Average Cost of Solar Panels in South Carolina

In South Carolina, the average cost of a solar panel system is $2.74 per watt as of February 2024. Before incentives, a 5 kW system costs about $14,692, but prices can range from $12,638 to $15,746. After the federal credit, the average price falls by 30%.

You’ll likely pay less than what we’ve shown here. This price doesn’t include federal ITCs or South Carolina state incentives, which could reduce the cost by several thousand dollars.

The Key Takeaways

  • Before incentives, you’ll spend an average of $13,692 to install a 5-kilowatt system.
  • Solar equipment and installation costs can be reduced by 30% with the federal investment tax credit.
  • You can expect to pay up to 20% less if you choose to work with a single company.

Your Solar Panel Cost Depends on Your System’s Size

The larger the solar panels, the more expensive they become. You can compare quotes using cost per watt ($/W), which helps you account for small differences in system sizes.

A 5 kW solar system in South Carolina will cost you only $13,692, but doubling its size doubles the cost. You’ll pay about twice as much for a system with 10 kW. The more expensive the system, the greater the credit you’ll receive towards your federal tax bill.

Average Solar Cost by System Size in South Carolina

System Size Cost of System Cost of System (after ITC)
3 kW $8,215 $5,751
4 kW $10,953 $7,667
5 kW $13,692 $9,584
6 kW $16,430 $11,501
7 kW $19,168 $13,418
8 kW $21,907 $15,335
9 kW $24,645 $17,252
10 kW $27,383 $19,168

Are Solar Panels Worth It in South Carolina?

In most places, including South Carolina, solar panels are a worthwhile investment. Various factors, such as electricity costs, incentives, climate, and sun exposure angle, can affect how quickly you recoup your investment compared to other parts of the U.S.

You can compare South Carolina solar prices to those in other states. By paying cash for a 5 kW system in South Carolina, you could save up to $33,590 on your electricity bills over the next 20 years. This estimate considers the system cost, federal tax credits, and inflation rates. The payback period is estimated at 7.65 years.

If you don’t have the $13,692 upfront for solar, you can finance your system through a loan. Some loans require no money down, allowing you to start saving right away. However, keep in mind that interest rates will reduce your long-term savings.

How Long Do Solar Panels Last in Florida

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What Factors Affect the Price of Solar Panels in South Carolina

These are average costs. The price you’ll pay for solar depends on your specific home and circumstances, including:

  • System size: The bigger your solar panel system, the more it’ll cost. Larger systems generally come with higher price tags. It’s important to choose a system size that covers your entire electric bill to maximize savings over time.
  • Model and make of equipment: The brand and model of the solar equipment used can impact the overall cost.
  • Solar panel type: Different types of solar panels come with varying costs.
  • Your home: Factors like your roof’s condition, orientation, and shading can influence installation costs.
  • Installation: Costs associated with permitting, interconnection, and other terms can also affect the overall price.

It’s essential to consider these factors when determining the cost of solar for your home.

How to Save Money on Solar Panels in South Carolina

Solar panels can be a significant investment, but you can lower the cost by being informed and shopping around. Take advantage of rebates and incentives to further reduce the expense.

Solar incentives are available both federally and locally. You can claim the federal tax credit if your tax bill is high enough. This credit allows you to apply up to 30% of the cost of solar equipment and installation towards your federal taxes. If the credit exceeds your tax bill, you can carry over the remaining amount to the next year. Additionally, many states offer local rebates and incentives.

Average Monthly Electric Bill With Solar Panels

 

FAQs About South Carolina Solar Panels in 2024

What is the cost of solar panels in South Carolina?

The average cost of solar panels in South Carolina is expected to be $2.74 per watt by February 2024. Installing a 5 kW system will cost between $12,638 and $15,746, with an average of $14,692.

What are the incentives for solar energy in South Carolina?

Solar installations in South Carolina qualify for the federal 30% solar tax credit. Explore local South Carolina incentives to further reduce your solar costs.

What are my solar financing options?

You have several options for financing solar. You can pay in cash, use solar loans, or opt for solar leasing. Cash purchases save the most over time, while loans offer no upfront costs but may incur interest. Leases and power purchase contracts don’t grant ownership of the system and may not qualify for incentives. Be sure to explore all your solar financing options.

Ready to Go Solar? Choose ESD Solar Today!

Take the first step towards cleaner and more affordable energy by choosing ESD Solar for your solar installation needs. With our expertise and commitment to customer satisfaction, we’ll help you navigate the process and find the best solar solution for your home. Contact us now to schedule a consultation and start saving with solar!

 

GET YOUR FREE QUOTE HERE!

CONTACT US AT (800) 425 1175

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