The cost of rooftop solar systems can vary depending on factors such as the size of the system, labor costs, and location-specific incentives. While the basic components of a solar system remain the same, including panels, inverters, and optional batteries, the overall cost can range from home to home. According to data from Wood Mackenzie, residential solar panels cost around $3.30 per watt, totaling $16,500 for a 5-kilowatt system.
Various factors influence the cost of installing solar panels, including the complexity of the roof, as mentioned by Rohit Kalyanpur, CEO of Optivolt. The Inflation Reduction Act provides a 30% tax credit for solar panel systems installed through 2032, further reducing costs. It is advisable to obtain multiple quotes from different solar companies before proceeding with an installation to ensure you are getting a fair price.
Factors such as system size, design, and site survey can impact the overall cost of solar installation. In addition, the type and brand of solar panels, inverters, batteries, and other equipment can also affect pricing. Tax credits, incentives, and rebates offered by state and municipal governments can help offset the cost of purchasing and installing solar panel systems.
The efficiency rate and type of solar panels, whether monocrystalline, polycrystalline, or thin-film, can influence the cost per watt. Monocrystalline panels, with the highest efficiency rates, are the most popular choice for residential installations. Factors like system size, tax credits, incentives, roof condition, and brand/type of panels all play a role in determining the cost of going solar.