How much does a PV system cost?
Prices vary depending on many factors. These factors include the mounting configuration, PV system efficiency, and size of the system. Typically, the installed costs are determined based on the size of the PV’s output. The cost per watt ($/watt) is often used for comparing systems of different size. It is difficult to predict how much an individual PV system will cost. However, it is not uncommon to see prices in the range of $6-$10 per watt. For example, a 1,000 watt system could cost $6,000 to $10,000.
The total cost of a PV system includes the PV system and installation. Your PV system’s cost will depend on a number of factors, including system size and the energy efficiency of your home, whether the home is under construction and whether the PV is integrated into the roof or mounted on top of an existing roof. The cost also varies depending on the PV system rating, size, manufacturer, height from the ground, etc. A 5-kilowatt system that will substantially offset the energy needs of many conventional homes may cost $7 to $8 per watt (before rebates and incentives). These prices of course, are just rough estimates, and your costs will depend on your system’s configuration, your equipment options and other factors. After taking in to account rebates of $2 to $3/watt which at the current annual rate of utility cost increases should take 7 to 9 years to pay for itself.
There is no single answer, but keep in mind that a solar rebate and other incentives may reduce the cost. Your system’s price will depend on a number of factors, including whether the home is under construction or whether the PV is integrated into the roof or mounted on top of an existing roof. The price also varies depending on the PV system rating, manufacturer, retailer, and installer. The size of your system may be the most significant factor in any equation measuring your costs against your benefits. Small, single PV-panel systems with built-in inverters that produce about 75 watts may cost around $900 installed, or $12 per watt. These small systems will offset only a small fraction of your electricity bill. A 2-kilowatt system that will offset the needs of a very energy-efficient home may cost $16,000 to $20,000 installed, or $8 to $10 per watt. At the high end, a 5-kilowatt system that will completely offset the energy needs of many conventional homes may cost $30,000 to $40,000
A. As systems get larger, the cost per watt is lower. A two (2) kilowatt system may cost between $16,000 and $20,000 ($8.00 to $10.00 per watt), while a five (5) kilowatt system may be installed for as little as $35,000 ($ 7.00/watt). All of these prices are figured before the rebates or tax credits. The final cost may be as low as $2.50 per watt (or $12,500 for a 5 kW system) depending upon which incentives your utility may offer.
