The price of solar panels keeps on dropping each year, and the demand keeps rising – it is a wise decision for every homeowner today. However, the costs of installing solar panels vary upon a certain number of factors. Some of these factors include the brand of the equipment, the rate at which you consume energy, and your state regulations.
Hence, we finally come back to an important question, what is the cost of solar panels today?
2021 Highlights of Solar Panel Costs
When you request a solar panel quote, what should you expect to see? To install a 10KW solar panel in the United States costs between $17,760 – $22,000 and an average watt price of $2.40 – $3.22.
Does the system size have an impact on the solar cost?
It is valuable to know that the average cost/watt is $2.81, but what’s the implication? How much you require to install a solar for your business or home is greatly determined by the level of electricity you wish to generate. You will be paying more when you are looking to generate more electricity since it will require that you buy more equipment.
You will also need to employ more labor if you seek to generate more electricity levels, hence the cost. The average cost of installing a 2KW solar panel is about $4,159, while that of 25KW costs about $51.985 after deducting tax credit also (known as ITC). The tax credit reduces the actual cost stated in your quotes by a 26% factor.
Like we earlier stated, the cost of solar panels is greatly dependent on your state. Some states offer some incentives and rebates that help slash the cost of the solar system you ordered from the installers.
Don’t forget the benefit of installing a big solar panel as the long-term effects outweigh the costs. For instance, if you install a 12KW solar panel, you will be paying a huge sum of money for it, but it’ll take care of all your electricity needs. You also will be trimming down on your monthly utility bills and expenses, and in the end, you will be saving more.
Cost Is State-dependent
It is good to be aware of the average solar panel costs in the United States today, however, knowing the cost for each state is equally important. The prices vary, and it greatly depends on your place of residence. There’s a ton of reasons why there seems to be this variation. However, the single most significant factor is the size of the system.
Due to the varying weather conditions and temperatures of each state, some states will require that you make use of air conditioners more than others. The use of ACs, therefore, leads to a rise in the average cost of solar panel installation.
Florida and Arizona are two warm states that require the installation of large solar panel systems. What is the importance of installing a large system? It is much cheaper since the installers will go-ahead to charge you less for every kilowatt-hour. They charge as though you were bulk-buying, which means you will pay less to get much more.
The implication of this is in warmer states like Florida, the average pricing for every watt is lower than that of cold states.
In Arizona, the solar panel cost for a 6KW system ranges between $12,900 – $15,180 while that of a 10KW system is between $21,500 – $25,300. While in a state like Connecticut, the cost for a 6KW system is $15,240 – $18,480, while that of a 10KW system costs about $25,400 – $30,800. Please note that the 26% ITC has not yet been deducted from the figures stated in this paragraph.
Ultimately, after looking across a healthy cross-section of the prices board for each solar panel, you will discover that solar is a wise choice.
Solar Panel Costs Also Vary By Brands
Different brands market their solar panels at different prices, so a great way to simplify the data is by sorting it concerning this. To be honest, some brands stand out because of the level of quality they offer. What you’re paying for, with regards to brands, is the capacity they have to meet your need for electricity.
Although there seem to be some price ranges that fall out of the curve, most brands tend to fall within the same price range. Many factors are involved in the price variation, and some of them include location, installer experience, racking equipment, and inverter brand.
Best Solar Panel Cost Calculators
Many solar calculators are out there today, some of which give you accurate estimates of the size, output, savings, and solar array. While others don’t seem to come close to this function and are unhelpful. Now the question is how exactly can you make a perfect distinction between these:
Out of the numerous calculators that be, two set the pace for others to follow in this regard. They are dsireusa.org and pvwatts.nrel.gov.
Desireusa.org has the most updated guide with regards to financial options and energy incentives for every state. While pvwatts.nrel.gov is the trusted site used by professional installers to utilize size systems and give a rough estimate of annual expenditures.
The beautiful thing about these two sites is that they don’t require you to create an account or fill in your details. The reason why others tend to do this is that they are funded by the government. Let us look at each of them in more detail below.
It is believed that the PV Watts is the best, affordable, most accurate, and easy-to-use solar calculator. PV Watts is easily accessed and utilized by rookies and novices, yet it provides the most accurate information for experts and professionals. It uses your shading issues, house address, and much more to estimate payback and performance.
The website desireusa.org is a perfect option when you are in research mode, trying to figure out whether you should make use of solar or not. It has a great search engine that requires you to enter your Zip code, and you will get a list automatically. Before you invest, ensure that you check with your accountants to get the best advice.
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