The solar panel prices energy depends on several factors, including the number of panels you need for your home and your electricity consumption, the type of panel manufacturer you choose, and state-specific regulations and incentives. However, solar is a relatively affordable investment and most homeowners will save money on their energy bills in less than ten years.
Solar energy was once very expensive, but advances in technology and government support helped reduce costs. Today, solar power is one of the cheapest sources of electricity in most areas and breaks even in many states when you factor in other benefits such as health and climate impacts, he says.
2023 Solar Panel Price Trends: How to Get the Best Deal on Solar Energy for Your Home
In the past decade, panel prices have fallen rapidly, dropping by about 10 percent annually. The cost reduction was the result of lower “non-module” costs such as racking, inverters, and other components, and cheaper production technologies like mono and poly solar cells that operate at different efficiency ratings.
But this year, it has become clear that solar system pricing will continue to be impacted by new tariffs and other policy-related issues. Consequently, the return on investment period for residential and commercial solar has risen.
The good news is that the latest price reductions will still make solar affordable for most households. But householders should consider if they are ready to get solar now rather than waiting for cheaper panels, experts say. The reason is that rising labor costs and waning government rebates will make it harder to save on electricity with rooftop solar this year.