Solar power home systems are popping up left and right all across the country thanks to a renewed commitment to caring for the environment paired with great returns on investment from renewable energy.
That said, why aren’t more consumers making the switch to solar?
Solar panel cost is one of the biggest concerns for homeowners who are considering making the switch to a renewable energy source. By becoming a more informed consumer, homeowners will quickly see that a solar powered house number one benefit will be its cost effectiveness.
So, what are some questions about solar pricing that will help assuage the concerns of consumers?
- How Expensive Are Solar Panels?
- What Is The Average Cost Of Solar Panels?
- What Other Costs Are Included In A Solar System?
- How Can You Save Money On A Home Solar System?
How Expensive Are Solar Panels?
The short answer to this question is that the price of solar panels depends entirely on what type you purchase, the wattage of the panels, the age of the panels, and the quantity of panels that are purchased.
Typically, monocrystalline solar panels will be more expensive than polycrystalline. The difference is that monocrystalline panels are made from a single sheet of silicon while polycrystalline panels are made of many sheets pressed together. Monocrystalline panels are thus typically more efficient.
Next, higher wattage panels will typically be more expensive than lower wattage panels. This is because the amount of power that they can produce using the same amount of roof space goes up. This increases your overall solar savings and allows homeowners to rely less on their local utility.
Then, the age of the panels must be considered. Older panels will typically be cheaper than newer panels because older panels tend to degrade over time. This causes them to produce less power than their nameplate rating.
Finally, the quantity of panels purchased at once usually influences the price. This means that purchasing a 2000 watt solar panel system may be more expensive than a 10000 watt solar panel system. This is because buying in bulk can lower the cost of panels similar to buying food or other products in bulk. For this reason, a solar generator Costco brand can be a great deal for homeowners.
What Is The Average Cost Of Solar Panels?
When taking all of the different solar options into consideration ranging from a solar generator costco system to solar panels for mobile homes, the average sunpower solar panels price is between 50 and 60 cents per watt.
This means that a 2000 watt solar panel system would cost roughly $1,100 while a 10000 watt solar panel system would cost roughly $5,500 for just the panels. While this may seem like a steep price for the panels alone, a solar power home can quickly show a return on investment.
It should be noted that sun power solar panels price are frequently falling thanks to improvements in manufacturing technology in addition to demand for solar panels rising as more and more consumers see the environmental and economic benefits of renewable energy generation.
What Other Costs Are Included In A Solar System?
The total cost per installed watt of solar for a residential consumer is just over three dollars. To offset solar panel costs and figure out the remainder of this total, homeowners should be knowledgeable of the other expenses that go into a power home solar system.
One of the other largest costs in installing a solar system is the installation cost. This is the cost to pay a team of trained professionals to come to your home and properly assemble all of the parts that go into a working power home solar system. The best crews can fully install a home solar system in just a matter of days. Other additional costs for a solar system are inverters, which is the piece of equipment that converts DC current to AC currents, wiring to transport the electricity, and racking that is used to secure the solar modules in place on a roof.
A final expense that is totally optional for solar system owners is a monitoring system. These monitoring systems can be used to see how the system is performing and to spot if any issues should occur so that a technician can make the proper fix as soon as possible.
How Can You Save Money On A Home Solar System?
To offset solar prices, there are a variety of ways to lower the total cost of your solar system. The first is to utilize the Federal Investment Tax Credit (ITC).
The ITC is a credit taken on the following year’s taxes that is equal to 30% of the total cost of installing your solar system. Different from a deduction, a tax credit is a dollar for dollar savings on your annual federal taxes.
Also, in addition to a lower energy bill every month, some states allow you to sell Solar Renewable Energy Credits (SREC’s) for additional income from your home solar system. Every time your system produces 1,000 kilowatt-hours, it is eligible to produce one SREC. This additional solar savings tool can decrease the total payback period of the investment a homeowner has made.
Finally, some states offer grants for lower income housing. This means that solar panels for mobile homes may even be cheaper yet. Due to a variety of financial incentives, most solar systems are even cheaper than their sticker prices would suggest.
A solar powered house number one benefit is being able to rely less on its local utility and saving money month after month in the process. By better understanding the associated costs with installing a system, homeowners can better prepare to make the permanent switch to solar in order to be more environmentally and economically sustainable. Solar panel cost is just one piece of the puzzle. By better understanding the many benefits of solar and how to reduce your total cost, consumers will have an easier time making the choice to switch to solar.
