Solar Panels Cost 11k-21k in Seven Oaks CDP, SC | August, 2024 (2024)

FAQs

What is the average cost of solar panels in South Carolina? ›

The average South Carolina homeowner needs a 12.82 kW solar panel system to cover their electricity needs, which comes out to $31,247 before incentives. Prices range from $26,560 to $35,934, but after the federal tax credit, that drops by 30%.

The cost of residential solar has fallen by almost 70% in the last two decades, according to research from the Lawrence Berkeley National Laboratory (LBNL). In 2002, the average cost of home solar panels in the U.S. was $12.2 per watt (W). In 2022, that price has dropped to $3.82 per watt.

The solar panel payback period typically ranges from six to 10 years, varying based on system size, location and incentives. Federal and local rebates, including a 30% federal tax credit, significantly lower initial solar installation costs.

2 Install a solar power system with 20 panels of 250 watts each, and in the same six hours of sunshine, your system will generate 30 kWh, which is just enough to power the average home for one day.

South Carolina Solar Rebates and Tax Credits

On top of the federal tax credit, South Carolina offers a 25% tax credit on the cost of installing a solar power system. The maximum credit is $3,500 or 50% of your state tax liability up to 10 years, whichever is less.

In many cases, solar panels can increase your home's value. While they require substantial upfront costs, solar panels can increase your home's value by about 4%, according to Zillow. Some research has also shown that homes that have solar panels tend to sell faster than those without them.

The most typical estimate for the solar panel payback period is 7 to 10 years. This is a relatively wide range because many different things might affect how long it takes to pay off your panels and how much money you save each month.

When you're doing your research for this sustainable energy source, it's important to factor in how long solar panels typically last. The industry standard for most solar panels' lifespans is 25 to 30 years.

One of the most transformative changes in technology over the last few decades has been the massive drop in the cost of clean energy. Solar photovoltaic costs have fallen by 90% in the last decade, onshore wind by 70%, and batteries by more than 90%.

Solar panels pay for themselves over time by saving you money on electricity bills, and in some cases, earning you money through ongoing incentive payments. Solar panel payback time can range between 5 and 15 years in the United States, depending on where you live.

What happens when solar panels are paid off? ›

Instead, you make monthly loan payments until the loan is paid off. Once you finish paying back the loan, the panels are completely yours and they generate electricity for your home entirely for free.

Given solar panels usually last for 25 to 30 years before losing efficiency, you would still have 17 to 22 years of savings on energy costs. With an estimate of $1,500 each year in savings, you could easily save $25,500 to $33,000 on electricity during the life of your system—and that's if energy prices don't rise.

For example, if the home's electrical meter enclosure safety label rating was 200 amps, then this rule allows an extra 20% of wiggle room, or 40 additional amps for solar power. Unfortunately, this additional 40 amps is not sufficient for many solar PV or battery energy storage systems.

Depending on energy consumption, location, and weather patterns, the number of solar panels needed for a 2,000-square-foot home can range from 20 to 24. This number is based on 375-watt panels. This would assume that the home uses, on average, around 9,000-11,000 kWh of power per year.

Most common residential solar panels are rated around 550watts these days, a 20 kilowatt (20,000 watt) solar system will require about 36 solar panels. Such a typical solar panel is around 2.2m x 1.1m, therefore a 20 kW system will require about 140 to 150 m² of roof space.

The average cost per watt is $2.80 in South Carolina. The average payback period in South Carolina is 8 years if you pay for your system in full upfront. South Carolina residents who go solar receive an estimated net savings average of $24,561 over 25 years.

Does solar increase home value in South Carolina? Yes, installing solar panels will boost your home value. Research done by Zillow suggests that solar panels will make your property value increase by around 4.1%, or an average of $11,769 in South Carolina.

The study found that each watt of solar added an average of $4 to the home's value in California and an average of $3 per watt elsewhere. This amounted to an average increase to the home's selling price of $20,000 in California ($4 x 5,000W for the average system size) and $15,000 outside California ($3 x 5,000W).

Based on our research, homeowners can expect to save an average of $1,530 on annual energy bills by installing a solar system.