How Much Do Solar Panels Cost?
How much do solar panels cost? This is a huge concern for people interested in the new technology. Obviously, the initial cost has to be higher because of the supposed savings down the road. You also have to figure in state incentives and rebates that might come along later. The very short answer to the question is that you could spend anywhere from $15,000 to $20,000 depending on how big of a system you’re looking for.
You’re probably also wondering how installation will work, as well. How much you’ll spend on this all depends who is doing the work for you, though some companies may include it in the price if they’re selling an entire package.
Many people are still wondering how cost effective solar power actually is. The big question on everyone’s mind is how long will it take to recover the initial investment? Obviously, this varies by how big your system is and how much energy you normally spend, but the generally accepted estimation of how long it will take is 8 to 10 years. Are the savings worth it to you? Do you know what your current cost per kilowatt hour is?
You also need to consider where you home is. It needs to have direct access to the sun and be facing toward the south in order for the photovoltaic sensors to gather the necessary UV light. You can get a tracking system installed apart from your house but this is more expensive, usually.
So you see, all these prices and costs begin to add up. It’s really a very long term investment. If you’re just getting into the residential market and plan on owning your own home, you will definitely benefit from solar panels in the long run. If you’re looking to move from house to house for a while the future savings may be out of your reach. Even though you can sell a house for more money with pv panels installed, the cost of buying them and setting up the system will be more expensive.