Initial Cost Of Solar Panels

A turnkey solution will charge 100 200 the cost of equipment to perform the installation.

Initial cost of solar panels.

With installation an average residential 5kw size system costs between 3 and 5 per watt according to the cse which results in the 15 000 to 25 000 range. If your 6 6 kw system costs 10k in equipment they may charge you 20k for the installation bringing the grand total for the project to 30 000. That cost is before any tax credits. However solarreviews handles more than 1 000 quote requests per day and the current average price we see on our marketplace is 2 60 per watt.

Knowing the average cost per watt is helpful but what does 2 91 watt actually mean for you. It usually costs 15 000 to 20 000 after tax credits and can reduce your electricity bill by 70 to 100 percent depending on the size and. The average cost to install solar panels is from 10 626 to 26 460 after tax credit for a 6kw to 12kw system to power an entire house. Most homeowners pay between 16 532 and 30 820.

Most solar panels last for 50 years have a 25 year warranty and start generating a return on investment after 8 years. The most recent official data from the doe funded lawrence berkeley labs published in september 2019 found that the median cost of residential solar panels is 3 70 watt. Cash buying your solar electric system outright is best. The average solar panel payback period is 7 to 12 years and solar energy saves 600 to 2 000 per year on electricity costs.

A solar payback period is the amount of time it takes for property owners who install solar panels to recover their initial investment through electricity savings. In pennsylvania the average solar payback period is 10 66 years. Until the end of 2020 you can deduct 26 of the installation costs with the federal investment tax credit itc. Solar panel installation cost varies by provider.

How does system size impact the cost of solar. Installing a solar panel system costs an average of 23 597 and dropping. Usually range from 11 144 to 14 696 after solar tax credits and the average price per watt for solar panels ranges from 2 51 to 3 31. Regardless of the exact cost of installation there are many affordable financing options for solar panel systems.

Solar panel costs for an average sized installation in the u s.