The price of solar panels has decreased in 2022 but remember that they are still not cheap. What used to be priced at around $55,000 ten years ago is now offered at $25,000 or less.
The price depends on your requirements, the company or manufacturer of the panels, and where you live.
The average cost of the installation is around $20,000 since you have to take into consideration the federal solar tax credit. The question of most homeowners is when they will break even on the panels installed.
Having the panels installed is like an investment that you will regain the total cost or more after several years. In this case, it might take around eight years.
It will help you make your decision about this project when you look at solar power as a long-term investment than a single product purchase.
What’s with the High Cost?
Here’s a breakdown of what you are paying for when you have solar panels installed:
Your contractor will charge fees, depending on the labor rates they have. It only goes that the more popular and reputable the company is, the higher the labor cost it will require.
Bigger panels are more expensive, but they also produce more energy. However, the size of the panels will depend on your energy consumption and the space you can allocate for the panels.
The brand also matters when it comes to the panels. As much as possible, choose brands with a good reputation for being sturdy and efficient. This way, your money won’t go down the drain, and you will regain your investment faster.
Interconnection and permitting
The total cost will also include the interconnection fee and all permitting expenses required to have the panels installed.