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Tori Addison is an editor who has worked in the digital marketing industry for over five years. Her experience includes communications and marketing work in the nonprofit, governmental and academic sectors. A journalist by trade, she started her career covering politics and news in New York''s Hudson Valley. Her work included coverage of local and state budgets, federal financial regulations and health care legislation.
Karsten Neumeister is an experienced energy professional with subject-matter expertise in energy policy and the solar and retail energy industries. In addition to previous roles with the Retail Energy Advancement League and Solar Alternatives, he has written for EcoWatch and National Public Radio (NPR).
Based on our survey of 1,000 homeowners with installed solar systems, solar panels cost between $15,000 and $22,500 before incentives for an average 2,000 square foot home. The actual price you pay will depend on a number of factors including the system size you need, the installation company and equipment you choose and the financing option you select.
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For the average home installing a 6 to 8kW system, solar panels will cost between $15,000 and $22,500 before applying incentives.
"Residential solar energy is gaining in popularity because of a few important factors — first, the cost has decreased dramatically over the past 15 years," said Matthew Aldeman, PhD, the associate dean of the College of Engineering at Illinois State University.
By using the 30% federal solar tax credit, you can expect to pay between $10,500 and $15,750. Most homeowners will recover the cost of their solar panels in electric bill savings in 8.5 years, resulting in savings of $25,260 over the lifetime of their system.
Homeowners in New Mexico have the cheapest solar panel costs, with an average price of $9,996 after using the federal solar tax credit. Solar panel pricing is the most expensive in Massachusetts, where estimated costs are around $18,900 after the tax credit.
There are many factors that impact the overall cost of your solar system. Learn which factors you can control to help lower the cost of your system and maximize your lifetime system savings.
Two significant location-based factors will determine your total cost and savings of going solar: the cost of energy where you live and how much sunlight you receive.
In states where traditional energy is more expensive, like California, Hawaii and New York, you stand to save more on energy bills when you switch to solar. However, if you live in a super sunny state like Arizona or New Mexico, you''ll have more daily peak sunlight hours, requiring fewer panels to meet your energy needs.
Arizona | California | Colorado | Florida | Georgia | Houston | Illinois | Las Vegas | Louisiana | Massachusetts | Minnesota | New Jersey | North Carolina | San Diego | Texas
Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | New York | North Carolina | North Dakota | Ohio | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin | Wyoming
Albuquerque | Atlanta | Austin | Bakersfield | Chicago | Colorado Springs | Dallas | Denver | El Paso | Fresno | Honolulu | Houston | Jacksonville | Kansas City | Las Vegas | Los Angeles | New Orleans | Sacramento | San Antonio | San Diego | San Francisco | Tucson | Washington D.C.
The typical U.S. household uses 10,632 kilowatt-hours (kWh) of electricity each year or around 886 kWh monthly. However, several factors can affect your energy needs, including the size of your home, how many people are in your household and if you have an electric vehicle (EV).
The higher your household''s energy consumption, the larger the solar panel system necessary to offset your usage. For example, based on our average cost of a solar panel at $3 per watt with installation, a 6 kW system would run you around $18,000, while a 12 kW system would double the cost.
The cost of your solar system is directly proportional to its size. The more solar panels you install, the more expensive your system will be.
The ideal system size for your home depends on personal factors like your roof size and angle, energy usage and location. Ultimately, solar system size depends on your household''s energy consumption and how much energy you want to generate with your panels.
The most cost-effective option when purchasing solar panels is paying in cash upfront. With a cash purchase, you will own your system and not pay interest on a loan.
However, because solar systems are expensive, paying in cash is not an option for most homeowners. The next best option is to put some money down and finance your panels. Although you will pay interest over the loan period, you will still own your panels and benefit from energy savings. The more money you put down, the less interest you will pay over time.
The cost of your panels and equipment is by far the largest expense you''ll pay during your solar installation. There are many solar panel options available, and the manufacturer, installer and type of panels you choose will affect the final cost of your system. There are three common types of solar panels: thin-film, monocrystalline and polycrystalline.
We recommend installing monocrystalline panels due to their high durability and efficiency. The overall system cost ends up being comparable to the cost of using the other types of panels available because you will need fewer monocrystalline panels to produce the same power output.
*Average cost calculations are based on wholesale pricing from Solar Electric Supply, Inc. and A1 Solar Store.
Another factor that can greatly affect the ultimate cost of your solar system is the installation company that you choose. Use the chart below to help you find a provider with an installation cost within your budget and request a free quote.
Although the exact cost of your solar panel installation will vary depending on the company and type of panels you choose, you can expect your equipment (panels, inverters, batteries, racking or mounting hardware, etc.) to make up nearly half of your total cost.
Labor costs, administration fees, taxes, building permits and electrical permits comprise the rest of your expenses. Jesse Solomon, the co-founder of NCSolarNow, explained the cost breakdown of a typical solar panel installation as follows:
Here is a sample cost breakdown using the national average cost of a 6kW system of $17,100:
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