People have 3 questions on their mind when they plan to get solar panels installed on their rooftops or on their businesses: The efficency of solar panels, the benefits of solar panels and the most importanty the cost of solar panels.
Solar power is a nature-friendly and sustainable energy source and becoming more and more popular everyday. The number of solar panel installation has doubled in the last 5 years but people has concerns before jumping into the installation. The biggest concern is the cost of solar panels.
The answer is that the cost of solar panels depends on your wishes. The cost goes up or down according to the size of solar panels that you want to get installed.
How much does solar installation cost?
The first thing we need to talk is how much electricity you need at your home. This need depends on the electonical devices at your home. If you are using the electirycity for cooling, heating or heating water, you may need bigger solar panels than someone who uses solar power just for heating water.
This perspective also fits for the businesses. If your businesses require lots of electricity, you will need bigger panels.
For the purpose of providing you with a basis of information for calculating solar installation costs, we’ll look at some average electricity costs for US homes, but it’s important to remember that these may vary based on the aforementioned variables, as well as based on fluctuating energy costs across the country, and it is always a good idea to consult a professional to determine the appropriate size and cost of installing solar panels on your home.
how panels you need not only depends on your electricty consumption but also how much sunlight your house gets. For example, a house with more sunlight will need less solar panels.
The average generating capacity of a solar panel is 10 watts per square foot at a panel conversion efficiency of 12 percent, which translates into 100 square feet of solar panels per kW you generate. That 100 square feet of solar panels would be enough to power your home if the sun were out 24 hours a day; since it isn’t, you need anywhere between 400 and 800 square feet of solar panels to power your home for the entire day, depending on where you live and how much sun exposure your home gets. Of course, these are estimates. Your home may consume less energy and thus require fewer square kilometers of solar panels, or it may have higher sun exposure and thus require fewer square kilometers — or the opposite may be true. It’s important to have a much clearer outline of the characteristics of your house in order to get an accurate idea of the cost of installing solar panels on your home.
How much will solar installation cost you?
Before we get into the average costs, it’s important to note that the way you store your solar energy will also play a role in the cost of installing solar panels in your home. You have a couple of options for this, including using batteries to store energy, or using reverse net metering to monitor how much surplus energy flows into the grid so you can be awarded credits for when your solar panels aren’t generating power and you need to consume your energy from the grid. However, when it comes to calculating solar installation costs, you also need to know what components of the solar photovoltaic system you will be required to install in order to make your system effective.
What components are required in the installation of your solar photovoltaic (PV) system?
There are usually four components: the solar panel, which harnesses the sun’s energy and converts it to electricity; the controller, which regulates the flow of electricity, protecting the battery; the battery, which stores electricity for later use when the solar panel isn’t producing electricity; and the inverter, which converts the stored energy into a form of voltage that can be used to run standard electrical equipment. Factoring in the cost of each component, the cost of installing solar panels averages at around $7-$9 per watt. That means solar installation costs for a 5kW system would be between $25,000-$35,000.
Of course, the cost of installing solar panels may not actually be so expensive, especially when you factor in government and utility company incentives, and even though it may seem like there is a long payback period before you start to see the benefits of your installation, that payback period is shortening as the cost of traditional energy sources continues to rise, and as the technology behind the solar PV installation becomes more efficient and more inexpensive. In fact, it is largely the cost of the auxiliary equipment that drives up the cost of installation, and as those prices become more affordable and incentives make them more accessible, solar PV systems are getting closer and closer to achieving a 10-year payback period, even without subsidies.