Solar Panel Reviews

Residential Solar Costs: June 2023 Solar Market Insight Report

The Solar Market Insight (SMI) is a quarterly report published by the Solar Energy Industries Association (SEIA) and Wood Mackenzie. The SMI provides detailed information about the US solar industry, which includes installed costs by market segment: residential, commercial, and utility scale.

via SilFab Solar

Here we will discuss key facts and figures from the June 2023 Solar Market Insight, focusing on the residential sector:

  • The US installed 1,641 megawatts (MW) of home solar capacity between January and March 2023.
  • The average cost of home solar systems was $3.28 per watt in Q1 2023.

Last year was an excellent year for residential solar power in the US. More than 700,000 homeowners installed photovoltaic (PV) systems, with a combined capacity of 5,860 MW.

In other words, the US installed around 1,465 MW of home solar power per quarter. 2023 could be an even better year for the solar industry if installations continue at the current pace.

The average price of home solar systems has increased by 7% between June 2022 and June 2023. One year ago, the SEIA reported an installed cost of $3.07 per watt. However, prices have decreased slightly with respect to Q4 2022, when the SEIA reported a cost of $3.30 per watt.

How Much Does a Home Solar System Cost in July 2023?

The following table provides the estimated cost of solar PV systems from 4 to 10 kilowatts (kW), which is a common size range for homes. Regardless of the installed capacity, you get a federal tax credit equivalent to 30% of project costs.

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How to Choose the Best Solar Panel Brand and Installation Company

A solar power system offers a guaranteed return on investment, but only if you use high-quality products installed by professionals. Remember that solar panels are electrical devices, and they need adequate wiring and protections like any other system with voltage and current.

LG solar panels on a snowy rooftop of a two story house with a gable roof via LG Solar

Also, consider that solar panels are intended to operate for decades, and they need a reliable racking system that resists high winds and other harsh weather conditions.

Before installing solar panels for a home or business, a very important step is choosing your product brands and installation company. Keep in mind that solar panels are only one part of a functional photovoltaic system, and you need to ensure that all components are safe and durable.

For example, you need a high-quality inverter to convert the output of solar panels into a stable AC voltage supply, and you need a tough racking system to hold the modules in place.

In this guide, we will provide some recommendations when choosing solar panels, inverters, and other system components. We will also discuss what to look for when comparing solar installers, to ensure that all elements of your PV system are properly installed.

The last thing you would want is purchasing a top solar panel brand, only to have your warranty voided by a poor installation procedure.

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LG Solar Panels Cost, Pros & Cons – The Ultimate Guide

LG is a well-known brand around the world, and you probably have some of their appliances and electronic gadgets at home. However, LG has also become a leading solar manufacturer, and they focus on high quality and performance. Their solar panels have some of the highest efficiency ratings in the industry, and they come with long-term warranties.

LG solar panels on a large residence
via LG Solar

Currently, LG offers a solar panel efficiency of up to 22.3%, the second highest in the industry and only surpassed by SunPower (22.8%). The brand is characterized by offering high performance at a competitive cost.

According to the price data from EnergySage, you can expect to pay around $2.75 per watt of installed capacity when using LG.

For comparison, the Solar Energy Industries Association (SEIA) has reported an average price of $3.06 per watt for home solar systems in the US. In other words, LG solar panels offer above-average performance at below-average prices.

Thanks to their high efficiency, LG solar panels can convert a large portion of incoming sunlight into electricity. This makes them a great choice when your roof space is limited, and you want to generate as much electricity as possible with the area available.

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