In the past few years, solar technology has not only expanded its reach but has exceeded the expectations of many solar energy experts. Increasingly, people are moving towards this renewable energy source. However, the popular question remains, “How much does solar cost?” Well, the cost of installed solar panels can vary largely depending upon various factors. Before diving into the cost of solar installation, let us try to see the various categories into which the panels can be divided.
Solar panels may be classified into various categories based on factors such as generation that focuses on the efficiency and the material of the various types of solar panels. They can also be categorised based on the number of junctions such as single-junction and multi-junction solar panels. Apart from the cost of panel installation, solar panel cost per watt also matters a lot. It depends on the power consumption and the cost of power in a particular region. So, how much does it cost to install solar panels?
Solar Power Costs
A solar energy system requires upfront investment where the solar modules are the largest single contributor to the overall cost. Other necessary equipment includes an inverter to transform direct current (DC) to alternating current (AC), metering equipment and other housing components such as wiring gear and cables.
Apart from the installation costs, there can be expenses associated with operating and running a PV solar array. Further, there can be replacement or repair costs after several years of usage. Despite the above costs, solar PV systems are in demand. The main reason behind it is the returns associated with the solar installation. For instance, customers can save a significant amount via net metering. Net metering allows you to redirect any surplus energy back to the grid. Based on the state’s policy, the power company offers concession in bills depending on the energy received from your solar PV module. Another advantage of using solar energy is its low production cost. Solar power is also among the cheapest sources of energy available. With further advancements in technology, solar energy will become the first choice for consumers.
If you are wondering about the expense of a working solar system then there you can benefit from online solar calculators. These advanced tools help you to determine the potential expense as well as savings that you can have if you decide to go solar. Besides, using these online solar calculators are simple. You just need to enter some basic details such as your location, electricity bill and so on. Based on your input, the online tool will provide you with a detailed report on your solar potential.
Economical Solar Solutions for Home
The two most economical and widely used solar PV systems for household usage include off-grid and grid-connected solar panel system. An off-grid system is feasible when one experiences regular power cuts and is looking for a power backup solution. The advantage of this system is that it comes with a battery. Thus, it can be used even when there is no electricity. Alternatively, a grid-connected system makes more sense when you want to save on your electricity bill. A grid-connected system does not have a battery. Thus, any surplus energy is sent to the electricity distribution company. In this way, a grid-connected system can be financially beneficial to the consumers.
The above comparison presents a subjective view of the solar arrays and the associated costs. The customers should do detailed research before investing in solar technology.