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The Average Cost of Solar Panels: An Informative Guide

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average cost of solar panels

The average electric bill in the US is $115, but there are many factors that can cause that amount to fluctuate, such as home size, the cost of electricity where you live, and what season it is and check the average cost of solar panels.

For many Americans, our electric bills are higher than the average $115, and thanks to green energy options like solar panels, we have an opportunity to lower our household energy costs. This article will go over the average cost of solar panels and why they could be a fantastic upgrade for your home.

Average Cost of Solar Panels

The Center for Sustainable Energy states that installing solar panels costs between $15k and $25k on average. Your costs break down roughly as follows:

  • 35% for installation
  • 49% for equipment (the panels, batteries, etc.)
  • 16% for operational costs (maintenance and monitoring)

Solar panel prices can vary depending on a few key factors, which include:

  • How much sunlight your home gets.
  • Your average energy usage and utility costs.
  • The cost of solar panels in your area.
  • The cost of labor in your area.
  • Any rebates or incentives available to you locally.

Solar Panel System Sizes

Solar panels come in a range of sizes between 2kW and 8kW, with their installation costing between $6,015 and $24,552.

For example, if your home uses 10,850 kWh per year and receives a decent amount of sunshine, you would want to install a 5kW or 6kW solar panel system to lower your utility bill. With Direct Energy power to go, you have the opportunity to experience their green and renewable energy plans.

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Because solar panels are available in various sizes for different amounts of energy usage, you’ll want to consult with solar companies near you. They’ll be able to give you recommendations on which solar panel systems will best suit your home, and many offer financing options.

ROI of Solar Panel Installation

After buying solar panels and installing them, you could save between $650 and $1,500 a year on your utility costs. If we look at those savings over 25 years, they would add up to be between $15k and $40k.

As an example, if we look at Massachusetts, where electricity costs 18.5 cents per kilowatt-hour, installing solar panels will cost $14,000 on average. Over 25 years, you could save over $30k by buying solar panels for your home.

This means that the system would pay for itself in about 12 years.

Government Incentives average cost of solar panels

Due to the increasing need to switch over to green energy and cut carbon emissions, the Department of Energy offers a federal tax credit of 22% for solar panel installations done before December 31st, 2021. Many states and cities offer tax incentives and rebates for buying solar panels as well.

Be sure to check which incentives you qualify for when you’re considering installing a solar panel system.

Will You Go Solar?

There are many reasons to install solar panels, chief among them being the savings on utilities and their positive effect on the environment. Now that you know the average cost of solar panels and how much you could save, will you go solar?

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Let us know in the comments below!

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