Is Solar Panel Installation Expensive?
It is no secret that solar energy is becoming more and more popular. Homeowners and business owners are beginning to see the benefits of installing a solar panel system. But some people are still hesitant to make the switch because they are worried about the cost. Is solar panel installation expensive?
In this blog post, we will take a closer look at the cost of solar panel installation and answer that question once and for all. We'll also discuss some ways that you can reduce the cost of installation. So if you're thinking about making the switch to solar energy, keep reading!
How Much Do Solar Panels Cost?
There's no easy answer to this question because the cost of solar panels can vary widely. The price of a solar panel system depends on a number of factors, including:
The size of the system
A bigger solar energy system will obviously cost more to install than a smaller one. The number of panels in the system will also affect the price.
The quality and brand of the panels
Solar panels come in a range of different qualities, from low-end to high-end. There are also brands that are more well-known and trusted than others. Not surprisingly, the better quality panels will cost more.
The location of the property
If you live in an area with a high cost of living, the solar panel system will likely be more expensive than if you lived in a more rural area. Different states vary the size of their required size of solar panel systems, which will also affect the price.
The type of roof
The type of roof you have will also affect the price of installation. A flat roof is much easier to work with than a pitched roof, for example. So if you have a pitched roof, the installation will likely be more expensive.
Different solar companies charge different rates for their labor. Some companies will charge a higher rate, while others will charge a lower rate. Choosing a good and reputable company is important, so you shouldn't choose the cheapest option just to save a few dollars.
Permits and Grid Interconnection Fees
There are also some other fees that can add to the cost of installation, such as permits and grid interconnection fees. These fees will vary depending on your location.
Average Cost of Solar Panels
These are just a few of the factors that will affect the cost of your solar panel system. However, there are some general ballpark figures that we can use to get an idea of how much solar panels might cost.
The price tag on a solar panel installation will vary depending upon your location and federal tax credit. The average cost after taking these factors into account is around $17,538 but can be as high as $23,458.
Costs of Different Types of Solar Panels
There are three main types of solar panels, and of course, they all come with different price tags.
Monocrystalline Solar Panels
This type of solar panel is made with a single crystal of silicon. They are the most energy-efficient type of solar panel, meaning they can convert more sunlight into energy. On average, it costs $1 to $1.50 per watt for monocrystalline solar panels. So for a residential solar power system that outfits 6kW, you're looking at a cost of $6,000 to $9,000.
Polycrystalline Solar Panels
These solar panels are made with multiple silicon crystals. They are not quite as efficient as monocrystalline solar panels but they are still a good option. On average, it costs $0.90 to $1 per watt for polycrystalline solar panels. So for a system that outfits home with 6kW, the cost would be around $5,400-$6000, which is a bit more affordable.
Thin Film Solar Panels
This is the third type of solar panel, and it's made with a very thin layer of silicon. Similar to Monocrystalline, this costs around $1 to $1.50 per watt, so it would cost $6000-$9000 for a system that outfits 6kW. While this type of solar panel can be a bit less expensive, this usually requires a large amount of space to install. So this is more ideal for industrial or commercial settings rather than residential homes.
Solar Panel Prices Have Dropped in Recent Years
It's also important to note that solar panel prices have dropped significantly in recent years. Compared to its original price in 2010, it dropped by more than 80%. So if you're worried about the cost, know that it has become more affordable in recent years.
Ways to Reduce the Cost of Solar Panel Installation
There are a few ways that you can reduce the cost of your solar panel installation. Some of these include:
Taking Advantage of the Federal Solar Investment Tax Credit
The first way is to take advantage of the Federal Solar Investment Tax Credit. The federal government offers a tax credit for those who install solar panels. This tax credit covers 26% of the total cost of installation. This is a big incentive that can help offset the cost of your solar panel system.
Most solar power companies will offer some type of payment plan to help make the cost of installation more manageable. This could be in the form of a loan or a lease. There are also some solar power companies that will allow you to pay for your system outright, but this option is typically more expensive. So if you're looking to save some money, a payment plan might be the way to go.
Residential Solar Tax Credit
For every state, there are different solar incentives available. In some states, there is a residential solar tax credit that allows you to deduct a certain amount of money from your taxes. This incentive can help offset the cost of installation, making it more affordable.
Choosing a Good Solar Company
When it comes to solar panels, you want to make sure you're working with a reputable company. There are a lot of solar companies out there, but not all of them are created equal. Some solar companies will offer lower prices but they might not be as reliable or might not have the best customer service. So it's important to do your research and find a solar company that you can trust.
While you might not get the cheapest price from the most reputable company, you can be confident that you're getting a good quality product and service. And this idea can help you save more money in the long run.
If you're considering solar panel installation, hopefully, this article has helped to answer some of your questions. If you think that we missed something, you can check out this post from Energy Genius Solar for a more detailed information about solar panel installation: https://energygenius.solar/2022/04/01/a-look-at-the-work-involved-in-solar-panel-installation-the-process-from-start-to-finish/. Solar panels have become more affordable in recent years and there are a number of ways that you can save money on installation. So if you're considering going solar, don't let the solar panel cost deter you. It's an investment that will pay off in the long run.