Solar Panel Cost Guide in Lugoff, SC (2024 Update)
- Lugoff Solar Installation Cost: $19,278
- 25-Year Savings: $29,783
- Payback Period: 10.7 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Lugoff
We break down average solar pricing in Lugoff.
The national average cost of solar panels is $2.66 per watt, but in Lugoff it’s 3 per watt.The average Lugoff homeowner needs a 8.0-kilowatt system, which would cost about $19,278 with the federal tax credit, or $27,568 before the 0 tax credit is applied.
These figures are just estimates, and how much solar costs for you will most likely vary based on your specific situation and what company you go with.Many homeowners find installing a solar panel system is a fruitful investment. The average homeowner in Lugoff can save around $23,000 on their energy bills over 20 years.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Lugoff
| Year | Return on Investment |
|---|---|
| 1 years | $-17,720 |
| 3 years | $-14,604 |
| 5 years | $-11,488 |
| 7 years | $-8,372 |
| 9 years | $-5,256 |
| 11 years | $-2,140 |
| 13 years | $976 |
| 15 years | $4,092 |
| 17 years | $7,208 |
| 19 years | $10,324 |
| 21 years | $13,440 |
| 23 years | $16,556 |
| 25 years | $19,672 |
Top Solar Installers in Lugoff
Trying to install solar panels yourself can be a stressful undertaking, which is why getting a solar installer is a good option for many homeowners. In addition, if you’d like to maximize your investment in solar power, opting for a solar installer can help with that as well. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives and net metering programs.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Lugoff
Factors that Affect Solar Panel Costs in Lugoff
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that determine your overall cost in Lugoff: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,450.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Lugoff, where sunlight is abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Lugoff to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to a higher cost over time due to interest.However, the interest on solar loans also increases your overall costs, so it’s crucial to take that into consideration as well. You can always reduce the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you pick will impact your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor.You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $18,740 | 11.1 years |
| 8 kW | $3.52 | $19,706 | $25,373 | 10.9 years |
| 10 kW | $3.45 | $24,150 | $32,199 | 10.7 years |
| 12 kW | $3.38 | $28,400 | $39,218 | 10.5 years |
| 14 kW | $3.31 | $32,458 | $46,431 | 10.3 years |
| 16 kW | $3.24 | $36,322 | $53,837 | 10.1 years |
| 18 kW | $3.17 | $39,992 | $61,436 | 9.9 years |
| 20 kW | $3.11 | $43,470 | $69,228 | 9.6 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Installation Process: Make sure you’re aligned with the installer with regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as updating or replacing your electrical system or roof.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years most likely provide high-quality solar panel installation and expertise.
- Contract: Though reading through a contract can take a lot of time, it’s important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
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 Lugoff, SC Solar Cost FAQs
How much does it cost to install solar panels in Lugoff?
The average cost of solar panels in Lugoff is about $17,250 for a 5-kW system and $34,500 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Lugoff?
Leasing solar panels can be an appealing choice, because it typically 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
How will solar panels impact the value of my home?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lugoff is currently $238,203, which means you can look forward to a value of about $9,766 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Lugoff is a fruitful investment.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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 higher level 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.