How Much Should I Expect To Pay For Solar Panels

With energy prices on the rise this may be the perfect time.

How much should i expect to pay for solar panels.

The average cost to install solar panels is from 10 626 to 26 460 after tax credit for a 6kw to 12kw system to power an entire house. The size of your solar panel system has a direct impact on your monthly electric bill. As of july 2020 the average cost of solar in the u s. The first step to understanding how much solar can save you is to calculate how much you are currently spending on electricity every year.

Is 2 91 per watt. Most residential solar panel systems are anywhere from 5 to 10 kilowatts kw. Household is 10 972 kilowatt hours kwh. Some solar panel owners paid more than 13 000 while others say theirs cost less than 3 000.

The size of your solar panel system among other factors influences the number of kilowatt hours kwh that are produced. Installing a solar panel system costs an average of 23 597 and dropping most homeowners pay between 16 532 and 30 820 expect to pay 2 50 to 3 50 per watt with most systems in the 3kw to 10kw range until the end of 2020 you can deduct 26 of the installation costs with the federal investment tax credit itc. A recent study found that solar panels are viewed as upgrades just like a renovated kitchen or a finished basement and home buyers across the country have been willing to pay a premium of about 15 000 for a home with an average sized solar array. In january 2018 president trump imposed a four year tariff on imported solar cells and panels that started at 30 and drops 5 each year.

Most solar panels last for 50 years have a 25 year warranty and start generating a return on investment after 8. How much money do solar panels save you on electric bills. Changes in government trade policy also impact prices. How much does a 9 kw solar system cost.

The average solar panel payback period is 7 to 12 years and solar energy saves 600 to 2 000 per year on electricity costs. Additionally there is evidence homes with solar panels sell faster than those without. As of september 2020 the average solar panel cost in california is 2 99 w given a solar panel system size of 5 kilowatts kw an average solar installation in california ranges in cost from 12 708 to 17 192 with the average gross price for solar in california coming in at 14 950 after accounting for the 26 federal investment tax credit itc and other state and local solar incentives. To give you an idea of what to expect and to make sure you don t pay too much we teamed up with the royal institution of chartered surveyors rics to find average prices for solar panels.

The average price paid for solar panels was 9 733 according to our survey of those who had them installed. This comes out to 26 190 for a 9 kilowatt system before federal tax incentives so the net cost of a 9 kw solar energy system would be 19 381 this cost doesn t factor in any state or utility rebates and incentives for going solar.