Solar Panels: How Much Money Does It Cost?
The cost of installing and owning solar panels has decreased dramatically over the past decade. As of 2020, solar panel systems typically cost $2.50 to $4.00 per installed watt. This means a small 3kW system will cost around $8,400, while larger 5kW systems start around $15,000. The cost may vary depending on local incentives, where you live, the size of your system, and various other factors. Although the initial cost of investing in solar is more expensive than what energy bills are, it can quickly become a worthwhile long-term investment with the savings it can provide in energy bills over time.
When investing in solar energy, there are generally two main components to consider in terms of cost. The cost of the panels themselves and the cost of the installation and labor. Solar panel costs vary greatly, with range from around $1.00 to $4.00 per watt. It is important to understand the different types of solar panels in order to compare costs accurately when making a decision.
Monocrystalline panels are usually the most efficient, but also are usually the most expensive. On the other hand, polycrystalline and thin film panels are generally more affordable; however, they tend to be less efficient than their monocrystalline counterparts. When choosing your panels, make sure to consult with a professional or do research on the various types to see which best meets your needs.
The installation of solar panels is also an important factor to consider. The cost of the labor and installation depending on how complex the system is, and the size of the system. But on average, installation cost can range from $1.25 to $2.50 per watt. Additionally, there could be local incentives or solar energy tax credits in place, so be sure to check with your local government's renewable energy guidelines for further information.
On top of panels and installation costs, there are other associated fees associated with setting up the system and its maintenance over its lifespan. Other costs to take into account are the cost of electrical wiring and conduit costs, the cost of obtaining permits and approvals, and the cost of routine maintenance over the life of the system. It is important to consult with a qualified contractor or a professional for an accurate estimate on all the associated costs.
In conclusion, solar panels cost is dependent on various factors. It is important to take into account factors such as the type and size of panels, the associated labor and installation costs, and additional associated fees for wiring and maintenance. When looking at making the switch to solar, make sure to take these costs into account when making an informed decision.