Capital Cost For Residential Solar Panels

Solar pv for residential commercial and utility scale systems built in the first quarter of 2018 q1 2018.

Capital cost for residential solar panels.

Average construction costs reached 2 436 per kilowatt kw in 2016 down from 3 705 kw in 2013. The average cost to install solar panels in the united states is about 12 000 after federal tax incentives. Estimates are based on the average rate of decline. The current average solar panel cost is 2 49 per watt of solar installed.

The 2015 average solar cell price was 0 30 per watt and the average solar module price was 0 72 per watt. The cost of construction for solar photovoltaic pv projects has steadily decreased since eia began collecting data in 2013. Solar photovoltaic system cost benchmark. We use a bottom up methodology accounting for all system and project development costs incurred during the installation to model the costs for residential commercial and utility scale systems.

The average cost of solar panels has fallen 65 from 7 34 per watt in 2010 to 2 53 per watt in 2019. The easiest way to calculate the average cost of solar panels is to look at its price in dollars per watt w which is relatively consistent across the united states. Utility scale photovoltaics plus energy storage system costs benchmark nrel technical report 2018. Solar photovoltaic system cost benchmark.

On the low end you can install a smaller system for around 5 000 while a high priced. For example a 6 kilowatt kw residential solar panel installation in california costs about 16 080. Key takeaways about solar panel cost the cost of solar in 2020 is about 12 920 after tax credits 2 91 watt the cost of solar has fallen over 20 over the past 5 years. That s almost 80 lower than the cost of solar 10 years ago.

Cost reduction roadmap for residential solar photovoltaics nrel technical report 2018. Throughout 2020 the solar tax credit is equal to 26 percent of the cost to install a solar system. Since costs after installation are minimal for solar electricity the relevant costs are the purchase price installation costs and the cost of land capital costs. Q1 2018 nrel technical report 2018.

Is the cost of solar panels still falling. Year our report benchmarks costs of u s. Solar power is capital intensive and the main cost of owning a system comes upfront when buying the equipment the solar module will almost certainly represent the largest single component. Q1 2018 nrel presentation 2018.

A standard 6 kw residential solar system has dropped from 44 000 down to 15 200 over the past decade not including the federal solar tax credit.