One of the best ways to lessen your influence on the environment and your carbon footprint is to power your home with solar energy. A perk of switching to this renewable energy source is that you’ll pay fewer monthly electricity bills. However, many homeowners wonder if solar panels are a wise purchase given their exorbitant installation prices.

It depends, is the response. It would be best if you compared the initial expenses against particular aspects like local power prices, the layout of your home, local and federal subsidies, and the usual weather where you live to decide whether or not a photovoltaic solar array is a wise investment for you.

What is the price of solar panels?

It would be best to determine the cost of installing solar panels to calculate the return on investment of going solar. The good news is that the average price of solar panels has dramatically reduced over the past ten years. According to the US Department of Energy, home solar system costs have decreased by 64% since 2010.

They still cost thousands of dollars, which is terrible news. The average cost of installing enough solar panels to power a 2,000-square-foot home is between $18,000 and $20,000. However, you will likely pay less because discounts or rebates are not considered in these expenses.

Additionally, how many kilowatt-hours (kWh) of power your home uses will determine the size of your solar system and, consequently, its cost. You’ll need fewer panels to cover your energy demand and pay less than average for your system if your energy usage is relatively low or you live in a smaller home.

Of course, the opposite is also true. Your solar system will likely cost more than $20,000 if your household uses more power than the average household or your home is more significant than 2,000 square feet.

Read our solar panel cost guide for the whole scoop, or request a quotation from a solar power supplier to find out precisely how much you’ll pay. A few other factors may also have an impact on your cost.

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