Solar Panel Cost Guide in Myrtle Beach, SC (2024 Update)
- Myrtle Beach Solar Installation Cost: $18,525
- 25-Year Savings: $30,192
- Payback Period: 10.3 Years
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Average Cost of Solar Panels in Myrtle Beach
Find out what the average cost of solar panels are in Myrtle Beach.
The average cost of a solar panel system in Myrtle Beach is 3 per watt.The average Myrtle Beach homeowner needs a 7.7-kilowatt system, which would cost about $18,525 with the federal tax credit, or $26,491 before the 0 tax credit is applied.
These figures are just estimates, and the cost of going solar for you will most likely differ based on factors unique to your home and what company you go with.But, once you've paid the upfront cost of installation, the ROI for most homeowners is usually rewarding, with a net average savings of about $22,000 over 20 years on energy bills.
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 Myrtle Beach
| Year | Return on Investment |
|---|---|
| 1 years | $-16,844 |
| 3 years | $-13,481 |
| 5 years | $-10,119 |
| 7 years | $-6,757 |
| 9 years | $-3,394 |
| 11 years | $-32 |
| 13 years | $3,330 |
| 15 years | $6,693 |
| 17 years | $10,055 |
| 19 years | $13,417 |
| 21 years | $16,779 |
| 23 years | $20,142 |
| 25 years | $23,504 |
Top Solar Installers in Myrtle Beach
Trying to put up solar panels yourself can be a difficult undertaking, which is why getting a solar installation company is a good option for many homeowners. The payback period on a solar system will vary depending on factors like your location and energy consumption, but going with a solar company can help you reach a break-even point sooner. Your provider will be able to help you identify incentives available in your area.
Working with a professional solar installer can make going solar easier. Here are our recommendations:
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 Myrtle Beach
Factors that Affect Solar Panel Costs in Myrtle Beach
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that affect your total cost in Myrtle Beach: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That’s why it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.The brand of solar panels and equipment you choose is another factor that will greatly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that’s in your budget.
Solar Financing Terms
Most solar companies in Myrtle Beach have solar loans, which reduce the initial cost of installing solar panels.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panels can impact how much you pay. Myrtle Beach’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Myrtle Beach are more knowledgeable about local solar incentives and can help you learn about 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 | $19,970 | 10.8 years |
| 8 kW | $3.52 | $19,706 | $27,014 | 10.5 years |
| 10 kW | $3.45 | $24,150 | $34,250 | 10.3 years |
| 12 kW | $3.38 | $28,400 | $41,680 | 10.1 years |
| 14 kW | $3.31 | $32,458 | $49,302 | 9.9 years |
| 16 kW | $3.24 | $36,322 | $57,118 | 9.7 years |
| 18 kW | $3.17 | $39,992 | $65,128 | 9.5 years |
| 20 kW | $3.11 | $43,470 | $73,330 | 9.3 years |
How to Save on Solar Panels
There are numerous companies to choose from in Myrtle Beach, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: Warranties that provide coverage for 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 indication of a quality company.
- Contract: Before signing a contract with a solar company, make sure to read it through fully so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Solar Panel Brands: Different companies will offer different brands and kinds of panels. If you want a specific brand, make sure the solar installer you’re considering has it.
- Installation Process: When making the switch to solar power, it’s necessary to maintain an open line of communication with your solar company. Confirm that you understand how the installation process will go and the project timeline.
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 Myrtle Beach, SC Solar Cost FAQs
What is the average cost of installing solar panels in Myrtle Beach?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Generally 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 be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
What other factors should I consider aside from cost when buying solar panels?
Cost is a very important factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Can you sell solar power back to the grid in Myrtle Beach?
Most states offer net metering programs of some kind. Through these, you can be compensated for the extra power your system produces 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.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of 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 buy between 20 and 35 panels to account for 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.