Cost Of Installing Solar Panels In Your Home

How does system size impact the cost of solar.

Cost of installing solar panels in your home.

The average cost of a solar panel system for a home in may 2020 is 3 18 per watt making an average 7 kw installed residential solar power system 22 260 before the 26 federal solar tax credit and 16 472 once the tax credit is applied. Installing a solar panel system costs an average of 23 597 and dropping. The average cost of installed residential solar power systems is currently 2 60 per watt. At that price a typical 7 kilowatt kw home solar system would cost 22 260.

A typical 6kw system costs 11 544 after claiming the 26 solar tax credit. In others you ll pay 20 cents or more. You pay your utility company for every kilowatt hour kwh of electricity you use and your rate varies significantly depending on where you live. Our data shows that the average cost of a residential solar system in 2020 is 3 18 per watt before the federal tax credit.

In some parts of the country you can pay as little as 8 cents per kwh. Knowing the average cost per watt is helpful but what does 2 91 watt actually mean for you. Until the end of 2020 you can deduct 26 of the installation costs with the federal investment tax credit itc. Expect to pay 2 50 to 3 50 per watt with most systems in the 3kw to 10kw range.

Solar power systems are very custom based on the home roof type shading and utility. Installation of panels for the average 5kw system ranges from 11 100 22 400. Usually range from 11 144 to 14 696 after solar tax credits and the average price per watt for solar panels ranges from 2 51 to 3 31. The cost would fall to 16 472 20 after claiming the 26 solar tax credit.

Solar energy costs 0 08 to 0 10 per kwh to produce on average depending on your location. In california where the average system required is 4 23 kw solarreviews research data shows that the average solar panel installation cost as of jan 2020 is 2 78 per watt meaning the 4 23 kw system would be 11 753 before the solar tax credit and 8 701 after the federal tax credit.