-16,743 |
| 3 years | $-13,179 |
| 5 years | $-9,615 |
| 7 years | $-6,051 |
| 9 years | $-2,487 |
| 11 years | $1,077 |
| 13 years | $4,641 |
| 15 years | $8,205 |
| 17 years | $11,769 |
| 19 years | $15,333 |
| 21 years | $18,897 |
| 23 years | $22,461 |
| 25 years | $26,025 |
Top Solar Installers in Socastee
Many homeowners opt for a solar panel installer since figuring out how to install solar panels by yourself can be a lot of work. Another great thing about choosing a top solar installer is that it'll likely provide warranties and free repairs, which help protect your solar investment.
If you're searching for a solar company in Socastee, we've compiled a list of our top suggestions here:
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 Socastee
Factors that Affect Solar Panel Costs in Socastee
Although the average cost of a solar system in Socastee is $18,525, your actual cost may be higher or lower than that. There are quite a few factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to consider.
Solar Equipment
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 power your household consumes, the larger your system will likely need to be. You can expect to spend about $3,450 per kilowatt in Socastee.There are a lot of different solar panel brands and the one you pick also changes the cost. In many cases, the brands that are more efficient tend to also be more expensive. Plus, the type of equipment you’re looking to get can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That’s why many Socastee homeowners opt to finance their solar panel systems to make going solar more affordable.However, the interest on solar loans also adds to your total costs, so it’s important to take that into consideration as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The last significant cost factor you should keep in mind is the installer you choose. Given the massive popularity of green energy solutions in Socastee, you’ll have many options to choose from, but each comes at various price points for labor and equipment.Larger national companies generally have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
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 | $20,438 | 10.6 years |
| 8 kW | $3.52 | $19,706 | $27,637 | 10.4 years |
| 10 kW | $3.45 | $24,150 | $35,030 | 10.2 years |
| 12 kW | $3.38 | $28,400 | $42,615 | 10.0 years |
| 14 kW | $3.31 | $32,458 | $50,394 | 9.8 years |
| 16 kW | $3.24 | $36,322 | $58,366 | 9.6 years |
| 18 kW | $3.17 | $39,992 | $66,531 | 9.4 years |
| 20 kW | $3.11 | $43,470 | $74,889 | 9.2 years |
How to Save on Solar Panels
The solar installer you opt for will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should take into account, including:
- Solar Panel Brands: Different companies will offer different brands and types of panels. If you want a specific brand, make sure the solar panel company you’re considering has it.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should secure and what the project timeline is.
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for years to come and save you money on repairs and maintenance.
- Reputation: Make sure your solar system installer 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 the EcoWatch team.
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 Socastee, SC Solar Cost FAQs
What is the average cost of installing solar panels in Socastee?
The average cost of solar panels in Socastee is about $17,250 for a 5-kW system and $34,500 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider aside from cost 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.
How will solar panels impact the value of my home?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Socastee?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.