Have you been thinking about getting a residential solar system installation? Are you curious about how much money solar panels cost?
Installing solar power is becoming a more and more popular option for many homeowners. It’s also becoming very accessible as the costs go down more each year. However, if you’re thinking about getting solar panels, you may be wondering how much they cost exactly.
Fortunately, we’re here to help. In this guide, we’ll help you understand solar panel cost.
How Much Do Solar Panels Cost?
On average, solar panels cost anywhere from $0.70 to $1.50 per watt. However, the installation of solar power including labor, permits, and other expenses may cost as much as $3.50 per watt. An entire solar power installation will typically cost a homeowner between $14,870 and $55,540 before tax credits and incentives.
It’s important to realize that there’s a big range of costs for solar power systems and installations. There are many factors to consider to determine the price since not every solar system or installation is the same.
Factors That Affect Solar Cost
There are many factors that affect solar panel cost. Here are some that you’ll want to keep in mind.
The solar installation company you decide to hire can have a big impact on the cost of your installation.
It’s important to do your due diligence when looking for a solar installation company. Look for a solar installer who won’t charge an arm and a leg but will provide quality service.
Ease of Installation
The specifics of your home design will also affect a solar panel installation cost.
If you have an irregular roof that makes installation difficult, costs will usually be higher. Installing a ground system may also be more expensive than a roof installation.
The size of the system and the number of panels you’ll install will make a big impact on how much money you’ll pay.
Smaller systems will be cheaper initially. However, buying a larger system will reduce your reliance on power companies and may allow you to save more money in the long run.
Solar Panel Types
The type of solar panels you buy will also make an impact on the price of your installation.
Thin-film solar panels, for example, will be cheaper but will be less durable and efficient. Crystalline panels will be more expensive initially but could save you money over time. They’re more durable and efficient and will last longer before a replacement is needed.
Tax Credits and Incentives
Various tax credits and incentives exist that can help reduce the costs of a solar installation.
The Solar Investment Tax Credit (ITC), for example, will allow you to deduct 26 percent of the total cost of a solar installation from your federal taxes. Other state tax incentives and programs can help reduce costs for solar as well.
When considering a solar power installation, don’t forget to think about the long-term costs.
Calculate when you’ll reach a break-even point based on the price of the system installation and your current utility bill costs. You should also be sure to factor in any maintenance that will be needed as time goes by as well.
Also, remember that a solar power installation could make it easier to sell your house later on. You may want to see more information about how a solar installation can increase the value of your home.
If you’re thinking about investing in a home solar system, you should think carefully about solar cost. Make sure that you think things through and consider all of the factors before you install solar panels.
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