In 2019, only 6% of American homeowners had solar panels installed on their property. However, 46% said they were seriously considering adding solar panels.
Are you one of these homeowners? Then you’ll want to know around how much you’ll have to pay. That way, you’ll be able to budget better. To learn more about the installation of solar panels and cost, click here, keep reading! We’ll show you the basics.
Average Solar Panel Prices
On average, if you have a 10-kilowatt (kW) system installed, you’ll have to pay anywhere between $17,600 to $23,200. But this is just a ballpark number, and it’s only based on a 10-kW system.
Here are some factors to consider that’ll affect solar panel prices.
Size of the System
Obviously, the smaller the system, the less it’ll cost. For example, if you go with a 2-kW system, you’ll probably pay around $5,600. Whereas if you went with a 25-kW system, that’ll cost you a whopping $70,200!
The Brand You Use
Just like with other products, the solar panel brand you choose will drastically affect pricing. For example, the better brands charge close to $3.50 per watt, while cheaper brands charge close to $2.00 per watt. You will, of course, get what you paid for. So it’ll be worth it to spend a little more on a better quality name. If you’re undecided, consult solar panel company sales team. They’ll be able to advise you with their knowledge and experience.
Type of System You Get
There are 3 types of home solar systems: grid, grid with battery, and off-grid. Typically, grid systems are the cheapest while off-grid is the most expensive. This is because more equipment is involved in the installation process.
Where You Live
In places where air conditioning is used more, you’ll find that solar panel costs are lower. This is because they typically have a lower dollar per watt pricing system, as people are more likely to buy in bulk.
Your location also affects the solar panel cost you pay because it depends on the local competition. If there are lots of installers out in your area, you’ll benefit from lower prices. Otherwise, if there are only 1 or 2 installers, they can afford to price their services a bit higher. Also, each state has its own rebate and tax credit incentives for going green. But no matter where you live, you’ll be able to take advantage of the 26% federal tax credit for solar power systems!
Ask About Having a Home Solar Panel Installation
Now that you’ve learned about the costs associated with solar panel installation, it might be much more feasible than you initially thought. Yes, you have to put a huge chunk of money into it. But with the rebates, tax credits, and utility savings that come with going solar, it’ll definitely be worth it!
Want to learn more about home solar panels and other green initiatives? Then take a look at our other blog articles now!