Solar Panel Cost Guide in North Myrtle Beach, SC (2024 Update)
- North Myrtle Beach Solar Installation Cost: $18,525
- 25-Year Savings: $29,656
- Payback Period: 10.5 Years
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Average Cost of Solar Panels in North Myrtle Beach
Here’s how much it might cost to go solar in North Myrtle Beach.
Although the national average of solar panels is $2.66 per watt, solar panels in North Myrtle Beach typically cost about 3.To cover the typical energy needs of the average home in North Myrtle Beach, most homeowners require a 7.7-kilowatt system. Using the figure above, a solar installation costs around $18,525, or $26,491 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of making the switch to solar can vary quite a bit based on a few factors, such as what size system you need, your energy consumption and what installation company you go with.With average savings of about $22,000 on power bills over 20 years, many homeowners in North Myrtle Beach find investing in solar can pay off big.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in North Myrtle Beach
| Year | Return on Investment |
|---|---|
| 1 years | $-16,905 |
| 3 years | $-13,666 |
| 5 years | $-10,427 |
| 7 years | $-7,188 |
| 9 years | $-3,949 |
| 11 years | $-709 |
| 13 years | $2,530 |
| 15 years | $5,769 |
| 17 years | $9,008 |
| 19 years | $12,247 |
| 21 years | $15,486 |
| 23 years | $18,725 |
| 25 years | $21,965 |
Top Solar Installers in North Myrtle Beach
Installing solar panels yourself can be a stressful undertaking, which is why getting a solar installer is a good option for many homeowners. Plus, if you aren’t sure what type of solar panels and equipment you need, a solar installer can help you figure that out after a site survey and consultation.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some in North Myrtle Beach:
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 North Myrtle Beach
Factors that Affect Solar Panel Costs in North Myrtle Beach
The cost of installing a solar system in North Myrtle Beach can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the cost of a solar panel system in North Myrtle Beach, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can gauge by looking at past energy bills. Your overall cost can increase by about $3,450 for each additional kilowatt you need.The model of solar panels and equipment you choose is another factor that will considerably influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond 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 looking for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are offered by most installers in North Myrtle Beach, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable.However, the interest on solar loans also adds to your all-in costs, so it’s vital to take that into consideration as well. You can always bring down the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The solar panel installer you pick will influence your total cost to go solar. Different companies will charge different amounts for the equipment and labor.Some companies only sell products with high efficiency and therefore a higher price point — 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 decide on the company that provides the products, warranties and services you’re looking for 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 | $19,551 | 10.9 years |
| 8 kW | $3.52 | $19,706 | $26,454 | 10.7 years |
| 10 kW | $3.45 | $24,150 | $33,551 | 10.5 years |
| 12 kW | $3.38 | $28,400 | $40,840 | 10.3 years |
| 14 kW | $3.31 | $32,458 | $48,323 | 10.0 years |
| 16 kW | $3.24 | $36,322 | $55,999 | 9.8 years |
| 18 kW | $3.17 | $39,992 | $63,869 | 9.6 years |
| 20 kW | $3.11 | $43,470 | $71,931 | 9.4 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose greatly influences your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project timeline.
- Contract: It’s important to read through your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what you can expect about your solar system’s energy production.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Solar Panel Brands: The kind of solar panel you need to install plays a part in which installer you should go with, since different companies provide different panels.
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 North Myrtle Beach, SC Solar Cost FAQs
How much does it cost to install solar panels in North Myrtle Beach?
The average cost of solar panels in North Myrtle Beach 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 type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in North Myrtle Beach?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Do solar panels increase how much your home is worth?
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 North Myrtle Beach is currently $398,113, which means you could be looking at a value of about $16,323 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in North Myrtle Beach is a fruitful investment.
What solar power system size is right for 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 usually produce about 250 to 400 watt-hours per hour, the average home 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.