While the basic components of any rooftop solar system -- panels, inverters and optional batteries -- stay the same, the cost of solar systems vary from home to home. That's because the size of the system (including the number of panels and batteries and the size of the inverter), the local cost of labor, permitting costs and other factors vary from home to home and location to location.
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Residential solar panels cost $3.30 per watt, according to data from the energy consulting firm Wood Mackenzie. That's seven cents lower than the firm's estimate for the year before, but still adds up to $16,500 for a 5-kilowatt system.
Many other factors influence the cost of installing solar panels, including less-than-obvious ones like the complexity of your roof, Rohit Kalyanpur, CEO of the Silicon Valley-based solar company Optivolt, told CNET.
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You can get some help to pay for your panels. The Inflation Reduction Act, passed by Congress in 2022, provides a 30% tax credit for solar panel systems installed through 2032.
Solar panel cost estimates won't map perfectly onto your home. It's impossible to know what an installer will quote you until you actually get the quote. That's why you should always get multiple quotes before moving ahead with an installation.
The cost of a solar system can vary wildly because so many factors are involved.
Cost varies, in part, because of the size of the system, said Neil Gallagher, vice president and co-founder of Brighterway Solar, a Tampa, Florida, solar installer. The solar industry doesn't have a standard pricing structure, so the cost by the customer is based on their energy consumption.
The cost of a solar system installation can vary widely when you compare the efficiency rate of the solar panels and other installation expenses. The best solar panels can set you back anywhere from $15,000 to $50,000.
The 30% solar tax credit provided by the federal government coupled with available state and municipal government tax credits, tax exemptions, rebates and other incentives can further reduce the cost of purchasing and installing solar panel systems.
Different sources yield different cost estimates. In the below estimates, for example, EnergySage draws its information from quotes provided in its solar marketplace while Wood Mackenzie's uses wholesale prices of solar equipment and interviews with industry figures.
*The above estimates are for different periods of time. EnergySage covers the second half of 2023; Wood Mackenzie, the fourth quarter of 2023; and the Lawrence Berkeley Lab, 2022.
Solar costs are also influenced by your solar system's components. Let's break down the components of a solar panel system and what you can expect to pay.
Here's the average total cash price, cost per watt and system size for a solar panel system in your state, according to data from FindEnergy.com. These prices don't factor in tax credits or state incentives. Certain states don't have any FindEnergy solar data and are grayed out on the map.
The table below includes estimated solar savings after the federal solar tax credit, average electricity rates and average annual electricity bills per state, calculated using data from the US Energy Information Administration.
*Electric rates and bills for December 2023.
There are three main types of solar panels: monocrystalline, polycrystalline and thin-film. Monocrystalline solar panels are the most popular choice for residential installation (nearly all residential solar panels installed in 2022 were monocrystalline) because they have the highest efficiency rates from 17% to 22%. The average cost for these panels is between $1 and $1.50 per watt, but prices may differ depending on location.
Polycrystalline panels are popular for homeowners on a budget. They have a moderate efficiency rate ranging from 15% to 17%. Their cost is between 90 cents and $1 per watt.
Thin-film solar panels, which have an efficiency rate ranging from 10% to 13%, are the least efficient solar panels on the market. They have a shorter life span and are rarely used for residential purposes.
Trying to get a solar estimate without an on-site inspection of your home is tricky business. Because the location, layout and energy needs of every home are different, solar pricing for each residence is different too. Your home might need only a small 5 kW solar array. Your neighbor down the street might need a larger 8 kW array, and they might choose to install a solar battery, which is going to push their price tag even higher.
Here are some of the biggest factors that affect the cost of going solar.
Solar installations aren't cheap, but the actual equipment is a relatively small part of the total cost. It's only 35% of your total installation cost, according to the US Department of Energy.
Soft costs, also known as the hidden costs of installing solar, are nonhardware costs, and they make up 65% of your total solar costs, according to the DOE. Most of your soft cost expenses go toward things like sales and marketing, labor, paperwork and overhead profits.
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Here are some of the most common soft costs that impact your the final price.
How much solar panels can save you depends on a few things. How much electricity your panels actually produce is impacted by the direction and angle the panels face, how much sun your region typically gets and your system's size. Your utility's policies, like net metering, will have a big effect, too. California's reduced its net metering incentive (and the amount solar panel owners could save) last year, but incentivized the purchase of batteries. Calculate how much you can save before moving ahead.
By investing in a solar system, you're paying upfront to enjoy the long-term financial benefits of reduced or even eliminated electricity bills. It often takes six to 12 years for a solar panel system to pay for itself. Let's take a look at a quick example.
Your breakeven point, also known as the solar payback period, is the amount of time it takes for you to see a return on your investment. In other words, how long it will take for your solar panels to start paying for themselves. Just like the average cost of going solar, your payback period may vary.
Let's say your current monthly electricity bill is $150 and the solar system you want to buy $30,000. First, we want to calculate what your system will cost after the federal 30% tax credit. Here's how that looks:
Now we need to calculate the payback period to know how long it will take to recover the cost of installing the solar system.
