Solar Panels Cost 2024
Depending on the type of solar panels you need, they might come at different costs. Here we provide a solar energy cost breakdown to show you what you can financially expect when installing solar panels.
Table of Contents
How Much Do Solar Panels Cost?
- Low: $4,500
- Average: $16,000
- High: $36,000
Solar panels cost about $16,000 in the US for 2024, with average installation prices ranging from $4,500 to $36,000. This cost estimate is based on numerous factors such as type, model, inverters, BOS and equipment required to operate.
According to Forbes, “Solar panels cost, on average, about $16,000, or between $4,500 to $36,000 depending on the type and model as well as any inverters and the BOS, or balance of the system that includes any equipment that’s required to operate.”
Consumer Affairs agrees with the above estimate and provides their own cost of solar energy coming in at $11,810 for a 6-kilowatt (kW) system after federal tax credits. There cost estimate is based on solar equipment, local incentives, labor rates and other factors. However, depending on your roof size and energy needs, your cost could be anywhere from $10,000 to $30,000.
Cost of Solar Panels by State
Check out this cost breakdown provided by Forbes.
Solar Panels For Home Cost
- Low: $18,000
- Average: $25,000
- High: $36,000
Solar panels for home cost about $25,000, with average prices ranging from $18,000 to $36,000 in the US for 2024.
According to Nerd Wallet, “Prices certainly vary, but the cost to install an average-sized residential solar system is around $25,000, according to the Solar Energy Industries Association“. Solar panels for your home cost anywhere from $18,000 to $36,000.
Check out this breakdown of solar panels for home cost provided by Cove Tool:
How much do solar panels cost for a 1,000 square foot house?
Solar panels for a 1,000 square foot house cost about $5,355 in the US for 2024, with average prices ranging from $4,760 to $5,950.
How much do solar panels cost for a 1,500 square foot house?
Solar panels for a 1,500 square foot house cost about $8,032 in the US for 2024, with average prices ranging from $7,140 to $8,925.
How much do solar panels cost for a 2,000 square foot house?
Solar panels for a 2,000 square foot house cost about $10,710 in the US for 2024, with average prices ranging from $9,520 to $11,900.
How much do solar panels cost for a 2,500 square foot house?
Solar panels for a 2,500 square foot house cost about $13,387 in the US for 2024, with average prices ranging from $11,900 to $14,875.
How much do solar panels cost for a 3,000 square foot house?
Solar panels for a 2,500 square foot house cost about $5,355 in the US for 2024, with average prices ranging from $14,280 to $17,850.
How much do solar panels cost for a 4,000 square foot house?
Solar panels for a 2,500 square foot house cost about $5,355 in the US for 2024, with average prices ranging from $20,760 to $29,381.
How Much Does One Solar Panel Cost?
- Low: $300
- Average: $450
- High: $600
One solar panel costs about $450 with average prices ranging from $300 to $600 in the US for 2024 according to one source.
Currently, high-quality monocrystalline solar panels are priced in the range of $1 to $1.50 per Watt. This means a one 400-watt panel would cost between $400 and $600, with the final price varying based on the purchase method.
On the other hand, the less efficient polycrystalline panels come at a lower cost, approximately $0.75 per watt. Consequently, one 400-watt polycrystalline panel would be priced around $300. This data is provided by Solar.com.
How Much Do Solar Panels Cost Per Square Foot?
Solar panels cost about $7 per sq. ft., with average prices ranging from $4 to $10 per square foot in the US for 2024.
According to Cove Tool, Solar panel prices for home power systems range from $4 to $10 per square foot. Yet, many installation professionals prefer to quote solar energy costs based on the required energy capacity, setting prices between $2.53 and $3.15 per watt, excluding any tax credits or incentives.
Solar.com says solar panels cost is about $13.30 per square foot, with average prices ranging from $8.25 to $18.28 per sq ft.
How Expensive Are Solar Panels?
According to Tom’s Guide, solar panels cost between $15,000 and $20,000 to purchase and install. However, according to Forbes, the cost can range from $4,500 to $36,000 depending on the model, type, inverters, and balance of the system.
The average cost of installing solar panels is $23,879 before the 30% federal solar investment tax credit (ITC). After applying the credit, the price drops to $16,715 according to Consumer Affairs.
