How Much Do Solar Panels Cost?
There’s no doubt that you’ve noticed a proliferation of solar panels in your area. Indeed, thanks to advances in solar technology and precipitous price decreases, Cedar Rapids and other areas of Iowa are undergoing a green revolution. Today, it is certainly possible for homeowners and business owners to significantly reduce or even eliminate their monthly energy costs through solar technology. However, some property owners may still be deterred by upfront costs. Our guide to how much solar panels cost will help make the cost/benefit analysis easier for you.
Determining Solar Panel Cost
If you’ve researched prices for solar panels and have found the information a little confusing, you’re not alone. It helps to first understand some of the terminology that is often used.
- Watt – A standard unit of measurement for energy.
- Kilowatt (kW) – A standard unit of measure that is equal to 1000 watts.
- Kilowatt hour (kWh) – A measure of energy usage over a period of one hour. For example, a two-kW device used for one hour is equal to two kWh.
Typically, solar panel production is measured in kW. However, you’ll likely see the cost of solar panels presented in dollars per watt. To determine the total price of the system, simply multiply the dollar amount per watt by 1000 for every kW of output. For example, at $2.50 per watt, a two-kW solar panel system will cost approximately $5000.
There are many other factors to take into account when determining how much solar panels cost. For example, state and federal tax credits can significantly defray upfront costs. Additionally, many companies offer financing, turning the upfront cost into much smaller monthly payments. In many cases, these payments will be less than your projected monthly savings.
For more information about how much it will cost to have solar panels installed on your home or business, contact Energy Consultants Group today. As Iowa’s premier solar provider, we can complete a certified assessment of your property and give you a precise quote along with your expected energy savings. We also offer a variety of solar financing options to make your project as affordable as possible. Contact us today to learn more.