With the costs of traditional energy sources increasing, solar power has become a desirable option for those seeking affordable electricity. However, for those seeking to install solar power, there are many questions unanswered. How much does it cost to install solar? What are the various costs involved? How much should be expected to pay off in savings? These and other questions are what this article will address.
How Much Does It Cost To Install Solar?
In 2016, the cost of solar power has decreased significantly and is now more affordable for the average customer. However, this does not mean that solar power is a cost-effective solution for everyone. There are various factors that determine whether or not solar is right for a given homeowner or business. A few of these factors include the size of the system, the time of day that the sun is most abundant, and the location of the home or business. The cost of solar installation will vary from project to project and can reach anything from a few hundred to several thousand dollars, as summarized in the following table:
Cost To Install Solar (per watt)
Based on numerous studies conducted worldwide, the cost to install a solar system is roughly between 300 and 600 dollars per watt (0.3 and 0.6 kilowatt peak – 0.6 kW and 1.2 kW, respectively). What does this mean? It means that you will need to purchase between 300 and 600 dollars in equipment (solar panels, inverter, and charge controller) to generate power equal to one watt (W). This can vary based on the system design and the size of the system that you choose. For example, if you want a smaller system but can afford a 600 dollar investment, then you should choose that option instead of a larger one because you will be saving more money in the long run.
Size And Type Of System
Another important factor to consider when choosing solar power is the size and type of system that you want to install. The first thing to note is that larger is not always better when it comes to solar power. Instead, you should aim for a medium or small system as shown in the following table:
Solar System Size
Based on numerous studies, a small system (between 10 and 20 watts) will generate roughly the same amount of electricity as a medium system (between 25 and 50 watts). However, a large system (between 50 and 100 watts) will generate much more electricity than a small system. The general consensus among researchers is that a medium system is the perfect size for an average home or small business because it is just large enough to ensure that the homeowner or business does not suffer without electricity but not so large that it produces more electricity than can be consumed.
Pay Off Time
Another important factor to consider when choosing solar power is how long you want to wait to see your investment in solar pay off. How much does it cost to install solar? The answer to this question depends on numerous factors including the size of your system and how many hours per day that you intend on using your panel(s) to generate electricity. The answer will also vary based on whether or not you want to buy the system outright or lease it. As an example, if you choose the lease option and are sure that you will use the electricity generated by your solar panel every day, then you should expect your investment to pay off within three to five years.
Location And Latitude Of Home Or Business
The last but not least important factor that you must consider when choosing solar power is the location and latitude of your home or business. The first thing to note is that solar power is most effective in the northern hemisphere because this is when the sun is at its peak and can therefore be used to generate the most electricity. The ideal location for a solar power plant has a latitude between 35 degrees and 40 degrees north and does not exceed a 45-degree geographical latitude (the sun does not go down very far beyond this line – there are still some mornings when the sun does not rise at all and this means that you can generate power even when it is dark outside).
Once you have determined the factors discussed above, it is time to do your research and determine how much does it cost to install solar power based on the above information. You can then choose an appropriate size and type of system to generate the most electricity possible given your circumstances. For more information on the variables affecting the cost of solar power, you can contact the experts at SolarPowerEstimator.com.