The Average Cost of Solar Panels: A Comprehensive Guide for 2023

As the Earth gets warmer, Americans are looking for alternatives to the otherwise non-renewable energy sources like solar panels. As a result, many are looking towards powering their homes and even their vehicles in new and innovative ways. In this article we will review the average cost of solar panels.

Solar energy, in particular, has been on the rise in recent years as technology has improved to support it.

From tiny homes to mansions, anyone can use this renewable energy source in their homes. Here, we go over everything you need to know about solar energy and the average cost of solar panels across the U.S.

Average Cost of Solar Panels

Solar panels cost more in some states than others. The average cost of solar panels, after federal incentives, comes out to around $12,000.

The cost of electricity is the main determinate when calculating solar. The amount of sunlight an area receives is also another key factor.

The starting price for a 6 kW system can vary from $14,000 in North Carolina by Blue Raven Solar, to $19,560 in Hawaii.

Types of Solar Panels

The three main types of solar panels are monocrystalline panels, polycrystalline panels, and thin-film solar panels.

Monocrystalline and polycrystalline panels are both made from silicon, with monocrystalline being the more efficient and expensive version.

Thin-film solar panels are used if a lighter material is needed in the installation process. Homes with a smaller roof space will need to use more efficient residential solar panels.

But among the main types of solar panels, thin-film solar ones have become increasingly popular. This is because of the advent of several thin-film deposition systems like the HEX series and other related technology, which have become widely accepted in the solar panel industry.

These deposition systems are designed to develop thin films used as solar panels. For instance, thin-film modules with less silicon requirement in the manufacturing process are looking to outshine crystalline silicon solar panels (c-Si).

How Many Panels Do I Need?

The energy needs of the client determine how many panels they will need. The average home requires around 905 kWh per month, or 10,850 kWh per year, in electricity.

Solar power calculations are based on the amount of energy your home is able to produce. Other solar companies use your regional solar irradiation to create the estimate, while some use the size of your roof.

Typical electricity consumption is also monitored and can be used to calculate solar panel costs.

Benefits of Solar Panels

Setting up residential solar panels in your home can cut your energy bill down by as much as 75%. The average cost of electricity a month for Americans is between $100 and $200. This means, depending on the area you live in, it could take as long as 20 years to break even on your investment.

Incentives

There are also multiple federal tax credits for installing solar panels. The federal residential solar energy credit is a tax credit that can be claimed on federal income taxes for a percentage of the cost of home solar panels. This tax credit can range from 22% to 26%.

Is Now the Right Time To Invest in Solar Panels?

The average cost of solar panels can be daunting. However, with the many incentives offered by local and national governments, it is becoming a more appealing option to homeowners.

Don’t wait, start saving money today by installing your own solar panel system at home. You can refer to our blog for any more questions regarding solar power.