With solar panels priced between $2.40 and $3.60 per watt, the total cost of your system rises in proportion to the energy it must generate. The selection of solar panels affects the material costs of your solar system, ranging from $0.90 to $1.50 per watt.
According to the NREL data above, installation typically accounts for 5.5% of the total cost of a residential solar project, so this equation will get you a ballpark figure for labor costs. For example, if you receive a solar quote for $25,000, you can expect labor to make up around $1,375 of the all-in cost.
For example, if you receive a solar quote for $25,000, you can expect labor to make up around $1,375 of the all-in cost. (Check out our solar calculator to estimate the cost of your project.)
Most solar quotes feature three numbers: The contract price of the system, the value of incentives, and the net cost of the system after incentives. What solar quotes don’t typically feature is an itemized cost breakdown of the equipment, labor, and other soft costs.
To put that in perspective, using the a modeled market price (MMP) of $2.95 per Watt for residential solar, labor costs contributed just 16 cents per Watt of solar capacity installed. That’s tied with structural balance of system (racking) for the second smallest piece of the solar cost pie, as shown below.
The next way to reduce the cost of solar panels is to shop for the lowest price like you would for cars or a new pair of hiking boots. In most areas of the US, there are at least a handful of solar installers willing to compete for your business.
How much do solar panels cost?
Solar panels cost from £4,972 for a 4-panel package, while batteries start from £3,057 if installed along with solar panels. Customers who installed their solar panels and/or battery through Scottish Power can take advantage of the SmartGen+ export tariff, paying 15p/kWh.
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For those on a shoestring budget, thin-film solar panels at roughly £0.80 per watt present the most economical option, albeit with lower efficiency rates. With the average solar panel cost ranging from £400 for thin …
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