According to the Solar Energy Industries Association, more than 13% of homes in the U.S. use solar power. This number continues to rise as installation prices have fallen between 13% and 18% year over year.
Solar panels can also save you upwards of 90% on monthly energy bills, furthering your savings.
If you’re one of the many Americans thinking about switching to solar, it’s important to understand the costs associated. Keep reading to learn about the cost of solar roof panels, installation costs, and other factors you should take into consideration.
How Much Do Solar Panels Cost?
On average, a single solar panel costs between $200 and $250. The total number of panels you need depends on where you live and your energy needs. Areas that typically get less sunlight require larger systems to produce enough energy to completely fuel a home.
A typical solar panel produces one kilowatt-hour (kWh) per day. To determine how many solar panels you need, you need to figure out your average kilowatt-hours.
To do so, look for “kWh used” on your electricity bills for the last 12 months. Add those numbers up and divide by 12 to get your monthly average.
To take it one step further, divide your monthly kWh hour by 30 to get your daily average. That daily average is the number of solar panels you’ll need to generate all the electricity your home needs. Most homes require between 25 and 35 panels to achieve energy independence.
How Much Does Installation Cost?
After federal tax incentives, the average cost to install solar panels in the U.S. is around $12,000. Costs can range anywhere from $5,000 to $40,000 depending on the type of solar panel system you choose.
There are a few factors that comprise the cost of installation. The cost of the panels makes up about 25% of the total solar cost. The rest of the price is made up of labor costs, operational costs, and any additional equipment needed like inverters or a battery.
Are Solar Panels Worth the Cost?
The upfront costs of switching to solar power may seem daunting but over time will save you money. Depending on your solar system, the money you save on electric bills will more than cover your initial installation costs in 7 to 20 years. You might also have the option to sell excess electricity from your solar panels back to a utility company through net metering.
Some solar companies even offer financing options to lessen the burden of the upfront costs of solar. Check out BluePower savings to see how you can take advantage of solar energy at a price you can afford.
Cost of Solar Roof Panels vs. The Price of Installation: Explained
Now that you know about the cost of solar roof panels and the other factors to consider, are you ready to make the switch to solar energy? As the price of solar installation is decreasing, there’s never been a better time to make the switch!
If you’re interested in more articles like this, check out the rest of our blog!
Also published on Medium.