Do Solar Panels Save Money?
Yes, solar panels save money. They have the capacity to lower or completely nullify electricity expenses. Typically, customers in the United States experience an annual saving of about $1,500 by opting for solar panels, amounting to a total saving of approximately $37,500 over a span of 25 years. According to Green Lancer, the actual savings may range between $10,000 and $90,000, influenced by various elements such as:
- The dimensions of the roof
- The level of sunlight exposure
- Local electricity pricing
- Available incentives for solar energy
- The cost of electricity in the specific area.
Are Solar Panels Worth It?
Yes, solar panels are worth it in most cases. Generally, the installation of residential solar panels proves to be a beneficial investment, as the long-term financial savings and the enhancement in property value frequently surpass the initial expenditure. Market Watch says solar panels can last up to 25 years and dramatically reduce or eliminate your electricity bill. Their website state homeowners can save upwards of $1,346 per year by installing solar panels.
Alternative Energy Offers $0 Down Solar Panel Installation In Arizona
Alternative Energy, LLC offers affordable solar panel installation, off-grid solar systems, residential solar panels, solar batteries for home & business, solar air conditioning, solar carports & canopies, commercial solar panels, solar EV charging stations, solar panel removal and reinstall, solar panel repair, and other very effective energy-saving products & services. View our solar financing options. We offer solar panel installation all over the entire United States.
Our solar panel installation service area includes many areas of arizona: Phoenix, Tucson, Mesa, Chandler, Litchfield Park, Glendale, Ajo, Paradise Valley, Scottsdale, Fountain Hills, Gilbert, Tempe, Carefree, Cave Creek, Peoria, Surprise, Yuma, Avondale, Flagstaff, Goodyear, Lake Havasu City, Buckeye, Sedona, Maricopa, Flagstaff, Kingman, Goodyear and more.
Sources:
Brill, R. (2023, December 27). How much do solar panels cost in 2024?. Forbes. https://www.forbes.com/home-improvement/solar/cost-of-solar-panels/#:~:text=Solar%20panels%20cost%2C%20on%20average,equipment%20that’s%20required%20to%20operate.
Lozanova, S., & Parkman, K. (2023, September 6). A residential solar system can range from $10,000 to over $30,000. ConsumerAffairs. https://www.consumeraffairs.com/solar-energy/how-much-do-solar-panels-cost.html#:~:text=Key%20insights%20*%20The%20average%20cost%20for,are%20cheaper%20than%20your%20existing%20electricity%20bill.
Brill, R. (2023a, December 27). How much do solar panels cost in 2024?. Forbes. https://www.forbes.com/home-improvement/solar/cost-of-solar-panels/
What do solar panels cost and are they worth it?. NerdWallet. (n.d.). https://www.nerdwallet.com/article/finance/solar-panel-cost
Solar panel cost – residential + commercial: Cove.tool help center. Solar Panel Cost – Residential + Commercial | cove.tool Help Center. (n.d.). https://help.covetool.com/en/articles/4529706-solar-panel-cost-residential-commercial
Solar Panel Cost Archives. Solar.com. (n.d.). https://www.solar.com/learn/solar-panel-cost/
Mortram, K. (2022, March 20). 7 things to know before buying solar panels. Tom’s Guide. https://www.tomsguide.com/news/7-things-to-know-before-buying-solar-panels#:~:text=Make%20sure%20you’re%20fully%20aware%20of%20the,any%20repairs%20your%20roof%20may%20require%20beforehand.
Solar Industry Research Data. SEIA. (n.d.). https://www.seia.org/solar-industry-research-data
Ruedig, A. (2023, December 26). How much do solar panels save?. GreenLancer. https://www.greenlancer.com/post/how-much-do-solar-panels-save#:~:text=On%20average%2C%20U.S.%20customers%20save,energy%20rates%2C%20and%20solar%20incentives.
Are solar panels worth it in 2024?. MarketWatch. (n.d.). https://www.marketwatch.com/guides/solar/are-solar-panels-worth-it/#:~:text=In%20most%20cases%2C%20installing%20residential,often%20outweigh%20the%20upfront%20cost.