This price will depend on two important factors: the amount of sunlight and regional incentives. Installing solar panels can cost anywhere between $5,400 and $18,000. They have an average lifespan of just 10 to 20 years and a shorter warranty. Thin-film solar panels are more inexpensive than their counterparts but require a large amount of space, and hence, are primarily used in industrial settings or for small projects like RVs or sheds. On average, thin-film solar panels cost between $0.75 and $1.10 per watt, meaning that outfitting a 6kW solar panel system costs between $4,500 and $6,600. They have an average lifespan of 25 to 30 years. Polycrystalline panels aren’t as efficient, but they are more affordable. Like monocrystalline panels, polycrystalline panels are common for residential use. Less energy-efficient than monocrystalline solar panels, polycrystalline solar panels cost $0.75 to $1 per watt, so outfitting a 6kW solar panel system would cost between $4,500 and $6,000 making it a more affordable option. They have an average lifespan of up to 40 years, and though both are common for residential use, monocrystalline panels are more efficient than polycrystalline panels. On average, monocrystalline solar panels (the most energy-efficient solar panel option) cost $1 to $1.50 per watt, meaning that outfitting a 6kW solar panel system (also known as a solar system) costs between $6,000 and $9,000. Learn more below about the top three solar panel types. Homes or projects with limited roof space typically require more efficient panels. Solar panels vary in durability, efficiency and size depending on the type you choose. How Much Do Solar Panels Cost In 2023?Īverage Cost for 6-kW System with 26% Federal Tax Credit Appliedĭerived Estimated Yearly Savings Assuming 100% Solar Coverage of Electrical Needsĭerived Estimated number of Year to “Break Even” on Investment While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Home does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Home. Second, we also include links to advertisers’ offers in some of our articles these “affiliate links” may generate income for our site when you click on them. This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources.
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