What Is the Typical Cost of Solar Panels?

Solar panels can decrease your electricity bills and boost your home value by tens of thousands of dollars. With that said, people tend to be skeptical when deciding on whether to install solar panels.

So, the question still stands: how much do solar panels cost to install? What should I know about them before taking them on?

That’s what we’re here to look at today. Read on to find out more about the cost of solar panels.

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What Is Solar Power?

Solar power is energy that’s harnessed from the sun converted into thermal or electrical power. It’s one of, if not the cleanest type of renewable energy that we have.

Not only that, it’s extremely abundant and allows homeowners to invest in clean energy with only as much as a solar panel installation. This energy can be harnessed for anything from powering a house to heating your home.

What Are the Benefits of Going Solar?

One of the biggest reasons people switch to solar energy is the cost-effectiveness of the energy produced. By generating power from the sun, you can drastically reduce or completely eliminate electricity bills.

No longer will you have to rely on a grid system to get the power you need. Any rise in regional energy costs won’t apply to you since you’re hooked up to your own system.

Not only that, you’ll be reducing your carbon footprint and contributing to a healthier earth.

Thanks to thin film technology because turning light into power output has been much easier and faster. These innovative solar panels are a more popular option because they use less materials, help reduce costs, and create less waste. However, if you’re new to this technology, you may check some reliable resource websites to learn more information. For example, Korvus Technology wrote an article on thin film solar panels and everything you need to know about this technology. 

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How Much Does It Really Cost?

Installing solar panels costs anywhere between $15,000 and $25,000 according to the Center for Sustainable Energy. The exact price will depend on a few different factors.

A number of things will need to be figured out before assessing your overall budget. Let’s go over a few of those factors here:

Power Needed

The most important part of your budgeting process is understanding how much power you need. The plan here is to reduce or even get rid of your electricity bill.

By assessing your monthly electrical usage, you can get an idea of how much you’ll need from your solar panels. This helps you find out the size of the panels you need installing.

Type of Solar Inverters

A solar inverter refers to an electrical converter responsible for converting the direct current (DC) generated by the solar panels into alternating current (AC), which is the flow of electricity needed for running electrical devices. 

However, your choice of inverters may affect the overall cost of your solar panels. The following are the various types of inverters to consider:

  • String Inverters: They’re the oldest type of inverter wherein the solar panels are arranged into rows and each panel is placed on a string. String inverters are more cost-efficient than other types of inverters. 
  • Micro Inverters: They’re a more popular choice because they’re installed on each individual solar panel, allowing them to turn DC to AC on the roof. But despite this benefit, micro inverters come with a high price tag. 
  • Power Optimizers: They’re installed on each individual solar panel, but instead of turning DC to AC on the roof, the DC is converted using a string inverter. Power optimizers are also beneficial, like micro-inverters but when it comes to price, the former is much less expensive than the latter. 

Hence, if you choose a more expensive inverter, your total solar panel costs will be much higher. But if you opt for a less expensive inverter, you can also save on the overall costs. 

Size of Home

Don’t forget to look at the size and shape of your roof before you purchase solar panels. Not every home will be fit for panel installation.

If you’ve got obstructions like chimneys on your roof, you’ll have to work around it. This will likely affect your installation costs, so prepare accordingly.

If you’re looking for reliable solar panel installation in the South Carolina area, Blue Raven Solar is the best bet.

Government Credits

Don’t forget that the government often provides credits and other incentives to reduce the cost of your solar panels. While $15,000 sounds like a lot of money to earn back, these credits make it much easier.

Also remember that while you’ll be eating a few thousand dollars to get panels installed, you’ll be paying very little electric bills in the following years.

This means you’ll be profiting during the two decades that your solar panels remain active.

Address the Cost of Solar Panels Today

As more and more homeowners get solar panels installed, it’s crucial to know everything about its costs. Use this article to understand the cost of solar panels today.

For more informative articles on real estate and home improvement, check out the rest of our site.

Interesting related article: “What is Renewable Energy?