The Reducing Cost Of Solar Panels

Solar panel cost data 2020 updated.

The reducing cost of solar panels.

The cost has generally been following swanson s law which states that the price of solar drops by 20 for every doubling of shipped product. Today it s around 0 13 per watt or about 600 times less. Solar energy saves 600 to 2 000 per year by reducing your electricity bills and from selling solar renewable energy credit srec. They can reduce your net cost by 50 percent or even more.

Researchers at mit have analyzed the relative roles of many different factors that have reduced the cost of solar photovoltaic pv modules by 99 percent over the last four decades. Back in 1977 the price of solar photovoltaic cells was 77 for just one watt of power. Decline in price of residential solar since 2000. That cost is before any tax credits.

How does system size impact the cost of solar. Although silver makes up a very small fraction of the mass of a solar panel it makes up about 47 percent of its value which lowers the incentive for a recycler to recycle a panel. The average lifespan of a solar panel is about 20 years but high temperatures as in the mojave desert can accelerate the aging process for solar cells and snow dust and other natural events tornadoes earthquakes can cause material fatigue on the surface and in the internal electric circuits gradually reducing the panel s power. A typical 6kw system costs 11 544 after claiming the 26 solar tax credit.

Usually range from 11 144 to 14 696 after solar tax credits and the average price per watt for solar panels ranges from 2 51 to 3 31. 6kw system powering 70 to 100 of your energy needs. Knowing the average cost per watt is helpful but what does 2 91 watt actually mean for you. Over 20 years solar panel savings range from a low of 10 000 to over 30 000 depending on your location and the cost of electricity.

Solar panel costs for an average sized installation in the u s. The federal government offers a 26 percent solar tax credit and many states and municipalities have additional financial incentives for their residents. With installation an average residential 5kw size system costs between 3 and 5 per watt according to the cse which results in the 15 000 to 25 000 range. Silver is worth significantly more than other.

September 12 2020 the average cost of installed residential solar power systems is currently 2 60 per watt.