Benefits of Solar Energy
Solar energy comes with multiple perks. Let's look at a few of them.
- Lowered energy bills: You can dodge the expensive cost of grid-tied power by generating some electricity right where you use it. Plus, many states provide net metering which can allow you to sell your unused energy back to credit part of your bill.
- Better energy independence: Adding a battery backup or storage system lets you have dependable energy during storms and grid outages.
- Reduced carbon footprint: Embracing solar is a surefire way to minimize your carbon footprint and home fossil fuel dependency.
What Solar Incentives Are Available to Myrtle Beach Homeowners?
The state of South Carolina offers a range of solar incentives to help cut your solar system costs. Here's a breakdown of applicable solar programs where you live.
Incentive Type: Rebate Program
Website: duke-energy.comIncentive Amount:
Central A/C or Heat Pump: $300 - $400 + 50 with smart thermostat
Geothermal Heat Pumps: $400 + 50 with smart thermostat
Heat Pump Water Heater: $350
Attic Insulation & Air Sealing: $250
Duct Sealing: $100
Pool Pump: $300
Incentive Type: Property Tax Incentive
Incentive Amount:
100% exemption
Incentive Type: Rebate Program
Website: santeecoopersolar.comIncentive Amount:
Residential and Commercial: $1.05/W
Non-Profit: $1.30/W
Incentive Type: Corporate Tax Credit
Website: energy.sc.govIncentive Amount:
25% of eligible costs
Incentive Type: Personal Tax Credit
Website: energy.sc.govIncentive Amount:
25% of eligible costs
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Myrtle Beach
The cost and efficiency of solar panels often hinge on the solar company that mounted them. Make your choice based on the following important considerations.
Licensing and Training
South Carolina law draws a difference between mechanical and general contractors for solar energy work. Licensed mechanical contractors can install or repair any solar PV system rated for between 50 and 600 volts if they have an electrical Certificate of Authorization. Solar thermal installers need a Certificate of Authorization in plumbing and a supervising licensed plumber on their team. Check a company's website for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), among the solar industry's most trusted trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Myrtle Beach
The kind of solar panels you select decides how much electricity you can generate. Monocrystalline panels and high-quality and give you the best performance but cost more upfront. Polycrystalline panels work with a tried-and-true mechanism and cost less, but produce less power. Thin-film panels aren't meant for large home installations, but they're excellent for small projects like sheds and RVs.
You can also add battery backups and electric vehicle (EV) chargers. These will increase your total installation cost, but they can improve your solar system's performance. Not every solar provider offers these extras, so look for a provider that installs them if it's essential for you.
You can expect to pay about $17,250 on average for a five-kilowatt solar energy system in Myrtle Beach. Check the table in this section to get an idea of how much Myrtle Beach solar companies might quote for your specific solar system's price.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,044 |
| Solar Polycrystalline | $815 |
| Thin-Film | $476 |
| Solar Battery | $668 |
| Solar Home EV Charger | $2,506 |
Financing Solar Energy in Myrtle Beach
Solar installers offer multiple different financing options to lower your costs and increase your savings. Though some providers offer unique payment plans, the most common are solar leases, power purchase agreements (PPAs), cash payments and solar loans. Though it requires a large up-front payment, cash is the most affordable choice because it qualifies you for solar incentives and doesn't accrue interest. Solar loans are the runner-up option. As with a home or auto loan, you'll pay a monthly rate towards system ownership, including interest. You can still apply for cost-saving solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases allow you to use your panels for a fixed monthly rate, while PPAs let you pay only for the energy you use, akin to an electric bill. Both options disqualify you for solar incentives and do not provide you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. Ask each company you're vetting about the payment plans it offers. A representative can help you determine the most suitable option for your financial situation.
The table below lists the average payback periods for different capacities of solar systems in Myrtle Beach.
A 26% federal solar tax credit applies to new home solar systems purchased through 2032. Extra incentives may be available through local governments, usually in the form of rebates and special financing programs.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 1.9 years |
| 2 kW | 3.8 years |
| 5 kW | 9.5 years |
| 10 kW | 19.0 years |
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Frequently Asked Questions About Solar in Myrtle Beach
How much money could I save by going solar in Myrtle Beach?
How widespread is solar energy in Myrtle Beach?
Should I anticipate a property value increase after going solar?
What if I live in a dark or gloomy
How long does the solar installation process require?
What maintenance do my solar panels need, and how frequently do they need it?
What are some "red flags" to watch for as I research companies?
- Pressuring you into signing a contract
- Dodging questions about cost, training and credentials, warranties and references
- "One-size-fits-all" approach
- Rushing through the site assessment
- No references or testimonials
Should I get quotes from multiple Myrtle Beach solar companies?
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