The Average Cost of Solar Panels: A Basic Guide

How do you celebrate Earth Day?

Many people gather together and pick up litter around their community. Some plant trees in response to deforestation. Others find alternative methods of transportation instead of relying on fossil fuels, like walking or riding a bike.

With summertime just around the corner, now is a great time to consider switching to solar energy within your home. Solar energy is an important resource that creates clean, renewable power.

The average cost of solar panels decreases year after year, making it a much more affordable option now more than ever.

Keep reading to learn more about solar energy and how much it will cost to make the switch.

Types of Solar Panels

There are three main types of solar panels: monocrystalline, polycrystalline, and thin-film. When choosing panels for your home, the two types you will be reviewing are mono and poly.

Mono panels are regarded as a premium solar product. Because it uses single-crystal silicon, it is the most energy-efficient option. Basically, it provides more space for electrons to move, which means electricity flows more freely.

Poly panels are a more affordable option for homeowners desiring to use solar energy, but aren’t as efficient as mono panels in comparison. Poly panels are also designed using silicon, but fragments are melted together to produce wafers for the panels.

Whereas mono panels last at least 25 years, poly panels may last up to 25 years, but are not guaranteed. However, one of the pros to poly panels is that they are more resilient than mono panels in harsher weather conditions.

Average Costs of Solar Panels

On average, solar panels can run somewhere between $17,000 to $24,000. It may seem a lot of cash to dish out, but the cost savings over time adds up and exceeds that initial investment.

Typically, your solar panel system will pay for itself in just a few years.

Not only this, but homebuyers are now incentivized to purchase solar panel systems for their homes. Federal tax credits are offered for supporting energy-efficient alternatives. States and local governments may provide additional tax credits or cash rebates, as well.

Financing is common for solar energy systems. This includes installing solar panels. If you are in the market to purchase a new home, there are programs available where you can make energy-efficient upgrades to the property as part of your new mortgage.

Additionally, a solar provider offers solar leases, which is comparable to renting a system.

Solar loans are also an option, which come with lower interest rates and often have a $0 down-payment required.

Making the Switch to Solar Energy

Solar energy is not only a smart choice for the environment, it is a financially responsible decision as well. With climate change affecting us more than ever, it’s time for us to seriously consider other ways to produce energy.

If you’ve been deterred by the solar panel prices, hopefully, you now have a better understanding of the average cost of solar panels, what’s included, options for purchasing, and how affordable it really is to make the switch.

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