Last year, Biden signed the Inflation Reduction Act, which extended the solar tax credit, helping many homeowners.
Until 2032, people can qualify for a 30% credit in installation costs for solar panel technology. This makes going green affordable from the start, and you don’t have to wait years for reimbursements.
If you’re interested in getting solar panels, the type you get will determine the overall costs. Keep reading to learn about the cost of solar panels so you can financially prepare yourself!
Monocrystalline Panels
One of the best ways to justify the cost of solar panels is by investing in the most efficient styles.
Monocrystalline panels are the most efficient energy producers and the materials are long-lasting. Although these panels tend to cost more than other options, you won’t have to worry as much about maintenance or relying on outdated forms of energy.
The individual cells in the solar panels are made of silicon. These small fragments help absorb the most energy and can quickly convert it to power. Depending on where you get your panels, you can expect to pay between $1 and $1.50 per watt.
If you wanted to get a standard panel, for example, it would cost less than $375 in total. Standard panels typically run on 250 watts. You must identify your average wattage used to invest in enough panels.
Thin-Film Panels
Thin-film panels cost about the same as monocrystalline panels, however, they each have benefits.
Although thin-film panels cost the same as monocrystalline panels, they aren’t as efficient or powerful. What makes thin-film panels so desirable is that they are portable and convenient. Whether you want panels for your home or job, these panels have quick installation and repair times.
Most people install thin-film panels on rooftops. They can send energy to your outlets, street lights, and even traffic signals. If you’re frequently traveling or live on a bus, these panels are the most suitable option for power. In case of emergencies, you could rely on these panels to control temperatures in the vehicle and charge devices.
If you wanted 6kW of power, your total installation should cost less than $9,000. Check out blueravensolar.com and look into solar panel financing. You can generate clean energy and save money in the future with this investment.
Polycrystalline Panels
If monocrystalline panels are over budget, and thin-film panels won’t last, polycrystalline is best.
Typically, polycrystalline panels cost less than $1 per watt, making them very affordable. With less than $5,000, you should be able to go green and install an efficient system.
Polycrystalline panels may not be the most effective on the market, however, they don’t fall far behind the leader. There is often less than a 5% difference in efficiency levels between each of the options, so if money is a factor, don’t go over budget.
Out of all the options, polycrystalline systems are the most affordable. If you want to test out solar power before fully committing, you can install a few panels to see how efficient they are.
Installation Fees
Solar panel technology and materials cost much more than the installation fees.
Professional solar teams won’t charge you a lot for installation, since the parts are the most expensive component. It takes teams 1 to 5 days to install solar panel systems, but most homes are quick projects. Warehouses and steep rooftops raise fees and timelines, so you’ll have to consider your specific project.
When you request quotes from installation teams, verify that all of the costs are included in the total. It’s common for businesses to include these fees within their original quotes to avoid misleading customers.
The type of system you get will influence your overall costs. Solar panel installation bills average around $21,000 in the United States. Keep in mind that your materials are included in this price.
Maintenance & Repairs
Depending on how well you take care of your panels, you should keep them in good condition for less than $200 a year.
Inspections and cleaning will account for most of these costs, but unexpected damage can occur. If a storm blows through and damages your panels, for example, you’ll have much more significant repair costs, even with insurance. By keeping up with panel maintenance, you can reduce these expenses and improve the efficiency of your panels.
Take time to clean your panels and check for damage. If you catch damage or debris quickly enough, you can save yourself thousands of dollars. Clean your panels with water, and if there is built-up residue, gentle dish soap can help.
Reimbursements You May Qualify For
Aside from the Solar Tax Credit, there are other reimbursements for getting solar energy.
Each state is making efforts toward sustainable living. New York, Texas, and Maryland, for example, all offer incentives to make your solar installation more affordable. You will have to cover the costs up-front, but after you apply, you can get a portion of your money back or bypass certain taxes.
It would help to talk to a financial consultant or solar panel representative to learn more about your local reimbursements. Business owners can benefit from reimbursements, especially if the company fully goes green.
Better Predict Your Cost of Solar Panels
Many influencing factors could change the cost of solar panels.
Understanding the types of panels can help you determine which options are suitable for your current budget. Since monocrystalline tends to cost more, home and business owners opt for more affordable options. If you’re worried about the costs, you can speak with someone about reimbursements and tax credits.
If you want to learn more about getting solar panels and switching to sustainable energy, check out our page for the latest content!
