Costs of Solar Panels
About $16,000 is the average cost of solar panels, but the price can vary a lot based on the type and model of the solar panels. Solar panels can help you save money on energy costs, but it’s important to know how much it will cost to start with solar panels so you can figure out how much money you can spend.
Solar Panels’ Average Cost
- Average Price $16,000
- Lowest Price $3,500
- Highest Price $35,000
Solar Panels Costs According to Type
Solar Panels using Monocrystalline Crystals
Most monocrystalline solar panels (the most efficient) cost $1 to $1.50 per watt, which means that to put together a 6kW solar panel system (also called a solar system) costs between $6,000 and $9,000.
Solar Panels using Polycrystalline Crystals
Polycrystalline solar panels are less energy-efficient than monocrystalline solar panels. Polycrystalline solar panels cost between $0.90 and $1 per watt, so that a 6kW solar panel system would cost between $5,400 and $6,000.
Solar panels made of thin film
Between $1 and $1.50 per watt, thin-film solar panels, on average, cost between $6,000 and $9,000. Putting together a 6kW solar panel system is between $6,000 and $9,000. Thin-film solar panels are cheaper than other solar panels, but they take up a lot of space, mostly used in industrial settings.
The cost of installing solar panels
It can cost up to $25,000 to put solar panels on your house. In Alaska, for example, solar power will cost more because it is farther from the equator. In areas with many suns, solar power will cost less because they get a lot of sunlight.
Per-Watt Solar Panel Price
From tiny 5W panels to 400W+ high-end panels, there are many different types of panels out there. When you look at cost-per-watt, you can compare panels on the same level. The options that cost the least per watt will give you more power for your money, but they will also be less space-efficient.
Tax credit
When you buy solar panels, you automatically get a federal tax credit for them. You will get back some of the money you paid for your solar system in the form of a tax break. When you buy your solar panels, the percentage you get will depend on when you do.
If you buy a solar system between 2020 and 2022, you’ll get a tax credit of 26% of the price. In 2023, it will be 22 percent. Residential owners will no longer get a tax credit in 2024. Commercial projects will still get a 10% credit.
People who start installing solar panels now will pay less in the long run because of a federal tax break. It would help if you also maintained that the brand you choose would also affect your bottom line. For example, Unbound Solar® has a wide range of solar panel brands. This way, they can help customers get what they need at the price they want. Make sure you study all of our solar panels to find your next solar energy system!
Also Read:
How Much Tesla Solar Roof Installation Cost
The Best 4 Mini Solar Panels for 2022
Guide to Polycrystalline Solar Panel: Features, Operation, and Applications
When Should Solar Panels Be Installed?
Contrary to most people think, installing solar panels in the winter is the best time. There is less demand for this service in the winter, so the whole thing should cost less. Because even if you live in a place that is often cloudy or cold, your solar panels will still be able to make energy. In some cases, they will even make more energy than in warmer months.
Installing solar panels during the winter is cost-effective and very effective. During the off-season, less work is done by installation companies, which means that your panels will be installed faster, and you will be able to use them in no time.
How much money does solar power save?
Though solar panels will cost you money upfront, they are sure to save you money in the long run, too. How much money will solar panels save you? That depends on several things, like how many hours of direct sunlight the panels get each day, the angle of your ceiling, and the size of your solar panel system. The most important thing to look at when figuring out how much money solar panels will save you is how much electricity you pay in your area.
For example, the average American family spends $1,450 a year on electricity. Figure out how much money your solar panels will save you each year, figure out how much electricity you use each year. Then, figure out what your current utility rate is. Consider that utility rates usually go up 2.2% each year (yet another reason to install solar panels).
Use an online estimator to figure out how much money you’ll save each year by filling in your location, energy use, and the average cost of solar panel installation in your area. A common myth is that solar panels will completely cut your electricity costs. Solar panels can help you save a lot of money on your electricity bill each month. They’re worth the money as a whole.
The Bottom Line
Solar panels system can save you a lot of funds, whether you want to cut down on your electricity costs or your carbon footprint. In the long run, how much money a solar panel system will save you depends on how much electricity costs where you live. This can be very different from place to place.
A solar panel will save you a lot of money over time if you live in a place where electricity costs are in the middle or upper range. Putting solar panels can be worth the money, but only if you do it correctly.
