The cost of installing solar panels on a residential property has fallen by more than 70% in the last 10 years. But exactly how much do solar panels cost for a house? If you are considering buying solar panels, then this is an important question.
In this blog post, we will take a closer look at the cost of solar panels. We will also look at some of the main factors that determine the cost of solar panels. A sizeable percentage of homeowners in the United States say they are strongly considering making the switch to solar energy—if you are one of them, keep reading!
How Much Do Solar Panels Cost for a House?
As we will see below, there are certain factors that will determine the exact cost of solar panels so it is difficult to give an accurate estimate.
Let’s take a look at the state of Indiana and an average-sized solar panel system. A 5 kW solar panel system here costs an average of $9,631, with an average cost per watt of $2.60.
A homeowner in Marian County, for example, would pay an average of between $7,427 to $9,077 for a 5.1kW system. The payback period here would be between 8.6 and 10.6 years. The net profit (the savings less the system cost) would be between $16,565 and $20,246 over 25 years.
What Are the Factors That Determine Solar Panel Cost?
A primary factor here is the size of the solar panel system that you choose to install. This will be largely dependent on the size of your property, the number of people who live there, and your current energy usage.
Your property’s location is another factor, with regards to the amount of sunlight it receives during the year, local market conditions, and state incentives. Currently, homeowners in the US can avail of a 26% federal solar tax credit in addition to any state incentives.
The type of solar panel system that you choose is another factor. There are 3 different types of solar panels—Tier 1, Tier 2, and Tier 3. While more expensive, Tier 1 is the premium option and produces the best output and features the lowest degradation rate.
It is also recommended that you choose a reputable and reliable solar panel company if you are considering installing solar panels. Check out Blue Raven Solar company today.
The Average Cost of Solar Panels
As this article has highlighted, there is a range of factors that determine the exact cost of solar panels. These include your property’s location and the size of the solar system you wish to install. What is clear is that solar panels are a great way to save on your home’s energy bills—savings that can come to tens of thousands of dollars.
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