Solar power in Myrtle Beach, South Carolina
Those of you in Myrtle Beach are extremely lucky as solar incentives in South Carolina are amazing right now.
South Carolina has a state tax credit of 25% of the purchase and installation cost up to $3,500 or 50% of your state tax liability together covering about 50% of the total system cost.
South Carolina also has a strong net metering law, which means you can save lots of money by exporting your solar power to the grid.
With solar incentives the way they are right now in Myrtle Beach solar is a no brainer!
Net Metering Broken Down
Under SC's net metering law, utilities must pay you 1 for 1 retail value for power exported to the grid.
Since most homeowners aren't in the house during the day when solar is producing the most net metering gains a lot of importance.
The average cost of installing residential solar panels in Myrtle Beach,
South Carolina in 2024 is
$2.78 per watt. The average system size
in the US is 6 kilowatts, which means the average price of a solar system
in Myrtle Beach, SC
is $13,900.
(after claiming 26% tax credit and other rebates)
The 26% federal solar tax credit explained
If you have a federal income tax liability, 26% of the cost of your solar system can be claimed as a deduction to your taxes. This incentive is claimed when you do your taxes. In order to receive the tax credit quicker it's best to do your taxes as soon as possible after installation.
What if my tax liability is less than 26% of my systems costThere is the option to claim this incentive over several years if your tax liability is less than 26% of the system cost.
How much will solar panels on my home save me?
The answer to this question depends on your electricity usage. Generally speaking the greater your power usage the greater the potential savings from installing solar.
The average monthly usage in South Carolina is only 1199kWh per month however, you are most likely using a lot more than this since this average includes condos and small apartments.
The Myrtle Beach solar panel savings calculator below will convert your monthly power spend into power usage (in kWh's) and then work out exactly how many solar panels you need to offset your usage, how much they will cost based on the prices of local solar companies and the amount you will save. Our South Carolina solar savings calculator can do this because it contains a database of the electric rates charged by Carolina Power & Light Co, Horry Electric Coop Inc, South Carolina Public Service Authority
How much can solar panels save you in Myrtle Beach
What does the cost of a real solar system look like?
Facts about installing a 16.54kW solar system in Myrtle Beach, SC
This system would offset 100% of your energy usage if your typical monthly bill is $212, however your situation may vary so try our Myrtle Beach solar calculator to get a result tailored to you.
$29,233
Net cost of system
9 Years 5 Months
Average payback time
21,201 kWh
Annual power production
6¢/kWh
Levelized cost of solar energy
21¢/kWh
If you don't get solar
Cash flow graph based on cash purchase of this 16.54kW system
Life-time savings on this system over the next 25 years
$70,888
(Prices shown after repayments of capital)
35
Solar companies in Myrtle Beach, SC that provide pricing through the SolarEstimate marketplace.
Average total cost of solar panel installation in Myrtle Beach
| System Size |
Cash purchase After 26% solar tax credit |
Financed purchase After 26% solar tax credit |
|---|---|---|
| 3kw | $6,460 | $6,977 |
| 4kw | $8,495 | $9,175 |
| 5kw | $10,434 | $11,269 |
| 6kw | $12,343 | $13,331 |
| 7kw | $14,141 | $15,273 |
| 8kw | $15,925 | $17,199 |
| 9kw | $17,582 | $18,989 |
| 10kw | $19,240 | $20,779 |
Find out what system size you need for your home
Going solar in South Carolina
Check out all of the ways energy providers of South Carolina can help you be more energy efficient and save money.
The following programs are available:
| Incentive Name | Eligibility | Type |
|---|---|---|
| Residential Renewable Energy Tax Credit | Federal | Personal Tax Credit |
| Solar Energy State Tax Credit | State | Personal Tax Credit |
| Net Metering | State | Net Metering |
Find your local rebates and incentives
Please keep in mind that the best source of up-to-date information on incentives are the solar installers who specialize in your area.
