Solar energy is the most cost-effective option to power your home in the long run. However, it has a high initial cost that gradually pays off over time.
Saving money on energy expenses is a great notion that everyone enjoys. However, you could start to have second thoughts if someone gives you a quote for a system that is more expensive than you might have guessed.
So why are solar panels so expensive? We’re glad you asked! Keep on reading this article to find out more about the cost of solar panels.
How Much Do Solar Panels Cost?
Making your own energy is undoubtedly a great concept for a homeowner, but making your dreams a reality could involve some planning and a little bit of money. You must keep in mind that the upfront expenditures for solar are the same as those for buying a new car!
A typical home solar system currently costs between $10,000 and $30,000. Plus, the average installation costs around $18,000. By any measure, that’s a substantial investment, so why are solar systems so pricey?
High Production Costs
A solar panel gets created using a range of materials and a number of complex and pricey manufacturing processes. A solar cell’s central element, for instance, is made of silicon. Although silicon is a readily available material, it must be refined to the point where it can be used in solar cells, which is a challenging process that calls for precise technology.
Solar panels are only one component of a solar system. To convert the generated power into a form that can be used, an inverter will be needed.
Did a full-service solar firm that installs their own equipment provide you with a quote? If so, they are undoubtedly outrageously marking up installation costs and up to double the price of materials.
Of course, that’s how solar companies make their money. However, by installing it yourself or using a less expensive independent contractor, you may save a sizable sum of money.
Learn more about the cost of going solar.
Solar Is an Investment
Solar energy has a high up-front cost, but the money you save on electricity bills eventually pays for the system. The payback period is the length of time it takes you to break even.
Solar panels are, in fact, expensive. They represent a considerable financial investment in a home modification with a typical 6kW system.
Never Ask “Why Are Solar Panels So Expensive?” Again
You’ve undoubtedly thought of mounting solar panels on the top of your home at some time. But given their installation costs, you might get perplexed as to why solar panels are so pricey. Now that you’ve read this article, you’ll never have to wonder “why are solar panels so expensive?” ever again!
Did you learn something new from this article? If so, be sure to check out the rest of our posts about all things technology and home.