Myrtle Beach, SC
Solar Financing in Myrtle Beach, SC
Cash, loans, home equity and leases compared for a Santee Cooper customer, with payment arithmetic on example rates.
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If you have done your research and want to speak with a solar professional, HyreSolar can help you explore available options.
Solar financing options for a Myrtle Beach home
| Option | You own it? | Santee Cooper rebate | SC 25% credit | Watch for |
|---|---|---|---|---|
| Cash | Yes | Yes, if Trade Ally installed | Yes | Opportunity cost of savings |
| Solar loan (installer-arranged) | Yes | Yes | Yes | Dealer fees in the price; re-amortization terms |
| Santee Cooper Renewable Energy Resource Loan | Yes | Yes | Yes | Terms not verified by us; ask Santee Cooper |
| Home equity loan or HELOC | Yes | Yes | Yes | Your house is collateral; variable rates on a HELOC |
| Lease | No | No (leases excluded) | No | Lessor must hold an ORS certificate; transfer on sale |
| Power purchase agreement | — | — | — | Not permitted in South Carolina |
Eligibility from Santee Cooper’s 2026 Solar Home manual, SC Code §12-6-3587 and SC Code §58-27-2610, retrieved 5 October 2026.
Paying cash for solar in Myrtle Beach
Cash gives the lowest total cost and the simplest rebate paperwork. On a Santee Cooper bill, where exports earn a low credit and savings build slowly, avoiding interest matters more than it would under 1:1 net metering.
The trade-off is liquidity: keep enough aside for a roof or hurricane deductible, since many Myrtle Beach roofs date from around 1992.
Solar loans and Santee Cooper’s own loan program
Installer-arranged solar loans are the most common route. Many advertise a low rate by building a dealer fee into the system price, so ask for the cash price and the financed price side by side.
Some are written on the assumption that you will pay down a lump sum early; ask what happens to your payment if you do not.
Santee Cooper’s 2026 program manual says financing is available to its residential customers through its Renewable Energy Resource Loan program. We could not verify the rate, term or limits, so treat it as one more quote to request, not a recommendation.
Home equity loans and HELOCs for Myrtle Beach homeowners
With a median owner-occupied home value of $347,700 in the 2023 American Community Survey, many Myrtle Beach owners have equity to borrow against.
A fixed home equity loan keeps the payment predictable; a HELOC is flexible but variable. Both put the house up as collateral.
Second-home owners should ask lenders how a non-primary residence changes the rate.
Leases and PPAs in Myrtle Beach
Lessors need a certificate from the Office of Regulatory Staff, one premises per lease, and the customer owns the output.
Third-party sales of electricity from a system on your property (power purchase agreements) are not permitted. Act 62 removed the old leasing cap.
In Santee Cooper territory a lease gives up the Solar Home rebate as well as the state credit, so the lessor captures value an owner would keep.
If you lease, the lessor may claim the federal business credit under §48E until its construction deadlines pass. Lease or buy calculator.
Monthly payment examples for a Myrtle Beach system
An example $25,000 contract for a 6 kW AC owned system. Rates and terms are examples, not offers; your rate depends on the lender and your credit.
| Example | Amount financed | Monthly payment | Total interest |
|---|---|---|---|
| Loan, 7.99% APR, 20 years (example) | $25,000 | $208.95 | $25,149 |
| Loan, 7.99% APR, 10 years (example) | $25,000 | $303.19 | $11,382 |
| Same 20-year loan, rebate paid down (example) | $19,300 | $161.31 | $19,415 |
| Home equity, 8.5% APR, 15 years (example) | $25,000 | $246.18 | $19,313 |
Standard amortization, HyreSolar arithmetic. The third row shows the same loan if the $5,700 rebate is used to cut the balance at the start.
How interest changes Myrtle Beach solar savings
Compare the monthly payment with the monthly bill reduction, not with your whole bill.
Under Santee Cooper’s DG-25 rider the reduction comes from solar used in the same hour, a 4.15¢ credit on exports, and any cut in your 3–6 p.m. summer demand, less the $10 rider charge. Our Myrtle Beach cost page works that arithmetic.
If the payment is well above the reduction for most of the term, a shorter loan or a smaller system usually costs less overall.
What to compare in a Myrtle Beach solar loan offer
The APR includes fees; a longer term lowers the payment but raises total interest.
Ask for the cash price. Dealer fee calculator.
Can you pay the rebate and tax-credit money in without penalty, and does the payment drop when you do?
Some loans file a UCC-1 fixture filing; in a city with many second homes and sales, know how it transfers. UCC-1 liens.
Confirm in writing that you own the system, so the rebate and credit are yours.
Financing a battery in Myrtle Beach
A battery added to the loan raises the payment without adding rebate, because Santee Cooper rebates only the solar portion. Finance it only if it earns its keep on your bill through demand reduction or backup you value.
Myrtle Beach battery storage covers when it does. For the incentive rules, see Myrtle Beach solar incentives; statewide, South Carolina solar financing; back to solar in Myrtle Beach.
Questions
Does Santee Cooper offer a solar loan?
Can I lease solar panels in Myrtle Beach and still get the rebate?
Is a solar PPA available in Myrtle Beach?
When does the Santee Cooper rebate get paid?
Should I use the rebate to pay down my solar loan?
Can I finance solar on a Myrtle Beach second home?
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