Whether you’re considering installing a rooftop solar energy system or doing some research, you’ve come across the term “solar panel cost.”
The cost of installing solar panels has gone down in the last decade, but exactly how much does it cost? How does the cost vary based on different features or properties?
We’ll answer those questions and more in this guide, giving you the inside scoop on the factors that determine solar panel cost.
Read on!
Type of Solar Panel
The cost of solar panels varies based on several factors, including type, efficiency, and quality. Monocrystalline panels are the most efficient and tend to come with a higher price tag. They’re also the most common type used for residential applications.
This is due to their longer lifespan and high-quality performance. Polycrystalline panels are cheaper. They are also more suitable for large-scale installations.
But, polycrystalline panels are not as efficient as the monocrystalline type. Thin film panels are also the least popular of the three types due to their low efficiency. They offer one of the lowest costs per watt and are a good option for those with budget constraints.
Size of Solar Panel
Generally, the larger the solar array, the more expensive the installation project will be. A larger solar panel array will need more solar panels. This will lead to higher costs for the solar panels themselves.
Additionally, installation and material costs, such as wiring and mounting brackets, will also be higher due to the larger size of the solar array. Solar panel savings can affect the cost of the solar panel system. It can reduce the installation and materials costs with some federal, state, and local incentives.
Location
Solar panel cost is a combination of several different factors, with the location being one of the most important. Different states have different electricity costs. This can influence the cost of solar panels.
Peak sunlight hours and placement can also affect the total cost. For example, solar panels must be placed at a much higher height for efficient energy collection, which may impact installation fees. Additionally, regions with more peak sunlight hours are ideal for solar energy collection and will likely result in a lower cost of ownership.
But roof-mounted solar panels are more expensive to install than ground-mounted systems. This is due to the more complex installation process required. Factors such as the size and pitch of the roof, the type of roof covering, and the structural placement of the building can all add to the cost of the project.
Additionally, roof-mounted panels are generally more exposed to the elements and require extra finishing work for protection from the sun, wind, and rain, further driving up the cost of rooftop installation.
Purchasing Options
There are several purchasing options available. You can choose to pay a lump sum upfront, finance your purchase through a loan, or work with a solar panel leasing or buying program. Depending on how you choose to buy panels, you may have added upfront costs or can take advantage of solar panel incentives, such as a federal tax credit.
The cost of the solar panel will depend on the specifics of your project and how you decide to buy it. Moreover, local policies and rebates may incentivize buyers in the short or long term, which can reduce costs. Ultimately, no hard or fast rule determines the cost of solar panels.
Instead, it is dependent on various factors and the individual purchaser’s circumstances.
Cost of Labor
When it comes to determining how much a solar panel costs, labor cost is a major factor. Solar panel installation requires a team of trained and experienced individuals to handle the various stages of the process, including designing a system, obtaining permits, and connecting to the electrical grid.
Since each step of the solar panel installation process requires highly specialized labor and materials, the cost of the installation will go up the more complex and time-consuming the job is.
Solar panel installation labor costs typically account for around 15% to 25% of the total cost of the solar panel system. It depends on the complexity and size of the project. Most homeowners can expect to pay several thousand dollars more for higher-end solar panel systems due to the increased labor costs they need.
Solar Companies
Solar panel costs are largely determined by the best solar panel installer chosen, the quality of the product, installation fees, and warranties. Customers should look for the best solar companies that offer the best combination of quality and price as discount deals and warranties through bulk orders of solar panels. Besides, a warranty should be considered.
This can protect a customer if a product is not up to standards or fails after installation.
Maintenance Costs
Solar panel systems require regular maintenance, so they will be working properly, and the panels themselves will stay in good shape over time. This includes cleaning the modules of dust and debris, performing routine inspections and repairs, and replacing parts when necessary. Furthermore, a quality inverter should be installed for the greatest energy efficiency and to reduce the need for maintenance.
If a quality inverter and other components are not used, the maintenance costs can potentially be greater. Other costs associated with maintenance include the cost of spare parts for repairs. They may come at an added cost as well.
Regular maintenance is essential for the long-term performance of a solar energy system. It should therefore be taken into consideration before making any final decisions.
The Efficiency of Solar Panels
Solar panel cost is determined by several factors. The clearest factor is the efficiency of the solar panels. Solar panel efficiency affects both the cost of the solar panel and the area required for installation.
Generally, higher efficiency solar panels are more expensive, but they require less installation area. Lastly, a good investment in solar panels means considering all these factors so you get the best value for your money.
If you’re wondering whether investing in solar panels is a good idea, click here for more information and consider going solar today!
Learning the Factors That Determine Solar Panel Cost
The factors that determine the solar panel cost range from size and power to the technology used. Given a great number of factors, it is best to speak with a qualified solar installer. This is to compare the available options and find the best system for you.
Contact a local solar professional today and take the next step to power your sustainable future with solar energy.
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