Solar power is a top choice for homeowners and businesses seeking eco-friendly, cost-effective energy solutions. If you’re considering switching to solar in 2023, one of your primary questions will likely be, “How much do solar panels cost?”
Solar panel costs have steadily decreased over the years, thanks to technological advancements, increased competition among manufacturers, and various government incentives.
They usually cost about $16,000, but they can be as low as $4,500 or as high as $36,000, depending on the type and brand you pick.
Here’s a snapshot of what you can expect in terms of solar panel costs by type in 2023:
Cost of Solar Panels by Type
Solar panels come in different types, each with its own characteristics:
Monocrystalline Solar Panels
- Monocrystalline solar panels, known for their high energy efficiency, typically cost between $1 to $1.50 per watt. So, if you’re setting up a 6kW solar panel system, it can range from $6,000 to $9,000.
- These panels can last up to 40 years and are commonly used in residential setups due to their efficiency.
Polycrystalline Solar Panels
- Polycrystalline solar panels are less energy-efficient but more affordable, priced at $0.75 to $1 per watt. For a 6kW system, you might spend between $4,500 and $6,000.
- These panels are also used in residential settings, offering a lifespan of 25 to 30 years.
Thin-Film Solar Panels
- Thin-film solar panels are the most budget-friendly option, ranging from $0.75 to $1.10 per watt. A 6kW system could cost between $4,500 and $6,600.
- They are suitable for industrial use or smaller projects like RVs or sheds but have a shorter lifespan of 10 to 20 years with a limited warranty.
Choosing the correct type of solar panel depends on your energy needs, available space, and budget.