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The Cost of Solar Panels: Are they worth it in 2022?

Aug 21

 

Solar energy is an alternative source of energy that can lower your energy bills and increase your home's value. This overview will provide information about solar panel costs and help you understand the pros and cons.

The average price of solar panels is dropping as solar energy becomes more accessible and more popular. The Solar Energy Industries Association reports that the average price for a residential solar panel system has fallen by more than 60% in the past decade. It went from $50,000 for a 6-kilowatt (KWh) system in 2011, to $16,000 to $21,000 in 2021.

The Home Media reviews team has reviewed dozens of companies and manufacturers of solar panels to provide an overview of the process and break down the costs. If you're ready to connect with solar companies near you, you can visit Reno solar company to get a free quote.

Solar Panel Installation Costs

Solar panels can be installed for anywhere from $15,000 to $25,000. The cost of installing solar panels can vary depending on where you live. It costs $15,000 to $25,000.

Factors Affecting Solar Panel Cost

The cost of solar panels can be affected by many things.

 

Location

Photovoltaic panels -- the type used in home solar systems -- can absorb sunlight in both direct and infrared so that solar energy can be harnessed anywhere in the United States. Monocrystalline panels will be installed by most solar companies. These panels absorb the maximum energy and maximize sunlight exposure.

 

The World Population Review shows that there are certain states that receive the most sunlight all year, but not all.

 

Arizona

New Mexico

Nevada

Texas

California

Colorado

Oklahoma

Kansas

Utah

Florida

It's not surprising that many of the states listed above are also on the SEIA top ten list for the highest cumulative solar electricity capacity. This includes Arizona, Texas, and Nevada. Some states with the most solar panel systems, such as New Jersey, Massachusetts, North Carolina, and New York, are not necessarily the sunniest.

 

Simply put, legislation has the greatest cost impact on where you live. While sunnier states tend to have greater solar power output, those with solar incentives, such as a tax credit for solar investments, and other programs to support solar power tend to have high levels of output regardless of their sun exposure.

 

Roof Structure

Your roof's age and layout will impact how much you pay for panels. The best solar panels produce the most energy from angled roofs, which allow maximum sun exposure for photovoltaic cells. Flat roofs require you to build angled platforms. This will increase labor costs as well as the overall cost of your solar system installation.

The cost of solar panels will also depend on the condition of your roof. Roof repairs or a new roof material will cost more than the total cost of installing solar panels.

Equipment and System Panels

The cost of your system will also depend on how many panels and which type of panels you choose.

 

Although a home's average solar system is 5kW in size, larger homes may need a 6kW system. A 250-watt system would require approximately 20 panels to power a home. This is roughly $11,000. As larger systems require more panels, the prices for these panels will increase.

 

Inverters are often required in home solar systems. Although most solar companies will design your system with these components, selecting specific inverters, batteries or other options such as a Tesla Powerwall could increase your overall price.

 

Are solar panels worth it?

Solar panels can make your home more valuable by reducing the cost of electricity over time and increasing its value. You should be aware of the factors you must consider before making this switch. This includes how much direct sunlight is hitting your home daily as well as the orientation and direction of the roof. There are three main factors that will make residential solar systems more efficient: sun exposure is greater in sunnier states, while sun exposure on southwest, south or west-facing roofs will be better.

 

A good idea is to take a closer look at your monthly electric bill and compare it with the state's average electricity cost. If your bills are consistently high, or your costs are higher than elsewhere in the state, solar panels may be a viable option. You may not see sufficient cost savings to justify installing a home-solar system if your bills are low or you can find ways that you can reduce electricity usage.

 

It's crucial to know what incentives your state offers for solar energy. These include tax credits and net-metering programs. These incentives are only available if the panels are yours, and you must pay for them either outright or by borrowing. If you don't have the funds to buy your panels, you will need to decide whether it is worth it. You can get estimates from the top affordable solar contractors by visiting our reno solar company.

When to Install Solar Panels

Contrary to popular belief winter is the best time to put solar panels up. The installation will cost less because there is less demand for the service in winter. Even if it is cloudy or cold, solar panels can still generate energy. In some cases, they will even produce more energy than in warmer months.

It is cost-effective and efficient to install solar panels in winter. Solar companies are less busy during the off-season so your panels will be installed quicker and up and running no matter what season.