How Much Does Solar Panel Installation Cost on Average?
Why aren’t you putting solar on your house right now? As of last year, those with 6kW of solar are saving 97% on their energy bill. That’s about $1,390 a year!
With the growing demand for solar energy, along with government incentives, investing in residential solar panels has never been more affordable. So how much will solar put you back?
We’re going to shed light on that big question. Continue reading for our breakdown of the solar panel installation cost and how you can save or even earn money back.
Solar Panel Installation Cost
There is a wide misconception that installing solar panels is an expensive investment. However, the cost of solar panels has dropped drastically in the last 10 years. Prices have dropped nearly 60% since 2011, from $50,000 for a 6kW system to as low as $15,000 with accessibility and government incentives.
On average, you can expect to spend about 3-5 dollars per watt. A household with 1,500 square feet usually needs about 6kW to cover their power usage. This brings the average cost of residential solar panels to $24,000.
Other factors affect the cost of installing solar panels. Still, $24,000 may seem like an investment out of reach for most. With certain incentives, however, you can drop the solar panel installation cost even further.
What Factors Affect the Cost of Solar Panels?
Beyond the cost per watt, there are several factors that can affect how much you’ll pay for solar. The most influential of these include:
- Sunlight exposure
- Roof structure
- Supplementary equipment
- Types of solar panels
There are a few types of solar panel systems that affect the price of your investment. Depending on how you choose to tie into the utility grid, you may find yourself paying much less than average.
How You Can Reduce Solar Panel Prices?
To reduce the country’s dependency on non-renewable energy sources, the United States federal government is offering a hefty tax credit. For those purchasing a solar system in 2022, you will receive 26% back. For an average 6kW system, you can expect over 6,000 dollars in tax credit.
While this is a major benefit in reducing the solar panel installation cost, it is important to have your system installed by the right company. Choose to install your solar with Blue Raven for the best local solar installers. Working with the community, they can save you even more on your installation costs.
Residential Solar Panels Can Earn You Money
A unique benefit to residential solar panels is their connection to the regional power grid. Because of their access to renewable energy, state governments are paying residents for their excess power production. With a fully-functioning solar system, not only will you reduce your utility bill, but you may even get money back.
Learn More About Saving Money
With the growing popularity of renewable energy, you may consider the solar panel installation cost. However, government incentives won’t last forever, so you may want to invest sooner than later.
For more information on solar panel prices, as well as other ways to save money, check out our Financial section.