How much solar panel cost
Solar installation appears to be a no-brainer for many homeowners due to the rising cost of electricity from traditional sources.
However, the true cost of, as well as their ability to help you save money, is contingent upon a few key factors. According to the Center for Sustainable Energy, installation and the system together can cost between $15,000 and $25,000 on average.
The location has a significant impact on electricity rates. According to year-to-date 2021 data from the US Energy Information Administration, the national average is approximately 13 cents per kilowatt-hour.
Solar panel costs have decreased to the point where a high-quality system can be repaid within five years. The precise solar payback calculation is location-specific and depends on how much and when you use electricity.
The cost of solar panels includes the panels, installation, GST, and your rebate.
Solar panel prices on a national average
Variables affecting solar panel prices
The amount of energy they generate vary by location. The prices include the remaining 11-year government solar panel rebate. One of the major factors affecting the cost of solar panels is the quality of the components you choose and the installer you hire. Other variables that affect the total cost of solar panel installation include the following:
- Dimensions of the system (for solar rebate)
- Local market competitiveness
- Selecting high-quality panels High-quality installation
- Concerns about the location and orientation
How many solar panels does a typical home require?
The solar panel installation cost for a three-bedroom house
A family of three or more requires a 3-4kWp solar panel system that generates approximately 3,000 kWh of electricity per year. This system is approximately ten square meters in size and requires up to sixteen square meters of roof space.
Solar panel installation costs for a small household
If you live in a one- or two-bedroom apartment, a solar panel system of 1-2kWp will provide more than enough electricity (up to 1,800 kWh per year). This system consists of four to eight panels and requires approximately ten square meters of roof space.
How much solar panels will save you depends on a number of factors. The most important factor is your local electricity rates. Utility rates tend to increase by 2.2% or so each year. Typical American family spends about $1,450 a year on electricity.