Residential solar power system installation has exploded over the last decade. This is due in part to huge advances in technology. And the U.S. Department of Energy anticipates this trend will continue in the near future.
The cost to install solar panels can be anywhere from $10,000 to $30,000. That is a very broad range. If you are considering solar as an option, you will need a more definitive estimate so that you can budget accordingly.
There are many factors that go into this calculation, so it can be difficult to know where to start. Keep reading to find out what those variables are and how they apply to your home and location. It will give you an estimate of what you can expect to pay for solar panel installation so that you can move forward in the process.
Solar Panel Pricing Basics
Solar panels cost between $0.70 and $1.50 per watt. To install solar panels, you will need to calculate labor and permit costs as well, which will bring the total up to between $3.00 and $6.00 per watt. For a 1,500 square foot home, a good ballpark estimate would be between $15,000 and $20,000 all total.
Remember that there are often government rebates and incentives available for solar installation. This will depend on where you live and when you install, but it is worth looking into.
One easy way to get a ballpark estimate for solar panel installation is to get a free estimate. A reputable solar panel installation company can crunch the numbers for you and help you decide, “Is solar worth it?”
Home Energy Consumption
One of the main factors that determine solar installation costs is how much energy you need or otherwise want to offset in your home. The average household consumes around 900 kilowatt-hours per month. This amounts to around 11,000 kilowatts a year.
How much energy your home consumes depends on square footage and how many people live there. Look at your electric bill to see exactly how much you use.
A five- or six-watt solar panel system will provide between 6,000 and 9,000 kilowatts per year. It will cost anywhere from $15,000 to $18,000. For larger homes, a 10-watt system will produce between 12,000 and 16,000 kilowatts per year and cost about $25,000 or $30,000.
Panel Type
Solar panel prices vary widely by type. In general, greater production or efficiency means a bigger price tag, and vice versa.
Polycrystalline solar panels are made up of blended pieces of silicon. They are the least expensive, costing no more than $1.00 per watt. An added bonus is that they are the most sustainable to produce since very little material is wasted in manufacturing.
Thin-film solar panels are a step up from polycrystalline ones. They comprise a thin sheet of photovoltaic cells on top of a layer of glass or metal. For this reason, they are extremely versatile, although they do require a broader surface space.
Monocrystalline solar panels are the most energy-efficient on the market. This also means they need less space for installation (for the same amount of energy production). These panels are made from a single source of silicone, which gives the electrons greater space to move and produce more electricity.
Monocrystalline panels generally will be on the higher end price-wise. But you can still find them for around $1.50 per watt.
Install Solar Panels Today
Now that you have an idea of the factors that go into solar panel installation costs, you can decide if it is the right option for your home. Remember that solar panels require very little maintenance and can last up to 20 years or more. So, the money you save on electricity costs down the road will more than offset the initial installation costs.
We hope this information helped you decide whether to install solar panels. Be sure to check out our other home improvement posts, including those on gardening, security, and interior design.
