Solar Panels are hailed as the best technology for reducing your energy bills and saving you money overall, despite their initial upfront cost. Although this can be expensive, once they are up and running the sun’s energy is essentially free, so they help to reduce your overall electricity costs.
As such, they are a great investment and one that will help you do your bit for the environment as well as save money. However, we want to delve a little deeper into the real costs of solar panels to find out whether they are as cost effective as people claim.
What are the cost of solar panels in 2019?
The cost of solar panels in 2019 varies on your state, however the average national solar panel cost in 2019 is $2.98 per watt. Although that’s the average, these costs can fall anywhere between $2.58 and $3.38 per watt. But what does that mean?
Well, when you consider that the average solar panel system is around 6kW, it means that an average solar panel system would cost you $12,515 after tax credits, based on the national 2019 average cost per watt.
Does the cost of solar panels differ from state to state?
Yes. However the output will also differ from state to state too. For example, the average solar panel cost per watt in California is $3.44, which is way above the national average. However, when you consider that the average lifetime saving is also way above the national average due to the amount of sunshine, the investment amount makes sense.
The cost of solar panels from state to state depends on tax credits in that particular state and the average electricity cost per state. You can find all of this information over on the Energy Information Administration website.
Does solar panel system size affect cost?
Yes, the biggest the solar system, the more energy it will expel and the more expensive it will be. Depending on where you live, and how much natural light is emitted, the size of the solar panel system that you need will vary. The cost of installing a solar panel system will depend on the amount of energy your home needs. The bigger the home, or the more energy consumed, the bigger solar system you will need.
As mentioned, the average solar system will be around 6kW, however if you’re lucky enough to live in a warmer climate you will be able to get away with having a smaller solar panel system. For example, someone living in a climate where they only require a 4kW solar system will pay around $8,344 after tax credits and someone who is lucky enough to only need a 3kW system will pay $6,258 after tax credits.
Is the cost of solar panels a good investment?
Yes – generally installing solar panels will be a good investment. You can learn more about this in our article on Cost Cutting Benefits Of Solar Panels. Plus, to find out exactly how much you can expect to save by installing solar panels, you can get in touch. UMA Solar is the leading solar thermal and solar electric distributor, offering solutions for both commercial and residential projects. Get in touch to find out more.