Solar is an abundant energy source that is clean and renewable, unlike coal, oil, and other forms of polluting non-renewable energy. In recent years, more and more American households have chosen to switch to solar energy by installing solar panels on their property, commonly on their roofs.
One of the reasons behind the rise in popularity of solar energy has been the sharp decline in cost. Solar installation is around 70% cheaper today than it was a decade ago.
Some of the benefits of installing solar panels include significant energy savings and reducing your home’s carbon footprint. In this blog post, we will answer the question, “How much do solar panels cost?” Read on to learn the factors that determine prices.
How Much Do Solar Panels Cost?
In order to give an accurate answer to the above question, it is necessary to consider a number of different factors (which we will do below). However, let’s look at the average cost of solar panels in a state like Kentucky for a 6 kW solar system.
In Kentucky, the average cost per watt is $2.34 and the average cost of a 6 kW solar system (after tax credits are applied) is approximately $10,390. This represents one of the most affordable prices in the United States.
Homeowners will generally pay off the cost of installation within around 4 to 8 years. Today’s solar panel systems have a lifespan of approximately 25 years. Therefore, there is the potential to save thousands of dollars in energy bills over the course of its lifespan.
What Factors Determine Solar Panel Installation Cost?
The first consideration when determining the cost of a solar panel system is its size. As highlighted above, a 6 kW is a popular size option for many American households. Generally, systems between 4 kW and 8 kW are best suited to need the typical household’s energy needs.
Location is another consideration; households in areas with more sunlight will benefit most from solar panels. The amount of electricity generated will help to offset the upfront cost of the system. Through net metering, you will also be able to sell excess electricity to the main grid.
Other considerations include local market conditions, state and national incentives, and the system equipment type and manufacturer.
If you want to get a custom quote for solar installation in Kentucky, reach out to Blue Raven Solar.
Make the Switch to Solar Energy Today and Save
Today, many people feel that they have a duty to protect the environment and see solar energy as an important step they can take. In addition to reducing one’s impact on the environment, solar energy can help households to save thousands of dollars on their energy bills.
If you have been considering buying solar panels, now is the very best time to do so thanks to the affordable prices.
Did you enjoy our answer to the question “How much do solar panels cost?” If so, be sure to check out our other interesting articles on the rest of our blog today.