HOW MUCH DOES IT COST TO INSTALL SOLAR PANELS? – The cost of installing solar panels has changed dramatically over the last few decades, as the technology has developed far greater efficiency and the growing market has led to increased production and competition. A report by the International Renewable Energy Agency (IRENA) found that between 2010-2019 the cost of solar photovoltaic power dropped by 82% globally, and similar patterns can be found in the costs of installing the panels themselves.
- When you consider the sheer number of businesses in operation, it’s no surprise to find that costs have dropped.
- According to the Solar Energy Industries Association’s National Solar Database , there are more than 10,000 solar businesses in the US alone.
- So what will your average residential and commercial solar panel installations cost in 2022? There are a few factors to consider, but today any solar power system installed professionally in the US should cost you somewhere between $2.60 and $3.20 per watt.
Paying in that range should also ensure you receive high-quality customer service throughout the 25-year lifespan of your solar panels, as well as a quality installation that will withstand the changing seasons. Up-front, the average residential solar panel installation costs between $18,000 and $20,000 in 2022, but once you apply your federal solar tax credit that cost will plummet to somewhere between $13,320 and $14,800.
Does solar add value to your home?
How Do Solar Panels Increase Home Value? – The energy savings provided by solar panels translate into better value for your home. The National Renewable Energy Laboratory (NREL) found that every dollar saved on energy through solar increases home value by $20.