Did you know that there is enough solar power in the state of Washington to power over 30,000 homes? It’s no secret that solar panels are becoming increasingly popular in the U.S., forcing many to wonder how much they cost.
So how expensive are solar panels? What should you know about solar panel costs before taking them on as an investment?
That’s what we’re here to look at today. Read on to find out more about how much solar panels cost and what you should know about solar power fees.
How Expensive Are Solar Panels?
So how expensive are solar panels really? Depending on a few factors, you’ll be paying anywhere between a few thousand dollars to up to $35,000. This big range is due to a few key factors affecting the price.
The two biggest factors are the types of solar panels available and the cost of installation. You may not know this, but there are quite a few different types of solar panels
Solar Panel Cost by Type
Monocrystalline and polycrystalline are two of the most common types of solar panels on the market. The former is usually the more expensive option. Polycrystalline panels go a bit cheaper due to less efficiency.
If you need at least 6kW of power, you’ll be looking at anywhere from $5,000 to $9,000 depending on what you buy. There are also thin-film solar panels for those looking for alternatives.
Thin-film panels require a lot more space but do run a bit cheaper than some other options. They’re often reserved for industrial or factory settings because of their larger surface area.
Solar Panel Installation Costs
If you thought that the panels themselves took up most of the cost, you might be surprised to find out that actually installing them takes up quite a bit of your budget. In fact, it’s a pretty complicated process.
As such, solar panel installation often costs up to $25,000 depending on the size of your panels or how your home is optimized for the job. Paying for labor is, however, definitely worth the price for proper installation.
If you’re looking for reliable installers in the Tacoma region, Blue Raven Solar is definitely up to the task.
Other Factors to Consider
It’s not just about the cost of installation or the panels themselves that determine your end price. Things like your location and government incentives play quite a bit into your overall budget.
Let’s explore some of that here:
Sunlight
Depending on where you live, it might take shorter or longer to recoup the cost of your investment. If you live in a sunny area, you’ll be saving much more on your energy bills and could even use excess power as credits.
Less sunny areas might be a little different since you’ll likely have to save up some of that unused energy in the summer for later.
Incentives
There are also plenty of state, local, or federal tax benefits to owning a solar panel. Make sure you explore these options, especially the federal tax credit. These will definitely bring down the cost of your solar panel installation.
Solar Panels Tips for Reducing Costs
When asking “how expensive are solar panels,” understand that it often fluctuates based on a number of factors. Use this guide to help you understand what these factors are and how much you’ll end up paying.
Looking for more articles on solar panels and other topics? Check out the rest of our site!
Author Bio:
Alison Lurie is a farmer of words in the field of creativity. She is an experienced independent content writer with a demonstrated history of working in the writing and editing industry. She is a multi-niche content chef who loves cooking new things.
