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Now that you know what factors influence the cost of solar panels, let’s take a closer look at each one.
In the early days of solar power, panels were quite expensive. But thanks to advances in technology and manufacturing, the price of solar panels has dropped significantly in recent years. In fact, the price of solar panels has fallen by more than 70% since 2010, making them much more affordable for homeowners and businesses alike.
The size of your solar panel system will also affect the cost. A larger system will obviously cost more than a smaller one, but the price per watt will actually be lower for a larger system. This is because economies of scale come into play when you install a larger system.
Solar panel efficiency is another important factor to consider when it comes to cost. The most efficient solar panels on the market today can convert up to 22% of the sun’s energy into electricity, while the least efficient panels only convert around 10% of that same energy. So, more efficient panels will obviously cost more than less efficient ones. But, they also require less space to produce the same amount of electricity, so they may be a better option for some people.
Solar panels are available in two main types: crystalline silicon (mono- and polycrystalline) and thin-film. Mono-crystalline panels are more efficient, but also more expensive, than their polycrystalline counterparts. Thin-film panels are less efficient, but also less expensive. Monocrystalline panels are more efficient than polycrystalline panels, but they also tend to be more expensive.
Just like with any other product, the brand of solar panel you choose will affect the cost. Some brands are simply better known and more trusted than others, so they tend to charge more for their products. But, that doesn’t necessarily mean that they’re the best option out there. There are plenty of great solar energy system brands that offer high-quality products at a more affordable price.
Most solar panel systems come with a warranty, and the length of that warranty will affect the cost. Solar panels typically come with a 20-25 year warranty, but some companies offer longer warranties for an additional cost. Longer warranties provide peace of mind, but they also add to the overall solar panel costs. The cost also depends on how many solar panels you use.
In addition to the federal solar tax credit, many states and local governments offer their own incentives for going solar. These can include rebates, grants, Solar Renewable Energy Credits (SRECs), and property tax exemptions. The solar energy industries association has a database of all these programs that you can use to see what’s available in your area.
Of course, the cost of solar panels themselves make up a large portion of the total cost of going solar. The average cost of a solar system in the United States is around $3 per watt. This means that a 5 kilowatt (kW) system would cost around $15,000 before any incentives.
The federal solar tax credit can make a big dent in this upfront cost, but it’s important to remember that it only applies to systems that are placed in service after December 31, 2019. So if you’re thinking about going solar, now is the time to act!
Solar panels are a great way to save money on your electric bill and help the environment. But what many people don’t realize is that there are a lot of other costs associated with going solar. In addition to the cost of the panels themselves, you also have to factor in the cost of installation, permits, and inspections. You may also need to purchase a new roof if your existing one isn’t up to code.
Solar panel cost will vary depending on the type and size of solar panel system you choose, as well as the complexity of the installation. However, solar panels are a great way to save money on your energy bill, and the cost of solar panel installation is worth the investment. Solar panels are a long-term investment that will continue to save you money for years to come. Contact a solar panel installer today to get started saving money with solar power.
For help with all your Data N Electrical needs, please feel free to CALL US today!