The cost of solar power has gone down significantly in the last decade. In fact, it is at its most affordable in over 30 years.
Aside from the lower cost, solar power systems are now more efficient than ever. Recent technological advances have made the design and quality of solar power systems better than they have ever been. If you’ve ever considered going solar, this is the best time to do it.
What is the average cost of a home solar power system?
The average total cost of solar power installation is between $15,000 and $35,000, depending on where you live, what solar power company you choose, and the kind of system you go with. An average-sized system of 4 kW should cost about $15,000 while a large system of 8 kW with more panels should set you back about $30,000.
You don’t have to pay that much upfront as some companies offer $0 down payment schemes. Many companies subsidize the system costs and offer incentives. Some companies subsidize as much as 50% of the cost to ease homeowners into the shift.
How the cost of a solar power system is measured
The larger the solar power system, the higher the cost. But a residential solar power system is more than just its panels. There are many other components and factors that determine how much it will set you back.
Equipment costs make up nearly half of the total cost of a solar power system. Equipment includes the solar panels, wiring, inverter, and mounting hardware. Solar installation and permits account for about 35% of the total cost. Sales and operational costs, which include monitoring, maintenance, and repairs, account for 15% of the total.
With energy prices constantly on the rise and the planet in danger from global warming, it’s time to switch to solar power. Thinking about going solar? We’ll talk more about how solar panels can help you save money in our next article.