Save some money and protect the environment all at once? Talk about killing two birds with one stone! In this case, the proverbial stone would be installing solar panels in your home. That might not sound very cheap at first glance, but bear in mind it pays off in the long run. So, how much does it cost to make solar panels?
Before getting to the actual numbers, note that solar energy is becoming more affordable by the minute. According to some estimates, solar power prices will continue to drop even in the years to come.
Still, you need to know how much exactly you are to spend and why before you decide to go solar. Here are the key factors that affect the price of solar panel installation:
- System size
- Your needs
- Your location
But how exactly do these factors affect the above-posed question — how much does it cost to make solar panels? Let’s see what each of these actually refers to.
What is the Price per Watt for Solar Panels?
Price per watt (PPW) is the price for every watt of solar you will have installed in your home. You can understand it as the spatial dimension of the final price. In plain words, the price largely depends on the size of the system that your home needs.
All you have to do to determine your PPW is divide the gross (remember, gross, not net) system cost by the number of watts in the system. If you’re in the US, one watt per solar panel today will cost you somewhere between $2.40 and $3.22 on average.
How Much Energy Do You Need?
Your energy needs are the next thing to consider. They are directly related to what is called the solar panel price per kilowatt-hour. Put differently, this is what consuming 1,000 watts per hour will cost you if you decide to go solar.
Take a look at your current price per kWh and calculate your energy needs. As it turns out, solar energy can cost you even less, or as little as 6 cents/kWh!
What is the Price of Going Solar in Your Area?
The final key factor is your location. On average, your PPW can go from $2.31 if you’re in Nevada to $3.37 if you’re in Washington, D.C. The starting price for a 6-kilowatt solar panel system can be as low as $12,540 (Delaware) or as high as $21,180 (Colorado).
Still, the fact that you’re in the U.S. already has its benefits. Federal solar tax credit will lower your costs of going solar by 26%. The average solar panel system cost after tax credits for a 6kW system is about $12,476.
Does the Investment in Solar Panels Pay off?
It might take your solar panels up to 20 years to pay for themselves. 20 here sure sounds like a lot, but wait until you hear about your savings. You will have saved as much as $20,000 over the years!
Plus, you’ll get one more thing for free — the wonderful feeling of having done something great for the environment.
All things considered, this article has hopefully provided you with those pieces of information you’ve been looking for. Overall, how much does it cost to make solar panels? You are now able to understand that we’re not talking about just one number since the final price depends upon many factors. You have to take into consideration the size of the solar panel system that you need as well as the amount of energy you would like to generate. Also, the price of going solar depends on your location as well. On average, making a 6kW solar panel system can be worth around $12,476.
Make sure to invite your solar panel installation company to your house as soon as possible and get a free price estimate. Then, you can start enjoying your pay-off!