Nowadays, people are massively buying solar panels to meet their energy needs. Are you curious as to what the purchase and installation of solar panels will cost you? Then read more below.
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Price structure
In recent years, the price for solar panels have dropped dramatically. The price for solar panels is made up of the panels themselves, the inverter, the wiring, installation, and any additional costs. The price of solar panels also depends on the type of solar panel, the power, as well as the brand.
Price tag
In general, the price depends mainly on the number of people in your household and the number of panels you need to purchase. The table below shows the average cost of solar panels per household together with the annual savings and the number of panels required.
| Persons | Consumption in kWh | Power in Wp | Panels | Costs | Savings |
| 1 | 2,300 | 2,700 | 11 | $5500 | $570 |
| 2 | 3,400 | 4,000 | 16 | $8175 | $840 |
| 3 | 4,100 | 4,800 | 20 | $9830 | $1000 |
| 4 | 4,600 | 5,400 | 22 | $11000 | $1125 |
| 5 | 5,300 | 6,200 | 25 | $12550 | $1300 |
| 6 | 5,400 | 6,350 | 26 | $12900 | $1330 |
Factors influencing the price
There are several factors that you, as the house owner, can influence when it comes to the price of solar panels. These are the following:
The Type: There is a wide range of solar panels to choose from, so you can either opt for the cheap or the more expensive solar panels.
The brand: The quality of solar panels depends on the brand. The price is higher for high quality solar panels.
Number of panels and installer: The more panels you need to install, the more you will be paying. Also verify to ascertain that the installer you have hired is certified to do the job.
The Inverter: Since inverters generally have a shorter life span than solar panels, you can assume that you will need at least 2 inverters for the solar panels during the entire life span of at least 25 years.
The location of your roof: Do you have a flat or pitched roof? The slope is particularly important for calculating the ideal yield.
Additional options: These options are often optional, think for example of a monitoring system or a solar boiler.
Advantages and disadvantages of solar panels
By installing solar panels, you can benefit from several advantages. For example, by generating your own electricity you can save on your energy bill and are no longer be dependent on fluctuating energy prices or the energy supplier. Furthermore, solar panels are environmentally friendly and do not emit CO2. Furthermore, the system is reliable and easy to install. You can also generate electricity with solar panels during the winter months, the value of your house increases, and you will get to pay less for electricity. After all, solar panels require little maintenance and hardly wear out at all.
There are also a few disadvantages associated with the use of solar panels. Think of the high price tag attached to the solar panels. You should also consider that not every roof is suitable for the installation of solar panels due to the slope and that solar panels no longer makes one eligible for a national subsidy in Germany and in most other countries (Although, a solar incentive is still available for home and business owners in the US). With a solar panel installed, you can also expect an increase in the amount you will be paying for your house insurance. Finally, most households still need to purchase additional energy from an energy supplier, and you should keep in mind that the return on investment of solar panels decreases over the years.
Savings and return on investment
Solar modules achieve considerable annual savings. The amount of savings varies depending on the type of solar panel. The payback time of solar modules indicates how long it takes for the initial investment to be paid back by the annual savings. The average payback time of solar panels is 8 to 9 years. Furthermore, an average annual saving of 85% of the power output is assumed. To ensure a high return on investment, make sure you buy the right type of solar modules and have them installed in the right place. In this way, you will benefit from higher annual savings. At the end of the payback period, you benefit from the pure profit of your solar panels.
Compare the cost for solar panels
By buying solar panels you are being environmentally friendly, while also saving on your energy bill because you generate your own energy. Are you curious about the cost of solar panels in your situation? Ask for a free quote to be able to compare the cost of solar panels in your region.
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