For the average home installing a 6 to 8kW system, solar panels will cost between $15,000 and $22,500 before applying incentives.
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By using the 30% federal solar tax credit, you can expect to pay between $10,500 and $15,750. Most homeowners will recover the cost of their solar panels in electric bill savings in 8.5 years, resulting in savings of $25,260 over the lifetime of their system.
Homeowners in New Mexico have the cheapest solar panel costs, with an average price of $9,996 after using the federal solar tax credit. Solar panel pricing is the most expensive in Massachusetts, where estimated costs are around $18,900 after the tax credit.
There are many factors that impact the overall cost of your solar system. Learn which factors you can control to help lower the cost of your system and maximize your lifetime system savings.
Two significant location-based factors will determine your total cost and savings of going solar: the cost of energy where you live and how much sunlight you receive.
In states where traditional energy is more expensive, like California, Hawaii and New York, you stand to save more on energy bills when you switch to solar. However, if you live in a super sunny state like Arizona or New Mexico, you’ll have more daily peak sunlight hours, requiring fewer panels to meet your energy needs.
That’s not to say solar isn’t worth it if you don’t live in a state with high energy costs and abundant sunlight. See how energy costs compare in your state using the map below, and learn more about how you can determine how many solar panels you need.
The typical U.S. household uses 10,632 kilowatt-hours (kWh) of electricity each year or around 886 kWh monthly. However, several factors can affect your energy needs, including the size of your home, how many people are in your household and if you have an electric vehicle (EV).
The higher your household’s energy consumption, the larger the solar panel system necessary to offset your usage. For example, based on our average cost of a solar panel at $3 per watt with installation, a 6 kW system would run you around $18,000, while a 12 kW system would double the cost.
The cost of your solar system is directly proportional to its size. The more solar panels you install, the more expensive your system will be.
The ideal system size for your home depends on personal factors like your roof size and angle, energy usage and location. Ultimately, solar system size depends on your household’s energy consumption and how much energy you want to generate with your panels.
System SizeEstimated Annual Energy ProductionAverage System Cost (Before Incentives) 4 kilowatts (kW) 5,600 kilowatt-hours (kWh)$11,4006 kW8,400 kWh $17,1008 kW11,200 kWh $22,80010 kW 14,000 kWh $28,50012 kW 16,800 kWh $34,200The most cost-effective option when purchasing solar panels is paying in cash upfront. With a cash purchase, you will own your system and not pay interest on a loan.
However, because solar systems are expensive, paying in cash is not an option for most homeowners. The next best option is to put some money down and finance your panels. Although you will pay interest over the loan period, you will still own your panels and benefit from energy savings. The more money you put down, the less interest you will pay over time.
The cost of your panels and equipment is by far the largest expense you’ll pay during your solar installation. There are many solar panel options available, and the manufacturer, installer and type of panels you choose will affect the final cost of your system. There are three common types of solar panels: thin-film, monocrystalline and polycrystalline.
We recommend installing monocrystalline panels due to their high durability and efficiency. The overall system cost ends up being comparable to the cost of using the other types of panels available because you will need fewer monocrystalline panels to produce the same power output.
Panel TypeEfficiencyAverage Cost per Watt Before Installation*MonocrystallineHigh (17%–20%)$0.75–$1.50PolycrystallineModerate (14%–17%)$0.40–$0.80Thin filmLow (7%–12%)$0.30–$0.60*Average cost calculations are based on wholesale pricing from Solar Electric Supply, Inc. and A1 Solar Store.
Although the exact cost of your solar panel installation will vary depending on the company and type of panels you choose, you can expect your equipment (panels, inverters, batteries, racking or mounting hardware, etc.) to make up nearly half of your total cost.
