Solar panels cost: All you need to know

As the cost of energy has risen to unmatched heights during the past few years globally, people all around the world have begun shifting to alternate energy sources in a bid to cut the costs of living.

Gratefully, the invention of solar energy-converting technology proved remarkably fruitful in such times.

Nevertheless, the notion that grips people at the end of the day is that of costs.

Are you too intending to invest in solar panels? Then you’ve stumbled upon the right post.

Let's reflect on how much the installation of solar panels would cost you on average.

Average cost of solar panels

Solar energy comes for free, not the installation of the required gear including solar panels and batteries.

Cost may differ because of various factors, but the average cost of good-quality solar panels is between $1 and $1.50 per watt.

Types and costs of solar panels

Monocrystalline, polycrystalline and thin-film are the three types of solar panels available on the market.

Monocrystalline: This type of solar panels is the common choice for residential installation as they ensure the highest efficiency rates from 17% to 22%. However, the average cost for these panels is between $1 and $1.50 per watt, but prices may vary as per the place you reside in.

The table below provides efficiency rates and costs for a 6KW system of the types of solar panels mentioned above.

• System size: The cost of your solar system is directly proportional to the size you're willing to set up. The bigger the system you will install, the bigger will be the investment.
• Energy needs: The more energy you regularly need to consume, the bigger the solar panel system you'll require to match your needs.
• Location: One of the most significant factors that determine your total cost is actually location-based: the cost of energy where you live and how much sunlight you receive.