With the variety of solar panels available on the market today, there is no shortage of options for you to choose from. What is most important, however, is the money that a solar panel and its array can save you to make the investment in a solar power system worthwhile. So what exactly do solar panels cost, and how much can it slash off your home or business energy bill?
The fact is that there is no one simple answer to the question. The purchase cost of a solar panel can seem very reasonable and end up being less efficient than you would have liked, whereas the more expensive panels could see you make bigger savings in the long run.
In order to get an accurate idea of the true cost of a panel, it’s important to know what precisely the energy needs of your home or business are. Once you know that, then you can go about calculating the true figure.
If we look at the initial cost of a panel, most pre-fabricated panels cost less than $1,000, though that depends on the particular size and power that it is, as well as the type of solar cells of which it consists. Polycrystalline photovoltaic panels are the most popular and most efficient type, with some of the major brands – like Mitsubishi, Kyocera, and SunPower – charging around $550 for a 110Watt panel. Some 200Watt panels can cost up to $800 each but come with a 25-year warranty.
Depending on your energy needs, you may need to purchase several individual panels and this is where the second issue comes to the fore. The investment can be repaid over a number of years (obviously, the shorter the better), while the cost per watt of the panels used is also a factor. Most individual panels of around 60 cells and 200Watts will have an $8 to $12 per watt cost, with 2kW systems (complete professionally installed system) costing around $20,000 and 5kW systems (enough for all your home needs) costing around $40,000.
What is important is to calculate your watt-hours per month to find out how much electricity you actually need, and from that how much you can save on your bill. Simply look at your current electricity bill and convert the kilowatt per month (KWM) figure to watts per month (multiply by 1000) then divide by 30 to see the average daily electricity need. Multiply that figure by the per watt cost of your panel to estimate your monthly cost. The figure should be significantly less than the bill total you currently have.
Remember, the initial price of the panel is only one factor to consider, and with warranties of as long as 25 years, there is time to earn back your investment. Of course, in most countries there are incentives offered to those who switch to solar power with some states in the USA tax credits of around 30%.
If you go through these steps then you can accurately estimate the true cost of a solar panel and take real advantage of the benefits of solar power.
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