The cost of solar PV systems has been declining dramatically in the past several years. Depending on the size of your system and after tax credit rebates; it can cost $3,600 - $4,000 for a small system to $9,000 - $10,000 for a large system that will cover 50% of an average SC electricity bill. Your solar installer can help you determine what size works best for you.
How long will it take to break even?
The short answer is about 9 to 10 years depending on many different factors such as your initial cost of the system, the change in your utility’s price of electricity, the orientation of your roof and any shading from trees. While this seems like along time, many solar PV panels have warranties of 20 years or more with lifetimes of 30 years or more. Over the lifetime of a system, your return on investment (ROI) could be 6% -7%! Your solar installer can help you determine how much electricity will be generated over the lifetime of the system.
For a more detailed spreadsheet on how costs are determined click here.
For updated information and fine print on incentives for solar, see www.dsireusa.org
Current Residential Tax Rebates (3/10/2021)
Current Commercial Tax Rebates (3/10/2021)
Other incentives and resources:
Rural Development – USDA Rural Energy for America Program - Renewable Energy System and Energy Efficiency Improvement Guaranteed Loan and Grant Program (www.rurdev.usda.gov/BCP_ReapResEei.html)