Wednesday, April 21, 2021

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Average Cost of the Solar Panel Installation

Changing billing criteria in the electricity supplying companies has resulted in people looking for alternative ways of electricity options for their homes. The best and most opted solution for all such house owners is solar panels. It is the solution that makes use of the renewable source of energy, which is the sun and converts it to electrical energy. 

Solar panel installation cost has never been the same from the past few years. The constantly rising demand for the installation of solar panels has resulted in the rising cost of the panels. 

Hard Cost 

Solar panel installation requires setting up of many types of equipment and electrical units. Every piece that is installed has an equal contribution to the working of the whole unit. Apart from the panels that are set up above the roofing area, many units can affect the overall solar panel cost

Solar panels contribute to 25% to 30% of the overall cost of the whole unit. The other units that can change the total cost of the installation of these panels include a solar inverter and the mounting equipment for the solar slabs. 

Once the hard cost is finalized for the solar installations, the next step that has an equal role in deciding the overall solar panel installation cost is the finalizing of the right panel. After you decide the type of solar panel that you wish to install in your home, you have to consider some other factors such as –

  • The labor cost
  • Permission fee that should be paid for connecting the whole unit to the grid 
  • Design of the panel 
  • Marketing and customer acquisition 

According to the research conducted by National Renewable Energy Laboratory (NREL), it is discovered that the overall cost for solar panel installations has reduced up to 61 to 65% in the past years. 

If you check the cost table, as required for the solar panel installation, then you will notice the below-mentioned aspects. 

  • The per watt cost as decided by the current electrical industry is about 3 to 4 dollars. For the usage of 1-watt electricity, you will be paying $3 to $4. 
  • 1-kilo watt energy production is equal to the production of 1000-watt energy. Every solar panel can produce up to 5 to 6 kilowatts of energy, which is equal to more than 6000 watts of energy. 

When you compare the above-mentioned factors, you will notice that the installation of solar panels is advantageous for you. You might have to invest your money for the solar panel installations once and can avoid the chances of paying the electricity bill for longer years. 

The above-mentioned factors are the rough estimation of the possible amounts that you will be paying in the long run if you continue using the current electricity supply in your home. 

Many websites work as platforms that can connect you with the top solar panel manufacturer and installation companies. These websites are the directories containing the complete information of all of the most opted solar panel installation companies. Go through them and make the right decision. 

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