Solar panels are becoming a mainstream choice in the United States, thanks in main to the falling prices over the past decade. In the last 10 years alone, the average cost of installing solar panels on residential properties has decreased by more than 70%. Many homeowners in the US are taking advantage of the historically low cost of solar panels and making the switch the solar energy.
A recent survey found that almost half of US homeowners are giving serious thought to adding solar panels to their homes. This increased interested in solar is also helped, in part, by the availability of state and national tax credits.
There are a host of benefits to switching to solar energy, as we will highlight later in this blog post. First, we will consider how much do solar panels cost on average and the factors that determine the cost.
How Much Do Solar Panels Cost?
It is difficult to provide a definitive answer to this question, given that there are so many different factors that will need to be considered. However, we know that the current average cost per watt in the United States is $2.76. The average cost of a 6 kW solar panel system is roughly $16,800, though this is before any tax credits are factored in.
Based on this cost, the average household will be able to pay off the cost of installing solar panels within four to eight years. Modern solar panels have an average lifespan of approximately 25 years, highlighting the potential for significant savings for households who make the switch to solar energy.
In order to gain a better understanding of the average cost of solar panels, it is necessary to consider the factors that will determine its price.
If you are interested in learning more about the average cost of solar panels and their benefits to the planet, check out Simply Solar.
What Factors Determine Solar Panel Installation Cost?
The most important factor in determining solar panel cost is the size of the system that you install. Most residential properties in the US are suited to solar panels systems between 4 kW and 8 kW.
The largest the solar panel system, the lower the average cost per watt. For example, a 6 kW system has an average cost of $2.95. When calculating the size of the solar panel system that you choose, you should consider the energy requirements of your home and its occupants.
Another factor that will determine the cost of a solar panel system is your property’s location. Through Google’s Project Sunroof, you will be able to estimate the potential savings of a solar panel system on your home. This will take into consideration your property’s location, available space for solar panels, and the number of useable sunlight hours per year.
Other factors that will determine solar panel costs include local market conditions, available tax credits/incentives, and the solar panel system equipment type and manufacturer.
In summary, these factors will play a role in determining your home’s solar panel prices:
- Size of solar panel system
- Property location
- Electricity needs
- Choice of panels
- State and federal incentives
- Purchasing options
We recommend speaking to a solar panel provider for a detailed cost estimate.
What Are the Benefits of Solar Panels?
As we have already highlighted, there is the potential to save thousands of dollars over the approximately 25 years lifespan of solar panels. It is also worth highlighting the potential to earn extra cash through net metering, whereby you can sell excess electricity that your home has generated to the grid. In addition to the cost benefits of solar panels, it is worth highlighting the environmental impact of solar panels.
Solar energy is a clean, renewable, and abundant energy source. In fact, it is the most abundant energy resource on Earth. Compared to non-renewable energy sources such as oil and coal, it does not have a negative impact on the planet.
Solar panels allow us, as homeowners, to play our role in tackling climate change and reducing our carbon footprint. The environmental impact of energy sources such as fossil fuels is well noted; a collective switch to clean energy sources such as solar benefits us all.
Solar energy does not produce any greenhouse gases or air pollution. Rooftop solar panels can help to improve air quality, which in turn can further increase the effectiveness of solar panels.
In addition, increased reliance on solar energy reduces water pollution and the release of hazardous waste into the atmosphere. If you are interested in playing your part in protecting the Earth, then solar panels are a wonderful investment.
Find the True Cost of Solar Installation In Your Area
In conclusion, the average cost of solar panels in the US depends on a range of factors. A 6 kW system in New Hampshire costs $17,460 before tax credits are factored in, whereas in California the cost is $15,240. Wherever you are in the US, your household stands to save thousands of dollars in energy bills over the lifespan of a solar panel system.
As we have highlighted, there are a number of factors that will determine the exact price. If you are interested in buying solar panels, we recommend that you speak directly to a solar panel provider for an estimate. While the upfront costs may seem high, solar panels are a wonderful long-term choice that can also increase the overall value of your property.
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