This is a good time to install solar power! The cost is dropping and technology is enabling greater efficiency – that’s more energy for less money. Plus, your options for buying, leasing, PPA (see below) are expanding, and many homeowners are getting solar installed for zero down.
Based on recent data from the US National Renewable Energy Laboratory (NREL), the average installed solar power system costs $19,600 to $27,370.
|Small Home||Average Home||Large Home|
|Home Size||1-2 bedrooms||3-4 bedrooms||5+ bedrooms|
|System Cost||$14,000 to $22,540||$19,600 to $27,370||$25,200 to $38,640|
|After Tax Credit||$9,800 to $15,778||$13,720 to $19,159||$17,640 to $27,048|
Tax Credit: The federal tax credit is 30% through 2019, 26% in 2020 and 22% in 2021.
These figures are based on the NREL’s finding that the cost of photovoltaic (PV) solar power systems is $2.80 to $3.22 per watt (or $2,800 to $3,220 per kW). Most homes with 3 or 4 bedrooms require a 7kW to 8.5kW system to meet their demand for electricity.