How Much Do Solar Panels Cost?

Solar panels are now much cheaper than they were when first introduced to the market. However, homeowners still tend to pay high prices for them. This is due in part to a lack of understanding of how residential solar systems are priced. Getting an expert’s opinion usually helps. For example, Brisbane Solar Panels installers can help you understand the full costs of installation and any relevant details.

On average, the cost of solar panels continues to decline as their popularity and access increase among many property managers and owners. Some industry sources estimate that the prices of solar panels have decreased by more than a half over the past decade. Many factors are responsible for this trend. As more efficient and cheaper materials are developed, competition among solar panel dealers continues to increase, giving more options and leverage to the average buyer of these products.

While different manufacturers and solar companies have different prices, there is a discernible range, giving the average consumer a good idea of what to expect when choosing to install solar panels in their houses.

Cost of Solar Panels

While installing solar panels at your house will come with some upfront costs, you end up saving money in the long run. This is because once installed, you won’t have to pay for anything. Of course, if your power consumption runs beyond the generation capacity of your solar panels then you’ll have to pay the extra costs. Under ideal conditions, a homeowner can enjoy the benefits of using solar panels without worrying about electricity bills. Such ideal conditions include proper installation and maintenance of the solar panels. These panels also have to be the right size for your house.

On average, a residential solar panel system will go for about $2.94 per watt. A watt is a unit of power used to determine, among other things, the cost of operating electrical appliances and systems. To put this average figure into context, a 5-kilowatt (kW) solar panel system would cost a little under $11 000. This represents the average size of a solar panel system in many residential houses.

Of course, the brand of the solar panels you purchase and the retailer from which you purchase them will also influence your costs. For example, if you purchase directly from a manufacturer or their authorized distributor in a particular area, you’ll likely pay less compared to purchasing from any other outlet that offers the same brand of solar panels.

 It’s always important to remember that purchasing solar panels is half the task. Installation, acquisition of supporting equipment, and maintenance will raise your final costs.

The average cost of $2.94 per watt for solar panels represents a ballpark figure. In many regions, it is cheaper. For example, a resident of Arkansas can expect to pay about $2.54 per watt for residential solar panels.

Factors Affecting the Cost of Solar Panels and Their Installation

Installation is a key part of having solar panels. After all, the objective isn’t to purchase the panels and let them languish around without installation. As such, installation costs are closely related to the cost of acquiring these panels. The following factors will affect the final cost of purchasing and installing solar panels. These include:

i)Energy Consumption: The general idea behind the invention of solar panels was cost-cutting as far as energy consumption is concerned. However, this is not always feasible. If you need more power from solar energy, it means you’ll have to purchase more solar panels or get ones that generate high amounts of power. Purchasing more solar panels means more labor needed to properly install and maintain them. This means you’ll pay more.

ii) Shading and Weather: Weather is crucial. Areas that experience plenty of sunshine mean better solar energy production. As such, if you live in areas with only occasional sunshine, you’ll have to purchase more solar panels just to produce an average amount of power. Similarly, if your house is surrounded by a lot of trees, they may block the sun’s rays from reaching the solar panels promptly. This will mean more solar panels to produce the needed energy amounts.

iii) Interconnection Cost: You’ll need to have your residential solar system connected to the local power grid to make up for the extra power needed if your panels are not producing enough. Your local jurisdiction may have specific guidelines regarding this. This could mean transformer upgrades are required or that you have to use a specific type of meter. Such details will affect your overall installation cost for your residential solar system.

In the end, a consultation with a solar panels professional will clarify all cost-related issues for you.