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Initial Investment

Installation and Considerations

Step-by-step Instructions

The initial cost of solar panels can be significant, with prices typically ranging from $15,000 to $25,000 for a residential system after federal tax incentives. This price includes the panels themselves, inverters, mounting equipment, and installation labor. It's important to note that while the upfront costs may seem steep, many users find that the long-term savings on electricity bills can offset these initial investments over time.

The price of solar panels has seen a significant decline over the past decade. In 2010, the average cost of solar photovoltaic (PV) systems was approximately $4.50 per watt. By 2023, this cost has decreased to around $0.80 to $1.20 per watt, making solar energy more accessible to farmers. Several factors contribute to this decline, including advancements in technology, increased manufacturing efficiency, and government incentives promoting renewable energy use.

Additionally, you can consider solar battery storage. This allows you to use solar power through the night and you can earn money back by selling excess electricity back to the grid. If you'd like to install a solar storage battery, then you can expect to pay between £3,500 – £5,000 for a 4kW system (not including charge controller). This brings your total to £8,500 - £11,000.

There are also a number of different financing options to make purchasing solar systems easier and with less money upfront.  The monthly amount owed on a solar loan is typically less than an average utility bill.