Are you planning to install a solar system in your home? Well, a solar panel helps you save a considerable amount of money on utility costs while conserving the environment.
However, determining the cost of your solar panel can be complicated. In this article, we’ll help you get a better idea on your solar panel costs.
The Average Costs of Solar Panels
While a solar system reduces your overall spending on energy, there are some upfront costs to be considered. In 2019, the cost of installing a panel was $3.05 per watt. The average solar panel size was 6 kilowatts. Therefore the average cost of installation is around $12,810.
Here are some factors that affect the cost of solar panels.
1. The Number of Solar Panels you buy
Buying more solar panels attracts more costs. However, this matters because you have an option on the size and number of solar panels you buy.
But don’t forget. An extensive solar system generates more energy which saves you on power bills. So, more kilowatts of solar panels installations culminates to higher savings on your power bills, but a higher upfront cost.
An average home in Australia should install a 6kW solar. But if the cost is too high, you can go for 3 or 4kW to reduce your cost.. The question is, how many solar panels can you afford to buy?
Also, while your purchase check the difference between a single panel purchase and bulk a panels purchase. You’re likely to save more when you buy in bulk.
2. The Type of Solar Panels
A solar panel with a high energy efficiency rating will save you more money over the years.Though their purchasing cost is likely to be higher.
For example, the crystalline panels will likely cost more than thin-film solar panels, but are more durable and have higher solar efficiency. So, you’ll need to buy more thin-film panels to produce the same energy that a lower number of crystalline panels will offers. Since they are less durable, you’re also likely to replace them sooner.
Like other products, the cost will extend beyond the purchasing price. When talking of 20-30 years, don’t expect the cost to be a one-time event. But in terms of initial costs, the thin film solar panel is your cheapest option.
3. Labour Costs
Labour and transportation cost will have a significant impact on the overall installation cost. A good company will send you a quote that’s inclusive of their labor costs.
However, the labor costs may vary depending on the size of the array, your location, and the installation company.
4. The Ease of Installation
Installations on a flat or angled roof are faster and therefore costs less. If your house has an irregular roofline, challenging angles or skylights, it may complicate the process.
Also, do you want to install a roof mounted or ground mounted solar panel? The latter will cost more. On the other hand, if you have an old roof, you’ll need to replace it before installing your panels which will cost more.