How Much Will It Cost to Install Solar Panels?

How Much Will It Cost to Install Solar Panels?

Did you know that by 2024, 2.5% of all US homes will have solar installations? This might not sound like a lot, but in 2019, there were already 2 million residential, commercial, and utility-scale solar installations!

There's no doubt that solar energy is growing in popularity as we turn away from finite energy resources. In fact, you might just be considering them for your own home!

But before you can get them, you need to know the cost to install solar panels. Keep reading to find out more information about solar panel installation.

Average Prices

As you might already know, for many products and services, there's no one-size-fits all solution. Because of this, your solar panel installation might cost significantly more or less than another American's.

So let's first start off with the average costs you can expect. To get the solar panels and installation done, it can cost anywhere between $9,000 to $28,000.

As you can see, that's a wide range. Below are some of the factors that can affect pricing for your personal situation.

Where You Live

This is the main factor that'll determine the price of installing solar panels. This is because different geographic areas get varying amounts of sunlight. The more sunlight you get, the fewer panels you'll need in comparison to a resident in a less sunny area.

Plus, every state will have its own incentives that'll help take the burden of cost off your shoulders.

How Much Electricity You Need

Obviously, smaller households or those who don't use much electricity won't need as many solar panels as those that are very power-hungry. Check your current utility bills to get a rough estimate of how much power you need on a monthly basis. From there, you can determine how much electricity you'll need to generate from your new solar panels.

Types of Solar Panels You Choose

There are 3 types of solar panels available: monocrystalline, polycrystalline, and thin-film. In general, monocrystalline panels are more expensive than polycrystalline panels. The cheapest of the 3 is thin-film.

However, monocrystalline panels are a great choice because they're the most efficient. They're the most expensive option, but they'll pay for themselves in due time.

If you want to learn more about residential solar panels, check this blog out: https://blueravensolar.com/blog/what-is-the-best-solar-panel-for-residential-solar/.

How You Plan to Pay

Considering that solar panel installations cost a pretty penny, it should come as no surprise that there are financing options. Obviously, if you can pay outright, you'll save the most money.

Otherwise, you can lease solar panels or use loans and power purchase agreements (PPA) to spread the costs. While this may make payments easier on a more granular level, you'll end up paying more in the long run.

Get an Estimate for the Cost to Install Solar Panels

This article has now given you a good idea of what can affect the cost to install solar panels. However, if you're serious about it, it's best to get an estimate from a professional. They can go over your solar panel options and discuss your needs to come up with the best solution and price possible.

For more about green energy and eco-friendly solutions, take a look at the rest of our blog page now!

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