Solar Panel Cost Guide in Newport, SC (2024 Update)
- Newport Solar Installation Cost: $19,570
- 25-Year Savings: $24,991
- Payback Period: 12.1 Years
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Average Cost of Solar Panels in Newport
Find out what the average cost of solar panels are in Newport.
The average cost of a solar system in Newport is 3 per watt.The average Newport homeowner needs a 8.1-kilowatt system, which would cost about $19,570 with the federal tax credit, or $27,985 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of installing solar panels can vary quite a bit depending on multiple factors, such as how many panels you need, your energy usage and what company you go with.For many homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $19,000 in savings on utility bills over 20 years.
To receive a free estimate from a highly rated solar installer in Newport, you can click the button below.
Solar savings over time in Newport
| Year | Return on Investment |
|---|---|
| 1 years | $-18,085 |
| 3 years | $-15,114 |
| 5 years | $-12,144 |
| 7 years | $-9,173 |
| 9 years | $-6,203 |
| 11 years | $-3,232 |
| 13 years | $-261 |
| 15 years | $2,709 |
| 17 years | $5,680 |
| 19 years | $8,650 |
| 21 years | $11,621 |
| 23 years | $14,591 |
| 25 years | $17,562 |
Top Solar Installers in Newport
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Using a solar company can make converting to solar power much easier. Since solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by reducing potential costs down the line.
If you’d like to start using solar energy but still aren’t sure which solar company to go with, here are our recommendations for providers nearby:
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 Newport
Factors that Affect Solar Panel Costs in Newport
For many Newport homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Newport, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. Because of that, it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use.The type 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 cost more. Plus, solar equipment is more than just the solar panels themselves. You’ll also need to think 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 falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are an affordable choice because they lower your upfront costs and allow you to pay for your system over five to seven years on average.However, the interest on solar loans also adds to your total costs, so it’s important to take that into consideration as well. You can always lower the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panel system can affect how much you pay. Newport’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size can sometimes play the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
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 | $14,858 | 12.6 years |
| 8 kW | $3.52 | $19,706 | $20,197 | 12.3 years |
| 10 kW | $3.45 | $24,150 | $25,729 | 12.1 years |
| 12 kW | $3.38 | $28,400 | $31,455 | 11.9 years |
| 14 kW | $3.31 | $32,458 | $37,374 | 11.6 years |
| 16 kW | $3.24 | $36,322 | $43,485 | 11.4 years |
| 18 kW | $3.17 | $39,992 | $49,791 | 11.1 years |
| 20 kW | $3.11 | $43,470 | $56,289 | 10.9 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. Because picking a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years in most cases provide high-quality solar panel installation and expertise.
- Warranty: If you’re concerned about the endurance of your solar system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: It’s important to read through your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what you can expect about your solar system’s energy production.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
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 Newport, SC Solar Cost FAQs
How much does it cost to install solar panels in Newport?
The average cost of solar panels in Newport is about $17,250 for a 5-kW system and $34,500 for a 10-kW system before the ITC, but the real cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important consideration when buying solar panels?
Cost is a key factor to consider, but whether it’s the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
How much can I save on energy bills after installing solar panels?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Newport, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
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 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.