Labor costs, administration fees, taxes, building permits and electrical permits comprise the rest of your expenses. Jesse Solomon, the co-founder of NCSolarNow, explained the cost breakdown of a typical solar panel installation as follows:
Here is a sample cost breakdown using the national average cost of a 6kW system of $17,100:
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Solar Installation Cost FactorEstimated CostPV Materials: Panels, Inverters and Hardware$8,066.07Electrical Labor$2,252.07Administration, Grid Connection Request and Design$2,081.07Installation and Labor$2,081.07Taxes, Fees, and Permits$1,397.07Electrical Materials$1,222.65
Although the upfront cost of solar panels can be intimidating, there are several steps you can take to help reduce the total cost as well as maximize the amount of money that solar panels save you in the long run. In general, we recommend leveraging federal, state and local incentives as well as purchasing more efficient solar panels to save money.
The Federal Solar Investment Tax Credit (ITC) is a tax incentive worth 30% of the total cost of your solar panel system. All U.S. homeowners who install solar panels are eligible for this credit, and it reduces what you owe in federal income taxes. For most solar systems, this credit is worth several thousand dollars, which is a significant savings.
However, if you choose to lease your panels, you will not be eligible for this tax credit. You can only claim this tax credit if you own your panels.
The credit is currently set to decrease to 26% in 2033, then to 22% in 2034, before expiring entirely in 2035.
In addition to federal incentives, many states offer other incentives to go solar, including tax breaks, credits and rebates. If you’re interested in the solar incentives available in your state, you can browse the Database of State Incentives for Renewables & Efficiency (DSIRE) or visit your local government website to learn more.
Additionally, net metering is a program that allows you to sell the excess electricity your solar panels generate to your utility company for billing credits. Forty-one states and Washington D.C. have a state-mandated net metering policy, though some policies are better than others. States without a mandated net metering policy, like Texas and Idaho, may have utility companies that offer the program.
Many states also offer solar rebate programs for low- and moderate-income households or community solar programs that aim to make clean energy more accessible.
Efficient solar panels maximize your system’s energy production while requiring fewer solar panels and less roof space. You will save more money in the long run by maximizing your output and will often be required to purchase fewer panels up-front. SunPower currently offers some of the most efficient solar panels on the market, at 22.8% efficiency.
According to our research, the average payback period for a solar panel system in the U.S. is 8.5 years, compared to the typical lifespan of a solar panel system of at least 25 years. With the average yearly electric savings being $1,531, according to data sourced from the Energy Information Administration (EIA), you can expect to save around $25,260 in electric bills over the lifetime of your solar panels.
On average, homeowners who install a complete solar system can expect to save $1,530 per year on electricity bills. To estimate these savings, we used average annual electricity rates from the U.S. Energy Information Administration (EIA), the specific photovoltaic power output (PVOUT) from the Global Solar Atlas and the average cost of installing a 6kW after using the federal solar tax credit of around $12,000.
Homeowners in California have the highest estimated yearly savings of around $2,840 while Washingtonians are expected to have the lowest opportunity at $865 per year. Use the map below to find out how much you can expect to save in your home state.
Yes, solar can increase the value of your house by improving your home’s energy savings and boosting appeal if you want to sell. Reports by Zillow and the U.S. Department of Energy’s Berkeley Lab concluded that the majority of home buyers are willing to pay more for a home with solar.
Although the amount of energy a household uses will influence how many solar panels it needs, it will likely cost between $15,000-$22,500 to install solar panels on a 2,000-square-foot home.
Monocrystalline solar panels, which are most common for residential solar installations, typically last between 25 and 40 years, with most solar companies offering a 25-year panel warranty.
In most cases, solar panels are worth it for your home. Many homeowners save thousands of dollars in energy bills over the lifespan of their solar panels, plus you are generating clean energy to power your home.
A 6 kW solar system can save homeowners an average of $1,346 each year on energy bills, or around $112 monthly. Exact savings will vary depending on your system, location and local electricity rates.
We conducted in-depth research and analyzed several factors to determine our solar cost data, which is based on the following resources:
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