Solar costs have dropped more than 70% since 2010 and is considered the cheapest form of electricity worldwide following a report released in early 2016. Renewable energy is the future.
How much does solar really cost?
Pricing varies based on system size, price per watt, the state you live in and the quality and efficiency of the equipment used. The average total cost of a solar system can range between $12,000 to $30,000 (anywhere from 4kW to about 10kW) based on these factors, with a 30% federal tax deduction off the total system cost for purchased systems. The full price tag doesn’t just factor in the price of the solar panels ─ it includes other components like wiring, racking materials, microinverters or string inverters, and a monitoring system to track panel performance.
For the average middle-class homeowner, however, Suntuity Solar offers $0 out-of-pocket options ─ all you’ll have to do is pay a lower electricity bill while we take care of the rest. We also often install higher-than-average system sizes whenever possible in order to maximize solar production and monthly savings for each customer. The average homeowner can reduce their monthly electricity bill by up to 25% or more, depending on the system size, electricity rate, and usage, among other factors.
How much does one panel cost?
Residential solar panels vary in price depending on panel size and price per watt. Small do-it-yourself projects that require only purchasing a few panels will have a higher price per watt (averaging around $1-$1.25), but solar panels are also available to be purchased in bulk at a reduced rate. The average reduced price is roughly 75 per watt, which would make a 300W panel cost about $225, give or take. The most frequently installed residential solar panels range anywhere between 150W and 350W for a standard solar installation. Most solar installation companies offer panels anywhere from 280W-325W, the availability of which is dependent on availability and market demand.
How much can you actually save by installing solar for your home?
Not every home is eligible for solar, which is why it’s considered an exclusive offer. Solar savings is determined by multiple factors including roof space, roof shading, tilt, utility rate, utility usage, and the state you live in. Conservatively, eligible homeowners can save up to 25% on their monthly electricity bill by switching to solar. If your bill averages $150 per month, for example, you could save more than $11,000 over 25 years. Again, this is a conservative estimate ─ many homeowners save upwards of 40-50% each month.
As the most widely used $0 down financing option, PPAs allow you to pay solely for the solar power that you produce with no upfront cost and price predictability throughout the length of your solar agreement.
Another $0 down option, lease agreements offer a fixed monthly rate for the solar energy your home produces and will never fluctuate. You’ll know what you’re paying today, tomorrow, and for the next 20 years.
If you’d like to own your solar system, Suntuity Solar offers $0 down loan payment options which will allow you to take advantage of the 30% federal tax credit.