Solar Panel Cost Guide in Isle of Palms, SC (2024 Update)
- Isle of Palms Solar Installation Cost: $17,655
- 25-Year Savings: $32,725
- Payback Period: 9.5 Years
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Average Cost of Solar Panels in Isle of Palms
Find out what the average cost of installing solar panels is in Isle of Palms.
The national average cost of solar panels is $2.66 per watt, but in Isle of Palms it’s 3 per watt.Because a 7.3-kW system is needed to cover the energy costs of a typical home in Isle of Palms, the average price of going solar will be about $17,655 after claiming the federal solar tax credit of 0.
The true cost of your system can go higher or lower than the average in Isle of Palms based on several factors, such as the type of solar panels you choose and the solar contractor you hire.For most homeowners, the upfront cost of solar power is worth paying. On average homeowners in Isle of Palms see about $26,000 in savings on energy bills over 20 years.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Isle of Palms
| Year | Return on Investment |
|---|---|
| 1 years | $-15,915 |
| 3 years | $-12,434 |
| 5 years | $-8,953 |
| 7 years | $-5,473 |
| 9 years | $-1,992 |
| 11 years | $1,489 |
| 13 years | $4,970 |
| 15 years | $8,451 |
| 17 years | $11,931 |
| 19 years | $15,412 |
| 21 years | $18,893 |
| 23 years | $22,374 |
| 25 years | $25,855 |
Top Solar Installers in Isle of Palms
When going solar, many homeowners opt to go with a solar installer since putting up solar panels yourself can be a time-consuming project. Plus, if you’re unsure what type of solar panels and equipment you need, a solar installer can help you figure that out after a site survey and consultation.
If you're looking for a solar installer in Isle of Palms, we've organized 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 Isle of Palms
Factors that Affect Solar Panel Costs in Isle of Palms
While the average cost of a solar system in Isle of Palms is $17,655, your actual cost may be higher or lower than that. There are many factors that can have a major impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most important 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 energy your household uses, the larger your system will likely need to be. You can expect to spend around $3,450 per kilowatt in Isle of Palms.The brand and type of equipment you choose for your solar system can raise or lower 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 limited roof space 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. Also, if you want additional 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 big investment. That’s why many Isle of Palms homeowners choose to finance their solar panel systems to make going solar more affordable.It’s wise to include 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 the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the massive popularity of sustainable energy solutions in Isle of Palms, you’ll have lots of options to choose from, but each comes at various price points for labor and equipment.Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 | $23,212 | 9.8 years |
| 8 kW | $3.52 | $19,706 | $31,335 | 9.7 years |
| 10 kW | $3.45 | $24,150 | $39,652 | 9.5 years |
| 12 kW | $3.38 | $28,400 | $48,162 | 9.3 years |
| 14 kW | $3.31 | $32,458 | $56,866 | 9.1 years |
| 16 kW | $3.24 | $36,322 | $65,762 | 8.9 years |
| 18 kW | $3.17 | $39,992 | $74,852 | 8.7 years |
| 20 kW | $3.11 | $43,470 | $84,134 | 8.5 years |
How to Save on Solar Panels
The solar installer you opt for will affect 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 several important things you should take into account, such as:
- Contract: It’s important to read through your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Installation Process: When going solar, it’s necessary to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process will go and the project completion timeline.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
- Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one mark of a good company.
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 Isle of Palms, SC Solar Cost FAQs
How much does it cost to install solar panels in Isle of Palms?
This is a difficult question to answer precisely, 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. It will cost more if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Isle of Palms?
Leasing solar panels can be an appealing choice, as it often 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 get the most savings.
How much can I save on energy bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,276.04 per year.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.