How Much Is Solar For Your House? Prices Explained and Is It Worth It
Most people install solar panels in their premises for various reasons, including reducing their monthly electric bills, improving their property values, reducing carbon footprints, etc. However, the homeowners must be aware of the costs associated with installing and maintaining these solar panels. These costs vary significantly depending on the type of panel one wants and its general size.
How much is solar for your house?
The average cost of solar panels is approximately $16,000. Typically, solar panels cost between $3,500-$35,000. However, this cost depends on the size, model, and type of solar panels you want to install. It’s essential to have a budget when purchasing a solar panel and stick to it. The costs of solar panels can also be categorized by their types as follows:
– Monocrystalline solar panels
These are categorized as the widely known energy-efficient solar panels across the globe. The average cost of these solar panels is $1-$1.5 per watt. The price of monocrystalline solar panels ranges from $6,000 to $9,000.
– Thin-film solar panels
These types of solar panels are mainly found in industrial settings. Thin-film solar panels require huge spaces. The average cost of these solar panels is $1-$1.5 per watt. The total cost of thin-film solar panels ranges from $6,000 to $9,000.
– Polycrystalline solar panels
These panels also work better, although they’re less efficient compared to their counterparts’ monocrystalline solar panels. The average cost of these panels is $0.90-$1 per watt. The total cost of polycrystalline solar panels ranges from $5,400 to $6,000. In fact, these are the most affordable solar panels.
Factors affecting the cost of solar panels
There are many things that affect the overall costs of purchasing solar panels, as explained below:
a. Panel type
Solar panels are categorized into three major types, i.e., thin-film, polycrystalline, and monocrystalline solar panels. As stated earlier, the monocrystalline solar units are categorized as the most energy-efficient panels. This makes them among the most expensive solar panel units available in the market today. The polycrystalline solar panels are the least expensive units. Their affordability doesn’t mean that they’re not energy efficient. These panels have a relatively decent energy efficiency rate ranging from 13%-16%.
b. Ease of installation
The ease of installing solar panels primarily affects their overall costs. Easy to install solar panels tend to be relatively cheaper. On the other hand, solar panels that have complex installation processes tend to be quite expensive. If you need multiple solar panels, be prepared to spend more money. Although there are easy to install panels, DIY projects are usually discouraged to avoid incorrect installation, which can lead to some problems in the near future. Always leave the installation task to a professional solar installation company.
c. Size of the solar system
The different sizes of solar units come at varied prices. As a homeowner, you’ll want to purchase a solar panel that’s big enough to meet your monthly energy requirements. Generally, the larger the solar system, the higher the cost and vice versa. Larger solar systems will also require higher installation and maintenance costs. The best thing about purchasing a large solar unit is that it’s easier to recover energy costs in the short run due to high energy efficiency.
d. Location
Different locations have varied costs of solar panels and labor costs. You can actually purchase the same solar panel at a slightly higher or lower price, depending on where you’re located.
e. Additional components
Some homeowners need additional solar system components to improve efficiency and the general working of the unit. These additional components come at a cost. Generally, they’ll increase the initial cost of the panels but reduce installation expenses. Some of these additional components include solar battery storage systems and pigeon proofing.
f. Roof structure
Your roof’s age and layout will influence the cost of solar panels. Angled roofs produce most solar energy due to maximum exposure to the sun. If your roof is flat, you’ll need to build angled platforms, thus adding labor costs and total solar installation costs.
Can you get subsidies for installing a solar panel in your home?
A solar installation company will help you determine your eligibility to get subsidies from the government. Generally, homeowners who install solar panels sometimes get government incentives. For instance, the US government gives tax credits equivalent to 30% of the total cost of the system.
How much will solar panels save?
Installing solar panels in your house will save you a lot of money on your energy bills. On average, you can save between $200 to $530 per year if you install solar panels in your home. The amount of money you’ll save will depend on several factors, such as your general household energy consumption, the energy efficiency of the solar panel, the number of appliances used during the day, and your ability to generate income from schemes associated with solar energy. If you want to save more, it’s advisable to use appliances like dishwashers, refrigerators, washing machines, ovens, etc., during day time when the unit is active. The small energy that you save every day will save huge energy amounts in the long run.
Is solar power worth it?
You can easily calculate the number of years it’ll take for your solar panel to pay itself. People living in regions that experience too many sunny days throughout the year can save a lot of money by installing solar panels. Typically, it’ll take 5 years in such regions for a solar panel to pay itself. Homes in colder regions that experience irregular sunny days will take even 10-20 years to break even. Generally, it’ll take some years to see the real benefits of solar energy, depending on how long you’ll stay in the house and available subsidies.
In conclusion, solar panels will help you save a lot of money in the long run, regardless of whether you want to lower your energy bills or carbon emissions. Experts recommend that homeowners need to add an extra solar battery storage system to help store more electricity that can be used for various home uses. These batteries cost between $1,500 and $7,500, depending on the type, quality, and lifespan.