The cost of residential solar panels have declined significantly in recent years, and now sit at their lowest point in over 30 years. Thanks to advanced technology improvements, commercial and residential solar panels are more affordable than other forms of clean electricity, like wind, and conventional forms, like natural gas and coal.
On average, residential solar panels total cost of installation can be between $15,000 to $27,000 for an average sized home (4kW and 8kW). This significant drop in cost, over the last 2 years, means this is the perfect time for the consumer to take advantage of solar energy! Lifetime Solar offers a “get started for $0 down” option, which can lower your electric bill and get you savings faster. Remember, each state has additional tax breaks and incentives to choose alternative energy, so your total costs and savings can vary depending on where you live.
How Much Does the Average Residential Solar Panels System Cost?
When you purchase residential solar panels, the cost will depend on your system’s size, your state, type of panels, and a number of other factors. Most installations range in price for these reasons. Larger systems will cost more as they require more panels, but on average they also save you more money. A photovoltaic system is more than its panels — it’s made up of many other components, including wiring, racks, electrical connections, and an inverter, so it’s costs are often higher.
To help, we have highlighted some of the most common questions:
Am I paying for just solar panels?
Your home solar system cost is not based solely on the price of solar panels. The price also includes all necessary components, plans, engineering, permits and net-metering fees. Make sure your provider/installer, like Lifetime Solar, has the purchasing power and experience that keeps costs lower. The ability to buy panels and components in bulk lowers your costs and maximizes your savings. Experience ensures that the permits you get are appropriate for the area you live and nothing is skipped, overlooked, forgotten or obtained when not required.
How much are my upfront costs?
Your residential solar panels don’t have to cost a lot. When you choose Lifetime Solar as your solar power installation provider, your system is installed for $0 down. We take care of the equipment costs, installation, permits, and you’ll have a 25-year warranty on your panels. All you pay for is your low monthly payment, while you save money on your electric bill each month.
How Are Solar Panel Installation Costs Determined?
Solar panels are measured in watts and are often priced in dollars-per-watt. Not all panels are created equal, and they’re priced accordingly. Additional costs that are considered are:
- Equipment costs: Solar panels, inverter, mounting hardware and wiring
- Installation and permits: Solar installation, supply chain, permitting and interconnection
- Sales and operational: Monitoring and maintenance costs, repairs, additional operational and overhead
Is Solar Power Really Less Than Electrical Grid Power?
The short answer is YES! Although grid power is a phone call and small deposit away for most residential consumers, overtime, the cost of grid power far surpasses solar. Over time, the price of oil and natural gas drops and peaks, and fossil fuels will continue to be limited, or more difficult to obtain. The cost to procure, store, process, and maintain traditional energy will further increase, not decrease, electricity rates.
Conversely, cost of residential solar panels is falling, more than 50% just since 2007, and so are installation costs. Since the sun is the power source, solar power prices on a fully functional system will not increase. When you compare the annual costs over a period of 10 to 20 years, solar power comes out more cost effective.
WHY Choose Lifetime Solar?
Lifetime Solar is one of the leading Midwest installers of residential solar panels. We take care of everything from paperwork to installation, so you don’t have to do a thing. Our customers enjoy savings from the moment they choose us, with $0 down and immediate reduction of monthly electric bills (some up to 20%). Plus, we provide a 5 year warranty on our installs and we do everything from maintenance to monitoring and repairs. Whatever solar needs, Lifetime Solar can customize a solar system to meet your energy needs, match your budget, help you save money, and reduce your carbon footprint.