How much is a solar power system
Solar is a popular alternative energy source that can help you save money on your energy costs and raise the value of your property.
The cost of solar energy modules and equipment has decreased dramatically over the last few years, owing mostly to a massive scale-up in global production. This has made solar a viable energy source for a wide variety of applications, including residential, commercial, agricultural, municipal, and industrial.
Solar panels cost approximately $16,000 on average but can range from $3,500 to $35,000 depending on the type and model. Whilecan help you save money on energy expenditures, it’s critical to understand the whole setup cost of s so you can budget accordingly.
What are the costs of solar panels?
Solar power conversion involves an initial investment in equipment and initial installation costs. However, after the initial investment, the only ongoing price is for the electricity you consume in excess of what your panels create. If your solar system is the appropriate size for your home and is built and maintained properly, homeowners often realize long-term savings on their electricity costs and a return on their investment after several years.
According to the Solar Energy Industries Association (SEIA), the average cost of a home solar panel system in the United States is $2.94 per watt. To put the pricing into context, the per-watt cost is slightly under $11,000 for a 5-kilowatt (kW) system, which is the average size of a normal residential solar system in the United States.
Solar panel prices vary according to brand and reseller. Bear in mind, however, that solar panels account for a minuscule portion of the entire upfront cost of installing a solar system. The remaining expenditures of a solar panel system are for installation (including accompanying equipment) and ongoing maintenance.
Solar panels cost by type
1- Monocrystalline solar panels
Monocrystalline solar panels (the most energy-efficient option) typically cost between $1 and $1.50 per watt, which means that installing a 6kW solar panel system (also known as a solar system) costs between $6,000 and $9,000.
2- Polycrystalline solar panels
Although polycrystalline solar panels are less efficient than monocrystalline solar panels, they cost $0.90 to $1 per watt, which means that outfitting a 6kW solar panel system would cost between $5,400 and $6,000, making it a more economical option.
3- Thin-Film solar panels
On average, thin-film solar panels cost between $1 and $1.50 per watt, which equates to a cost of between $6,000 and $9,000. Although thin-film solar panels are less expensive than their conventional counterparts, they demand a lot of areas and are hence mostly employed in industrial settings.
Solar panels can save you money on the cost of electricity and increase the value of your property. Solar panels may be a good solution if you have consistently high payments or your cost is more expensive than in other areas of your state. You should also take a close look at your monthly electricity bill and compare it against your state’s average energy cost.