If you like to follow solar energy news, you’re probably familiarized with the quarterly report published by the Solar Energy Industries Association (SEIA). The publication is officially called the Solar Market Insight Report, and the SEIA collaborates with consulting firm Wood Mackenzie to bring the latest data about the US solar industry. The latest edition was published on Tuesday June 7, 2022.
The SMI report provides useful information such as the average cost of solar panels by market segment: residential, commercial, and utility scale.
If you’re considering solar power for your home or business, you can check the latest edition of the report to get an idea of typical costs.
Keep in mind that some price variation is normal depending on the equipment brands used, as well as your location and the solar installation company hired for the job. However, any offers that are significantly higher or lower than the average prices should be met with a healthy dose of skepticism.
According to the latest figures provided by the SEIA in June 2022, US homeowners can expect to pay around $3.07 per watt ($3,070 per kilowatt) when going solar. This means a 5-kW system will cost around $15,350, and a 10-kW system will cost around $30,700.
- Consider that the SEIA analyzes traditional solar panel systems connected to the grid without energy storage. If you decide to add a home battery, the system price will normally increase by $10,000 or more.
- The price figures in the SMI report also exclude the effect of solar incentive programs. This means your out-of-pocket cost can be much lower if your state or utility company offers financial incentives for going solar.
Here we will review the most relevant facts in the Q2 2022 SMI Report, focusing on current solar panel costs, and how they are expected to behave in the near future.