The cost to install solar panels on your home depends on several factors, including the size of the system, whether you’re going for a mono- or multi-stall setup, and whether you want a residential or commercial system. Installing solar panels on your home can have several financial benefits, including reducing your carbon footprint, saving you money on your energy bills, and providing emergency power in case of a blackout. However, before you begin your home solar panel installation project, it is important to understand how much it will cost you.
The Cost of Solar Panels Varies Depending On Several Factors
The cost of solar panels depends on several factors, including the size of the system, whether you’re going for a mono- or multi-stall setup, and whether you want a residential or commercial system. Smaller systems (such as those suitable for a residential application) are typically less expensive than large commercial systems. If you live in a rural area, the distance to the nearest electrical grid pole also affects the cost of solar panels. The closer you live to a grid pole, the less expensive electric power is, as the local electric company will not have to boost the power to compensate for long distances.
Mono- vs. Multi-Stall System
Installing solar panels on your home can be a pricey project, but you can reduce the cost significantly by going for a mono-stall system. A mono-stall system consists of only one set of solar panels that generate electricity on one side. This reduces the amount of materials needed for construction, as well as the number of people and trucks needed to install the system. On the other hand, a multi-stall system consists of two or more sets of solar panels, each generating electricity on one side. This not only reduces the cost of materials and installation labor but also allows you to capture more solar energy.
Residential Or Commercial
The type of system you decide to go for will determine whether you want a residential or commercial setup. A residential system is suitable for individuals or small businesses, while a commercial system is built for larger businesses or organizations. If you decide to go for a residential system, you can save a good deal of money with a cost-efficient, yet high-quality system, as most systems fit for a residential application are quite reliable. If you decide to go for a commercial system, you will need to take into consideration the cost of goods you will need to buy in order to make it operational.
To determine the cost of solar panels, you will need to know the following:
Voltage Rating
The voltage rating determines the amount of electrical current the system is capable of producing. The higher the voltage rating, the more electricity the system will generate, and the more costly it will become. Check with the manufacturer of the system to find out its voltage rating.
Curb Appeal
Installing solar panels on your home can improve its curb appeal, which is a measure of how attractive a home is from the outside. If you plan on selling the home anyway, the improvement in curb appeal will translate to a higher selling price.
Energy Cost- Savings
The average cost of energy in the United States is currently $0.12 per kWh, which is higher than the world average of $0.09 per kWh. If you decide to go for solar panels on your home, you can expect to see your electric bills decrease by at least 10% once the system is up and running.
Disposal Cost
Once you are finished with your residential or commercial solar panel setup, you will need to take into consideration the disposal cost of the materials. The cost to dispose of solar panels and their components is quite high and can range from $600 to $1500 per tonne. Steel and aluminum are the most common materials found in residential and commercial solar panels, and it is important to consider their disposal when calculating the cost of the system.
Total Cost
To calculate the total cost of solar panels, you will need to add the cost of the materials to the cost of installation. The cost of installation will vary depending on the type of system you choose, but as a general rule of thumb, the larger the system, the higher the cost of installation will be. If you have a budget in mind, it is advisable to shop for a system that has a good price-quality ratio.