When it comes to renewable energy sources, the future of solar looks brighter than ever.
In fact, there are currently over 2 million solar panel installations in the U.S. and that number is to double by 2024.
This exciting technology will no doubt continue to grow beyond that as well. However, solar panel installation cost seems to be the number one factor holding homeowners back from taking advantage of solar power themselves.
So, how much does it cost to install solar panels? We’re here to break it all down for you.
Keep reading this solar panel installation cost guide to learn everything you need to know.
Average Costs of a Solar Panel Installation
On average, the cost of a solar panel system installation can range between $11,000 and $15,000. But, the good news is that the costs are going down.
Since 2014, the average cost of solar panels has dropped by around 50%, meaning that solar power has never been more affordable.
And, the upfront cost of your solar panels is nothing compared to the savings you’ll enjoy once the system is installed.
Factors That Influence Solar Panel Installation Cost
As you’ve likely noticed, the average price we mentioned above is quite a range. That’s because there are several different factors that influence the final cost of your solar panel installation project.
What does your roof look like? Is it steep and sloping or is it relatively flat? The answer makes a big impact on the cost of installing solar panels.
Essentially, the harder it is to install the panels, the more expensive your project. And, if your roof is old and needs replacing before the installation process, that’s another added expense you’ll need to anticipate.
Number of Panels
Of course, the size of your house makes a difference as well. If you have a large house, you’ll need more panels to power your house.
However, if you want to keep costs down, you can install fewer panels to help offset your regular energy costs, instead of outright replacing your energy from the power company.
Types of Panels
Did you know that solar panels don’t have to go on your roof? If you intend to install your panels on the ground instead of the roof, that will impact the cost as well. Generally speaking, ground-mounted panels are more expensive.
There are also higher- and lower-quality panels. The high-end ones cost more upfront, but last longer, so keep that in mind.
When You Install
If you’re trying to decide when to install a solar panel system, the answer is sooner rather than later.
There are federal solar tax credits that can help lower the cost, but the incentive goes down each year. In 2021, you can deduct 22% of the cost, but that goes down to 10% in 2022 and beyond.
Your Solar Installer
Different solar panel installation companies have different prices for their services. Before deciding which company to use, do some research first.
Read online reviews from past customers and do price shopping to help ensure you get the best deal and the best quality installer.
Start Saving With Solar
Now that you know more about the average solar panel installation cost and what factors influence the cost, you can start budgeting for your own solar project. The upfront costs are worth the energy savings you’ll enjoy later!
For more helpful information like this, be sure to check out our other articles before you go.