Solar Panel Cost Guide in Socastee, SC (2024 Update)
- Socastee Solar Installation Cost: $18,525
- 25-Year Savings: $30,790
- Payback Period: 10.2 Years
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Average Cost of Solar Panels in Socastee
Find out how much it might cost to install solar panels in Socastee.
The national average cost of solar panels is $2.66 per watt, but in Socastee it’s 3 per watt.To cover the typical energy needs of the average home in Socastee, most homeowners require a 7.7-kilowatt system. Using the per-watt figure above, a solar installation costs around $18,525, or $26,491 before the federal solar tax credit of 0 is applied.
How much you pay can go higher or lower than the average in Socastee based on several factors, such as the model of solar panels you choose and the solar installer you hire.Many homeowners find installing a solar system is a rewarding investment. The average homeowner in Socastee can save about $22,000 on their energy bills over 20 years.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Socastee
| Year | Return on Investment |
|---|---|
| 1 years | $-16,743 |
| 3 years | $-13,179 |
| 5 years | $-9,615 |
| 7 years | $-6,051 |
| 9 years | $-2,487 |
| 11 years | $1,077 |
| 13 years | $4,641 |
| 15 years | $8,205 |
| 17 years | $11,769 |
| 19 years | $15,333 |
| 21 years | $18,897 |
| 23 years | $22,461 |
| 25 years | $26,025 |
Top Solar Installers in Socastee
Although it's possible to install solar panels by yourself, it requires extra effort and handiness. Because of that, most homeowners choose to hire a solar panel installer. Because solar panels are exposed to the elements every day, 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.
There are a number of licensed solar professionals that can take care of your solar installation project. 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 Socastee
Factors that Affect Solar Panel Costs in Socastee
For many Socastee homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Socastee, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay about $3,450 per kilowatt in Socastee.The brand of solar panels and equipment you get is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Further, solar equipment is more than just the solar panels themselves. You’ll also need to decide on 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
Many homeowners find the average cost of solar in Socastee to be prohibitively steep, even if the investment pays off over time. Thankfully, nearly every solar company in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest.You’ll have to consider the long-term cost of financing options, including the amount of 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 more than the original cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar installation company you pick will influence your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor.The company’s size can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing due to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower 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 | $20,438 | 10.6 years |
| 8 kW | $3.52 | $19,706 | $27,637 | 10.4 years |
| 10 kW | $3.45 | $24,150 | $35,030 | 10.2 years |
| 12 kW | $3.38 | $28,400 | $42,615 | 10.0 years |
| 14 kW | $3.31 | $32,458 | $50,394 | 9.8 years |
| 16 kW | $3.24 | $36,322 | $58,366 | 9.6 years |
| 18 kW | $3.17 | $39,992 | $66,531 | 9.4 years |
| 20 kW | $3.11 | $43,470 | $74,889 | 9.2 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Even though there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of options before making your decision.
- Installation Process: When going solar, it’s essential to maintain an open line of communication with your solar panel installer. Confirm that you understand how the installation process works and the project timeline.
- Warranty: Warranties that provide coverage for defective panels and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one indication of a good company.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
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 Socastee, SC Solar Cost FAQs
What is the average cost of installing solar panels in Socastee?
This is a hard question to answer precisely, 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. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How will solar panels impact my home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Socastee is currently $424,434, which means you can expect a value of about $17,402 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Socastee is a fruitful investment.
How long do solar panels last in Socastee?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.