How to Get Accurate Solar Panel Cost Information

Getting accurate solar panel cost information can be frustrating. There are so many factors at play!

First, you need to know how much energy your home consumes. This can be found by reviewing your monthly utility bills. You also need to know how many peak sunlight hours your location receives.

1. Panels

The bulk of the cost of solar energy comes from buying and installing solar panels. These systems require minimal maintenance and can last 25 years or more.

Solar panel prices are falling across the country thanks to increased manufacturing efficiency, economies of scale, and reduced materials costs. This is good news for homeowners seeking to save on their electricity bills.

Photovoltaic (PV) solar panels consist of multiple solar cells that convert sunlight into electricity. When photons hit the panel, they knock electrons loose from atoms in the silicon. Conductors, attached to the positive and negative sides of the cell, then guide these electrons into an electrical circuit. When the solar system is connected to the grid, it can produce more than enough power to run your entire home.

A home solar calculator like ours can help you determine the size of solar system you need to generate your annual electricity bill savings. We factor in the federal solar tax credit, average electricity rates and annual bills for every state to calculate your potential energy cost savings.

2. Inverters

The inverter is a key part of the solar PV system, converting direct current, or DC, electricity from your panels to alternating current, or AC. It’s also the component that determines how much power your solar panel system can export to the grid, if you live in a state with net metering policies.

Most solar PV systems use string inverters, which typically cost between 20% and 50% of the total system price. More advanced inverters, like microinverters, may be more expensive. Charge controllers, which protect the battery from overcharging, can also add to the overall cost.

A full-scale off-grid system with batteries, an inverter and a grid connection can cost up to $18,000 — based on home services booking site Angi’s database of completed projects. But that’s before any government tax incentives, which can greatly lower your upfront costs. Other factors that influence the cost of a solar energy system include the cost of traditional energy in your area, and your home’s electricity consumption and sun exposure.

3. Batteries

As solar technology evolves, some homeowners are choosing to include battery storage with their home solar energy systems. This adds a layer of complexity to the pricing model, though it also offers backup power protection during utility outages.

The cost of solar batteries varies depending on the type and size of your home, its location, and other factors. A good rule of thumb is that a battery should cost you around $8,500 to $10,000.

Some installers will offer a “package” that includes the solar panels, inverters and battery. This can be an excellent way to save money, especially if your home qualifies for solar rebates and incentives.

4. Installation

Often overlooked, soft costs make up the bulk of solar system pricing. These non-hardware costs cover everything from sales and marketing to paperwork and overhead profits. They can also include a hefty sales tax, if applicable, as well as tree removal (if your solar panels will be positioned to shade large portions of your roof).

Home services booking site Angi puts the average residential solar installation cost at $3.20 per watt for a 6-kW (or 6,000-watt) system, before any rebates or incentives. The total system price will vary based on local wage and labor rates, as well as whether you choose monocrystalline, polycrystalline or thin-film panels.

You can use a calculator to determine the size of solar panel system you need to power your home, and how much it will cost to install. Once you know those numbers, subtract the value of any applied incentives or rebates from the total system price to find out how long it will take for your solar panel system to pay for itself, in terms of annual electricity bill savings.



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