That’s a question you might not want to know the answer to. For the average person looking to save money on their electric bill, having a company install their solar panels is not a wise investment. Still, how much does it cost to install solar panels on my home?
If you go to some websites that have a solar panel installation calculator you can find out what would be your savings. Sometimes it can get a bit confusing but I’ll try to make it simple for you here. With the guidelines in this article you should have a fair idea of what your cost for installing a (PV) panel professionally could be.
If you live in the U.S, it is assumed that your electricity bill is around $70-80 dollars a month. The reason is there are 730 hours in a month and the average cost per kWh is about $.10. It also depends on the different appliances being used in your home. For example if have a hot tub, video games, and big plasma TV’s can make a huge impact on the consumption of electricity. A good example is running air-conditioning all summer long, can increase significantly your bill.
If we are conservative the average solar panel can produce 10 watts/square ft. If the sun was shining 24 hours a day we could easily produce enough power for the average home with 100 sq. ft. of solar panels running at 10-12% efficiency. But the sun doesn’t do that as we know so we need to figure out how long does the sun shine on average in our area.
So, What’s the Cost to Install Solar Panels?
A few years ago a system that could produce 5-10 kWh would run you anywhere between $30,000-70,000. Those who got their solar panel systems installed on their homes will break even 20-30 years from now. Luckily they probably subsidized 50% of the cost from the utility companies because they offered some incentive.
At the time of writing this the cost of an average home could be $21,000 post incentive cost. Meaning after you get all the government incentives offered.
How can I Save all These Cost of Installation?
The good news is that there is an alternative to paying someone to install the PV panels on your home.
You can take the plunged and do it yourself. What??? no way!! Yes that is the cheapest other way to safe money on solar panel installation. It’s not as difficult as you might think it is. People with no experience in this field has tried it and succeeded in the process and learned a lot about solar power in the process.
If you go on a lot of “solar panel” forums you’ll find this to be true. Hey take it from someone that’s actually worked on his own solar panels and installed them himself.