Solar Panel Cost Guide in Moncks Corner, SC (2024 Update)
- Moncks Corner Solar Installation Cost: $18,511
- 25-Year Savings: $31,901
- Payback Period: 10.0 Years
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Average Cost of Solar Panels in Moncks Corner
Find out what the average cost of installing solar panels is in Moncks Corner.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Moncks Corner, the average cost of a solar system is 3 per watt.The average Moncks Corner homeowner needs a 7.7-kilowatt system, which would cost about $18,511 with the federal tax credit, or $26,471 before the 0 tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy needs, the type of equipment you choose, your solar contractor and more.But, once you've paid the upfront cost of installation, the ROI for most homeowners is usually fruitful, with a net average savings of about $24,000 over 20 years on electricity bills.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Moncks Corner
| Year | Return on Investment |
|---|---|
| 1 years | $-16,771 |
| 3 years | $-13,290 |
| 5 years | $-9,809 |
| 7 years | $-6,328 |
| 9 years | $-2,848 |
| 11 years | $633 |
| 13 years | $4,114 |
| 15 years | $7,595 |
| 17 years | $11,076 |
| 19 years | $14,556 |
| 21 years | $18,037 |
| 23 years | $21,518 |
| 25 years | $24,999 |
Top Solar Installers in Moncks Corner
Although you can install solar panels on your own, it requires extra time and expertise. For that reason, most people choose a solar panel installer. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
There are several licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 Moncks Corner
Factors that Affect Solar Panel Costs in Moncks Corner
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that affect your total cost in Moncks Corner: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That’s why it’s crucial to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs.The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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 more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar companies in Moncks Corner have solar loans, which reduce the initial cost of installing solar panels.However, the interest on solar loans also increases your overall costs, so it’s important to include that in your estimate as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar company you select will affect your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Moncks Corner know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $21,325 | 10.4 years |
| 8 kW | $3.52 | $19,706 | $28,820 | 10.2 years |
| 10 kW | $3.45 | $24,150 | $36,508 | 10.0 years |
| 12 kW | $3.38 | $28,400 | $44,389 | 9.8 years |
| 14 kW | $3.31 | $32,458 | $52,464 | 9.6 years |
| 16 kW | $3.24 | $36,322 | $60,731 | 9.4 years |
| 18 kW | $3.17 | $39,992 | $69,192 | 9.2 years |
| 20 kW | $3.11 | $43,470 | $77,846 | 9.0 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 efficiency, production, and durability, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Though reading through a contract can take a lot of time, it’s important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
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 Moncks Corner, SC Solar Cost FAQs
What is the average cost of installing solar panels in Moncks Corner?
This is a hard 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. It will cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Moncks Corner?
Leasing solar panels can be an attractive choice, because it commonly 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 option if you want to get the most savings.
How will installing solar panels impact my home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Moncks Corner is currently $353,759, so you could be looking at a value of about $14,504 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Moncks Corner is a fruitful investment.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.