As the price of solar panels continues to plummet, many homeowners have decided to go for a different energy source. After all, doing so will not only help save money but it is also a great way to contribute to saving the environment. However, when weighing out the pros and cons of going solar, the most important question you should ask is, What are the solar installation costs?
Factors That Determine Solar Installation Costs
First of all, you need to decide if you want to completely go off the grid or use solar energy in addition to the traditional energy source. Based on that, you can determine how many panels you would need for your house.
Second, you might want to review your electricity bills from the previous months. The amount of energy your household spends will also affect the type of system you need.
The third thing that affects overall installation expenses is the size and position of your roof. If your roof is large, you will need more panels to cover it, which means the cost will be higher. You should also consider the amount of sunlight your roof gets so that you get an optimal number of panels.
It is important to obtain all the relevant information about your home before starting the installation process. Still, even when you have all the data, you need to see the actual costs. So let’s get into the specifics.
Solar Installation Costs — Crunching the Numbers
A study from Our World in Data indicated that solar power is by far the cheapest power option on the market today. After doing the math, this means that in 2021, the installation costs can range from $15,000 to $20,000 after tax credit for a 10 kWh system.
The cost of a solar panel per watt ranges from $2.30 to $2.81. Your final price will depend on how much energy you want to generate from your solar system.
If you want to be more self-reliant when it comes to your power supply and opt for the bigger system, the price will, naturally, be higher. That is due to the fact that you will need to buy more equipment and pay more for the installation.
Let’s see what the cost of solar installation would be on specific examples. For instance, the 3 kW system generates 3,600 kWh to 4,800 kWh per year. The installation costs for such a system would be around $8,000 before tax credit and as low as $6,000 after. In comparison, the 10 kW system generates up to 16,000 kWh per year. For a system of that size, the cost is $28,000 before and around $20,000 after tax credit.
Which System Should You Get?
Now that you more or less know what to expect in terms of a single panel price, you might be wondering how to decide what system would work best for you. At first glance, it might seem like the best option is to get a cheaper system. However, although they are more expensive, the systems that generate more energy will also save you more money over time.
It is as simple as this — the more energy you can get via your solar panels, the lower your electricity bill will be. With the cost of electricity going up every year, you should think in advance and secure a solar unit that will supply you with natural, renewable energy.
The solar installation costs have never been lower. If you had doubts about switching to solar energy, rest assured that now is the best time to do it. The money you invest in solar installation now will return in the years to come.
The process of getting solar panels might seem complicated, but Atlantic Key Energy will provide you with all the assistance you need. This includes getting a free price estimate for your house. Why wait? Get one here!