Do you want to save money on your energy bill while helping our environment?
Perhaps you’ve heard about solar power. No fuel costs, no pollution and saving you money on your energy bills. But many are wondering, how much does it cost?
Check out this guide to learn everything about solar panel costs. Let’s get started!
Average Cost
The average cost of a panel is $3 per watt, while the solar panel installation is around 5,000 watts. So ideally, the cost of going solar is $15,000 on average.
A 6-kilowatt system in California is $14,400, while the same solar panel system in Hawaii would cost $24,000.
The typical household in the United States spends about $1,500 on electricity per year. This means that a common panel can save a household about $100 per year. The payback period for solar panels is usually between 10 and 20 years.
Solar Panel Cost For Residential
Solar panels for a home typically cost between $10,000 and $20,000 before any federal or state tax credits. However, it will still vary on the size, type of home and the amount of sun it gets.
California has the lowest cost of solar panels at $16,475. While Texas is $17,640 and Florida is $19,345. These prices are for a 5KW system, which is the average size for a residential solar panel system.
Commercial Solar Panel
Solar panels typically cost between $2.50 and $3.50 per watt, making a 200-watt panel cost between $500 and $700. The price has dropped significantly over the past decade, making it a more affordable option for business owners.
The cost of installation will vary depending on the size and type of business. Yet the average commercial price estimate is between $20,000 and $30,000.
Generally, larger commercial solar panel systems will cost more to install. But, the cost per kilowatt-hour of solar energy produced will be lower than a smaller system. It’s best to consult with an expert for options on solar panel savings and other business needs.
Financing Options
These options allow homeowners and businesses to pay for solar panels over time, often with little to no money down. The most popular financing options are solar leases and solar power purchase agreements, followed by solar loans.
Additionally, a term loan from a bank is repaid over a set period of time, typically 3 to 5 years. The interest rate on a term loan is fixed, so you’ll be aware of your monthly payments.
Another option is to lease equipment costing $30 each month, with about $100 for solar panel costs. This means that you would save about $200 by switching this system.
Having this information will help you choose whether you’ll lease or buy solar.
Get That Solar Panel Now
Overall, solar panels are a great asset. They have many benefits and the solar panel cost is reasonable.
These can save you money on your electric bill, and they have the potential to increase the value of your home. These are a great investment for your business too.
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