Solar Panel Cost Guide in Red Bank, SC (2024 Update)
- Red Bank Solar Installation Cost: $19,152
- 25-Year Savings: $30,979
- Payback Period: 10.4 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Red Bank
Here’s how much it might cost to make the switch to solar in Red Bank.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Red Bank, the average cost of a solar system is 3 per watt.Using this figure, a typical 7.9-kW system would cost about $19,152 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The exact cost of installing solar panels can vary based on multiple factors, such as how many panels you need, your energy usage and what installation company you go with.With average savings of about $23,000 on power bills over 20 years, many homeowners in Red Bank find investing in solar can be quite rewarding.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Red Bank
| Year | Return on Investment |
|---|---|
| 1 years | $-17,412 |
| 3 years | $-13,931 |
| 5 years | $-10,450 |
| 7 years | $-6,970 |
| 9 years | $-3,489 |
| 11 years | $-8 |
| 13 years | $3,473 |
| 15 years | $6,954 |
| 17 years | $10,435 |
| 19 years | $13,915 |
| 21 years | $17,396 |
| 23 years | $20,877 |
| 25 years | $24,358 |
Top Solar Installers in Red Bank
Although you can install solar panels yourself, it requires extra time and knowledge. For that reason, most people choose a solar panel installer. Also, if you’d like to maximize your investment in solar, opting for a solar installer can help with that as well. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives and net metering programs.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Red Bank
Factors that Affect Solar Panel Costs in Red Bank
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few primary factors that determine your overall cost in Red Bank: 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
The size of the solar energy system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $3,450. The type of solar panels and equipment you choose is another factor that will largely influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond 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 researching a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That’s why many Red Bank homeowners decide to finance their solar panel systems to make going solar more affordable.However, the interest on solar loans also adds to your total costs, so it’s crucial to keep that in mind as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you choose to handle your switch to green energy can play a role in your total costs. There are about 3 solar panel companies in Red Bank, and each can charge different amounts for labor and equipment.You may come across national solar installers that have lower prices due to their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $19,792 | 10.8 years |
| 8 kW | $3.52 | $19,706 | $26,775 | 10.6 years |
| 10 kW | $3.45 | $24,150 | $33,952 | 10.4 years |
| 12 kW | $3.38 | $28,400 | $41,322 | 10.2 years |
| 14 kW | $3.31 | $32,458 | $48,885 | 10.0 years |
| 16 kW | $3.24 | $36,322 | $56,641 | 9.8 years |
| 18 kW | $3.17 | $39,992 | $64,591 | 9.6 years |
| 20 kW | $3.11 | $43,470 | $72,734 | 9.4 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be difficult, we have some tips to help you, such as:
- Contract: Although reading through a contract can be tedious, it’s important to do it carefully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: Long-running companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Installation Process: When going solar, it’s necessary to keep an open line of communication with your solar panel company. Make sure you understand how the installation process will go and the project completion timeline.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
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 Red Bank, SC Solar Cost FAQs
What is the average cost of installing solar panels in Red Bank?
This is a difficult question to answer precisely, because the cost depends on a variety of 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 usage. On the other hand, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Red Bank?
Leasing solar panels can be an appealing choice, because it often comes with low or $0 upfront payments. The downside 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.
Do solar panels increase your property value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Red Bank is currently $238,316, which means you can expect a value of about $9,771 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Red Bank is a rewarding investment.
How long do solar panels last in Red Bank?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.