Solar Panel Cost Guide in Cayce, SC (2024 Update)
- Cayce Solar Installation Cost: $19,127
- 25-Year Savings: $31,753
- Payback Period: 10.2 Years
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Average Cost of Solar Panels in Cayce
Here’s how much it might cost to make the switch to solar in Cayce.
The national average cost of solar panels is $2.66 per watt, but in Cayce it’s 3 per watt.The average solar panel system size in Cayce is around 7.9 kilowatts, meaning a cost of about $19,127 for a solar installation, or $27,352 before the 0 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 exact cost of going solar can vary quite a bit based on several factors, such as what size system you need, your energy consumption and what company you go with.Even with the significant initial cost, the average Cayce homeowner can save around $24,000 on their power bills over 20 years, which is one of the perks of solar.
Click the button below to get connected to a reputable solar company in your area for a customized estimate.
Solar savings over time in Cayce
| Year | Return on Investment |
|---|---|
| 1 years | $-17,387 |
| 3 years | $-13,906 |
| 5 years | $-10,425 |
| 7 years | $-6,944 |
| 9 years | $-3,464 |
| 11 years | $17 |
| 13 years | $3,498 |
| 15 years | $6,979 |
| 17 years | $10,460 |
| 19 years | $13,940 |
| 21 years | $17,421 |
| 23 years | $20,902 |
| 25 years | $24,383 |
Top Solar Installers in Cayce
Installing solar panels yourself can be a difficult project, which is why using a solar installation company is a good option for many homeowners. Another upside of working with a solar installer is that they can help you optimize your investment by bringing down your future costs of repairs and replacements with the help of warranties and helping you learn about local incentives you can take advantage of.
If you're on the hunt for a solar company in Cayce, the EcoWatch team has put together a list of our top suggestions here:
Best National Provider
SunPower
- 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
- 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 Cayce
Factors that Affect Solar Panel Costs in Cayce
For many Cayce homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Cayce, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,450.There are several different solar panel brands and the one you choose also changes the cost. Typically, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you’re looking to get can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are an affordable option because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Cayce is the company you hire to install your PV system. As with choosing a company to build a deck or pool, for instance, you’ll have many options for solar installers that offer a range of services at different costs.You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $20,409 | 10.6 years |
| 8 kW | $3.52 | $19,706 | $27,598 | 10.4 years |
| 10 kW | $3.45 | $24,150 | $34,981 | 10.2 years |
| 12 kW | $3.38 | $28,400 | $42,557 | 10.0 years |
| 14 kW | $3.31 | $32,458 | $50,325 | 9.8 years |
| 16 kW | $3.24 | $36,322 | $58,288 | 9.6 years |
| 18 kW | $3.17 | $39,992 | $66,443 | 9.4 years |
| 20 kW | $3.11 | $43,470 | $74,792 | 9.2 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: If you’re worried about the longevity of your solar panels, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: It’s important to look over your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- 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 kind of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of offerings before making your decision.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
Best National Provider
SunPower
- 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
- 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 Cayce, SC Solar Cost FAQs
What is the average cost of installing solar panels in Cayce?
This is a difficult question to answer exactly, because the cost depends on many 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. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Cayce?
Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and how much direct sunlight your roof gets.
How long do solar panels last in Cayce?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable 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.