Solar Panel Cost Guide in Lyman, SC (2024 Update)
- Lyman Solar Installation Cost: $19,511
- 25-Year Savings: $30,032
- Payback Period: 10.7 Years
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Average Cost of Solar Panels in Lyman
Here’s how much it might cost to make the switch to solar in Lyman.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lyman, the average cost of solar panels is 3 per watt.To account for the typical energy needs of the average home in Lyman, most homeowners require a 8.1-kilowatt system. Using the figure above, a solar installation costs about $19,511, or $27,901 before the federal solar tax credit of 0 is applied.
Keep in mind that the figures above are only estimates based on the average Lyman homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.Many homeowners find adopting solar power is a solid investment. The average homeowner in Lyman can save around $21,000 on their electricity bills over 20 years.
To receive a free quote from a vetted solar company in Lyman, you can click the button below.
Solar savings over time in Lyman
| Year | Return on Investment |
|---|---|
| 1 years | $-18,026 |
| 3 years | $-15,055 |
| 5 years | $-12,084 |
| 7 years | $-9,114 |
| 9 years | $-6,143 |
| 11 years | $-3,173 |
| 13 years | $-202 |
| 15 years | $2,768 |
| 17 years | $5,739 |
| 19 years | $8,709 |
| 21 years | $11,680 |
| 23 years | $14,650 |
| 25 years | $17,621 |
Top Solar Installers in Lyman
When making the switch to solar, many homeowners prefer to use a solar installation company since installing a solar system yourself can be a challenging project. Also, companies with a good reputation that cost more upfront could actually save you money in the long run with their warranties, repair services and expert design.
If you’d like to start using solar energy but still aren’t certain which solar company to go with, here are our recommendations for providers near you:
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 Lyman
Factors that Affect Solar Panel Costs in Lyman
For many Lyman homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Lyman, with typical prices between $20,000 to $40,000. There are numerous factors that considerably 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 most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production use 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.The brand of solar panels and equipment you want is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Moreover, solar equipment is more than just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that’s in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Lyman to be too steep, even if the investment pays off over time. Fortunately, almost every solar installer in the area offers financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to paying more over time due to interest.Although solar loans make adopting solar energy more accessible for Lyman homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Lastly, the company you get to install your solar panels can influence the cost. Lyman’s solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and go with the company that has the products, warranties and services you want and also fits within your budget.
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 | $18,658 | 11.2 years |
| 8 kW | $3.52 | $19,706 | $25,264 | 11.0 years |
| 10 kW | $3.45 | $24,150 | $32,062 | 10.7 years |
| 12 kW | $3.38 | $28,400 | $39,055 | 10.5 years |
| 14 kW | $3.31 | $32,458 | $46,240 | 10.3 years |
| 16 kW | $3.24 | $36,322 | $53,618 | 10.1 years |
| 18 kW | $3.17 | $39,992 | $61,190 | 9.9 years |
| 20 kW | $3.11 | $43,470 | $68,955 | 9.7 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years likely provide high-quality solar panel installation and expertise.
- Solar Panel Brands: The type of solar panel you need to install plays a part in which company you should choose, since different companies have access to different panels.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should acquire and how long the project will take.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Lyman, SC Solar Cost FAQs
What is the average cost of installing solar panels in Lyman?
The average cost of solar panels in Lyman 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 certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Lyman?
Solar panels aren’t free in Lyman, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Does Lyman have a net metering program?
Most states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.