It won’t be too long before every rooftop in America has solar panels producing clean energy, decreasing emissions, and saving people money.
Over the last decade, the cost of solar installation has decreased significantly—more than 70%. With the average cost of solar panels more affordable than ever, it’s no wonder why more people are making the switch.
On average, it takes about 7-9 years to pay off your solar panels fully. However, consider the return on investment when you eliminate your energy bill for years to come.
In the following sections, we will discuss the cost of solar and the different factors.
The Average Cost of Solar Panels Vary by State
When it comes to the cost of solar panels, where you live matters, this is because certain states use more air conditioning than others. Therefore the average electricity usage is higher.
This is important because solar companies typically charge less per kilowatt-hour when you purchase a more extensive system.
Ultimately, warmer states have lower prices per watt with larger systems, and colder states have higher costs per watt with smaller systems.
The average cost of solar panels in the U.S. for a 10 kilowatt (kW) system ranges from $17,760 to $23,828.
This price range reflects the 26% federal Investment Tax Credit, ITC, available for homeowners across the U.S.
The state with the lowest cost per watt is Nevada at $2.31, and the highest is Washington D.C., with a price per watt of $3.37.
When buying solar panels, you also need to consider varying state tax benefits, incentives, and rebates. These will help you save more money!
Factors that Impact the Cost of Solar Installation
Aside from the price per watt and the size of the system you need, solar companies consider other factors to determine the cost of your solar panels.
Make sure you choose the cheapest electric company to assist you in further reducing your power bills.
There are three main types of solar panels for residential properties: monocrystalline, polycrystalline, and thin-film. They vary in material, price, look, and efficiency.
There are also many different brands like Boviet, Hyundai, and Tesla. These also vary in quality and price. Typically, more efficient means better quality which is more costly.
Permits and Labor
Remember that your system will be custom-made for your home, so you may need a permit like other construction work you do on your property.
In addition, you need to consider the amount of workforce it takes to design your system and install it.
The shape of your roof and its sun exposure are also factors that go into your total costs. For instance, if your roof has dormers or has more than one level, then accommodations are necessary, and it’s not as simple to install solar panels.
Are you ready to receive a quote? Please search for a solar company near me!
More Ways to Invest
With the average cost of solar panels at an all-time low, installing them is a great way to invest in your home.
Are you interested in learning about more ways to invest? Read from our “investing” section!