Based on this calculation, a $21,000 investment in a solar system will take less than 12 years to recover your initial investment. (Not everyone will be able to reduce their energy bill to zero.)
There are several factors to consider when assessing the benefits of solar panels, Kalyanpur said. First, consider the total energy produced over the system's lifetime and whether it can result in substantial savings. Other factors include state-level incentives that help to offset the costs of investing in solar panels.
Pros
Cons
There are various ways you can go about paying for solar panels. Here are a few of the most common:
Cash: If you can afford it, paying cash is your best option. You won't have to worry about high financing fees or interest rates, and you'll always be eligible for tax credits and incentives. Your solar payback period will likely be shorter, too.
Solar loan: Paying thousands of dollars upfront in cash isn't an option for everyone. If paying cash isn't in your budget, your installer might offer you a financing option called a solar loan. These loans are usually through a third party, so check for associated fees and interest rates.
Other loans: A solar loan isn't your only financing option. You could consider taking out a personal loan through your bank or opening a home equity line of credit. Just be aware of the risks that come with a HELOC. If you can't pay back what you owe, you could lose your home.
Lease or power purchase agreement: If you aren't interested in solar panel ownership, consider leasing a system or entering a power purchase agreement. When you lease a system, you pay for the use of solar equipment owned by a solar company. Entering a PPA means buying solar power generated by a company-owned system at a fixed rate. This fixed rate is usually cheaper than the retail electricity rate from your local power company. Ask your solar installer about all your options.
It can take six months or more to get solar panels installed. The actual "installation" of the panels on your roof by the installer is usually completed in three days or less.
What really slows down the process of solar installation is everything that needs to happen before installation day. The sale of the system itself, site assessments, system design, gathering permits and supply chain issues can all drag out the solar installation timeline. Most of your time will be spent waiting around for permits and paperwork to be approved, as well as dealing with supply chain delays.
Often. In most cases, solar panels are viewed as upgrades or home improvements. Installing solar panels could increase your home's resale value by about $15,000, according to the DOE.
Solar panels can last upwards of 25 years or more. The longevity of your solar panels depends on environmental conditions, the type of panels installed and the quality of installation. Many solar companies also offer 25-year panel warranties.
There isn't a definitive "best solar state," but there are states that make going solar more affordable and accessible by providing state-level tax incentives and rebates. States with net metering and a Solar Renewable Energy Credit, or SREC, market even make it possible to earn money by selling your excess solar energy to the power grid or utility companies. Solar panels will generate more electricity in states that receive more peak sunlight hours.
Installing solar panels on your home can significantly lower your electricity bill, raise your property value and reduce your carbon footprint. The biggest downside to going solar is how much it's going to cost. Solar can have a lot of expensive upfront costs, and installing a battery with your solar panel system will likely cost you $10,000 or more.
Correction Aug. 18: This story originally presented some statements as direct quotations that were actually paraphrases of what the individual cited had said. Those passages have now been rendered appropriately as paraphrases.
*Based on a $31,460 11 kW system before incentives. These are averages for the whole U.S. Costs will always vary from installation to installation.
**Based on a 2021 study by the National Renewable Energy Laboratory (NREL).
The panels themselves are probably the first thing that comes to mind when you think about going solar, but solar panels represent less than a third of the total solar equipment costs. You can expect all required solar equipment, including supply chain costs and sales tax, to cost $14,500–about 46% of the total system price.
This price depends on the brand and quality of the equipment you select. Systems with SunPower panels, known for a strong warranty and high efficiency, see the highest average prices at about $26,900 after tax credits for an 11 kW system after the federal tax credit. Sometimes the bigger price tag is worth it: Investing in high-quality equipment can lead to better long-term savings. But reaching for the highest-priced panels often isn't the best choice. There are many high-quality options with varying price points.
The type of panel you install also directly impacts the quality of your installation. Monocrystalline solar panels offer the highest efficiency and power output and are used in most home systems today. They're often more expensive than polycrystalline solar panels, but you need to buy more polycrystalline panels for the same amount of power, so your overall installation costs may be similar. Thin-film solar panels are the cheapest type of panel but they aren’t often used for home installations due to their low production. They're a great option for RVs, campers, and DIY home setups.
Inverters can cost almost as much as solar panels depending on the type you select. They convert the direct current electricity your solar panels produce into alternating current that household appliances use. Microinverters and optimized inverters are similar in price but cost a few thousand dollars more than string inverters. If you have a complex roof with multiple planes or shading, it's usually worth it to select a pricier microinverter or an optimized inverter to maximize your system's production.
Racking and mounting equipment attaches solar panels to your roof, but it's a relatively low-cost portion of the installation. You'll also need wiring to connect your rooftop system to the grid and your electrical panel, which can add a few thousand dollars.
Another piece of the solar installation puzzle is the company performing the job. Solar installers charge varying amounts for their services. The final price they offer depends on their track record, warranty offerings, and internal operations. A well-regarded solar installer with premium warranty offerings will often charge more–and it will usually be worth the money.
Installer costs are about the same as equipment at around $14,500 or 46% of the total installation. Labor is only about 15% of installer costs and profit is generally around 20%. Your biggest installer costs go toward sales, marketing, and overhead.
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