How much do solar panels cost?
When you’re considering making the transition to using solar energy, there’s a lot of different angles to take into account. Without question, the first and most important one to the average home owner’s mind is ‘How much do solar panels cost?‘ This question seems like a simple one on the surface. You just call up and ask your local solar power provider and ask for a quote. If all you’re looking for is how much they’ll cost you initially, then this is a complete answer. The long term answer is going to be much more complex.
How much do solar panels cost – The components:
- Cost of Installation and Supplies – The base cost of your system
- Government Subsidies – Ways to reduce your cost overall with government programs.
- Long Term Payouts – How solar power pays you back.
Cost of Installation and Supplies
The first consideration, when answering the subject question, is the cost of installation and supplies. The base price of installing your system can vary rather widely depending on your energy requirements. The first step is to have someone come out and assess your home, sit down with your power bill and go over all the details. Current research indicates that the total cost of installing a system in Australia today will run you between $18,000 and $40,000, with most companies offering a financing program to help defray the initial costs. This is a significant investment in a home, and this initial cost may cause you to pause and think things through. This is just the base cost. There are other elements to consider in determining the cost of home solar panels.
Another factor to consider in determining the cost of solar panels is government subsidies. In many areas, you’ll find that there are government subsidies that can benefit you before and after investing in solar panels. Some government subsidies will pay a portion of the cost of the installation in certain circumstances, significantly lowering how much your initial investment would be. In most areas, you’ll also find yourself subject to an additional subsidy, where the power company is required to pay those who are producing more energy than they use, pumping it back into the grid. So not only will your solar panels provide you with an overall reduction in your power bill, they can also actually pay you by pushing power back into the grid that you’re not using!
Long term payouts
Depending on where in the world you are, the overall cost of solar power for homes can wind up being completely eliminated on a long enough timeline. In others, you’ll actually find your solar panels actually paying for themselves in a few short years, and then paying for their ultimate upgrade or replacement long before that comes due. Also, be aware that in some cases the government subsidy isn’t going to pay out immediately, and may take up to a year for that cost to be returned.
This is just a basic overview of the average cost of solar panels and how to go about calculating the true cost of solar power on a long timeline. In some areas, you may find other resources available to you, or other things to take into consideration as part of figuring out the ultimate solar power costs. For a more accurate answer to ‘How much do solar panels cost?’, contact a solar power professional, and get a full no-obligation quote today!