How Much Does Solar Installation Cost in 2022?
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Originally Posted On: https://4solarestimates.com/solar-cost-2022/
Depending on the size of your home and a few other variables solar installation can range from $15,000-$52,000. In this guide, we will give you a simple way to calculate the cost of solar installation in 2022. Get educated, compare prices, and get connected with solar companies near you.
The solar industry expects installations to rise 66 percent over the next decade. However, these estimates are coupled with plunging prices as panels become cheaper and demand grows.
However, the installation cost related to solar can still stop consumers cold. In addition, due to limited supply and manufacturing problems, the industry saw some large-scale projects rise in price from 14 to 18 percent.
These temporary spikes in prices should not deter homeowners looking to reduce their electricity rates. Clean-energy provisions at the local and federal levels are helping make residential solar one of the most popular green energy sources nationwide.
You can see this as you crunch the numbers. Solar panels amounted to 46 percent of the new electricity produced in this country.
Let’s take look at why solar power is so popular and what you can expect from solar installation costs in 2022.
History of Solar
Electricity has been generated from the Sun starting in the 1800s when Edmond Becquerel discovered the photovoltaic effect. The technology steadily improved until the 1950s, when it made its way into homes, commercial properties, and other devices.
Now, photovoltaics are standard on everything from radios to deep-space probes.
How Is Solar Power Made?
The Sun bombards the Earth with enough sunlight every hour and a half to power the human race for an entire year. But how?
You may have noticed that solar panels are made up of smaller cells. These are the photovoltaic cells or PV cells. These cells are made up of silicone. When the photons strike, the silicon electrons are knocked loose.
Since the cells have a negative and positive charge, the freed electrons try to migrate to the positively charged area. In between is a slim wire mesh. The electricity is collected in the mesh and becomes current.
The raw electrical current is direct current. Most home appliances and equipment can’t run on direct current and must be converted to alternating current.
This conversion is done through a piece of equipment dubbed an inverter. These inverters are often attached to each panel but can also hitch into the system as a standalone appliance.
Two Common Types of Solar System
Residential solar systems come in three varieties: off-grid, grid-tied, and hybrid.
For homeowners searching for solitude or who already own a secluded piece of property, power and other utilities may not be an option. In that case, you may want to consider an off-grid system.
These solar systems run exclusively on whatever power the panels generate. The systems also come with a battery pack. The larger the pack, the more energy is stored for nighttime or when usage outpaces production.
While it is true that your solar panels will continue to generate electricity when it’s not sunny out, it won’t be nearly as much as when the panels enjoy direct sunlight.
The off-grid systems are also highly resilient to powerful storms that can knock out standard utility services. This means you’ll have power when neighbors nearby will not.
On the other end of the spectrum is a grid-tied system. These systems typically do not employ a battery pack and use the grid’s power to run the inverter.
These systems are highly efficient in lowering your overall electricity bill. However, grid-tied systems are not great for areas that lose power with regularity.
The inconvenience of losing power is augmented by the fact that if you generate more energy than you use, you can receive a credit from the local utility in the form of net metering. Your electric meter will run backward in this scenario.
More expensive but possibly more practical are hybrid systems. These systems come with a significant battery pack to run the inverter when the power goes off and are still connected to the grid.
This means that homeowners will get the benefit of net metering as well as the peace of mind of constant power from the solar cells and storage battery.
The Cost of Solar Installation in 2022
The cost of solar power has dropped by 90% over the last decade. Your average residential 5-kilowatt solar system can cost anywhere from $11,300 to $25,000. Below are additional examples of what you can expect a pay:
06 (kW) | $3.40/kW | $14,000
10 (kW) | $3.28/kW | $21,000
20 (kW) | $2.90/kW | $42,000
Factors that can impact the cost include the size of the system, the quality of the panels, and the difficulty of installation.
Not all panels are created equal. For example, lighter and more efficient panels will cost homeowners more. Also, homeowners will pay more for panels with a longer expected lifespan.
Also, not all roofs can handle the weight of the panels. You may find that you may need some structural improvements to handle the load of the equipment.
Suitability of roofs is carried out by an engineer employed by the installer as part of the estimate process.
In some cases, homeowners opt to install the panels as free-standing units on their property.
Stands of solar panels, while eating up lawn space, benefit from being easily cleaned of dust and debris. Also, if you live in an area where snowfall is common, free-standing panels can be cleared quickly and efficiently.
Lease or Own
One of the most serious considerations for prospective owners of residential solar power is if they will choose to lease or own the unit.
The upside of leasing is that the homeowner will mitigate the significant upfront cost of installing the panels. The solar company builds this price into the lease of the panels, and the power generated by the panels helps pay off the lease.
Homeowners that lease will get bills from the utility and the solar power provider. Together these can be significantly lower than an electric bill that does not include solar power.
However, the homeowner never truly owns the panel, and the arrangement may sour if the homeowner is looking to leave the home in the near future.
If you have the money, paying to buy the panels outright often works in the homeowner’s favor. If they decide to change out the system or sell the house, then the homeowner has control over the system.
Real estate experts estimate that a home with solar panels free of a lease can add $10,000 to a resident’s value. In contrast, a leased system may act as a deterrent since some people may not want to take over the lease of the panels.
Ask a Solar Expert
You can expect the installation cost of solar panels to stay put in 2022, but you may need to spend more on upfront costs if not leasing.
To get the most out of your panels, your solar power system, you should check out reviews and contact an expert and talk about what system will work best for your requirements.
Contact us today to learn more about residential solar pricing.