Memphis Finance

Aug 31 2018

Cost of Solar

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The price of residential solar power

On average the total cost of solar installation can be between $15,000 to $29,000 for average sized systems sized between 4kW and 8kW. 2

Sunrun solar lets you get started for as little as $0 down and helps you lower your electric bill. If you want to own your system, we do that too. If you choose to buy your system, the graph shows an average breakdown of costs of a residential solar panel installation .

Equipment costs. Solar panels. inverter, mounting hardware and wiring

Installation and permits. Solar installation. supply chain, permitting and interconnection

Sales and operational. Monitoring and maintenance costs, repairs, additional operational and overhead

“We never thought that we would be able to afford solar. We decided to go solar when we heard that Sunrun had a product that would be no money down.”

Kristin C.. West Orange, New Jersey, Customer since 2012

When you purchase a residential solar system, the cost of your system also depends on its size. Larger systems will cost more as they require more panels.

A photovoltaic system is more than its panels — it’s made up of many other components, including wiring, racks, an inverter, and often a solar monitor and meter. The balance of systems and installation labor costs can drive up the overall cost-per-watt of a system.

How much does it cost for Sunrun’s home solar installation?

Your home solar power system doesn’t have to cost a lot. When you choose a solar lease you can get your solar panel installation costs down to $0. We take care of the equipment costs, installation, permits, and we’ll even protect your system for 20 years. All you pay for is the solar energy, and save money on your electric bill each month. Here’s how it works:

Learn more about our solar financing options. and let us help you choose a plan that makes sense for you.

How Are Solar Panel Costs Measured?

Solar panels are measured in watts and are often priced in dollars-per-watt. Not all panels are created equal, and they’re priced accordingly.

Solar Power Costs vs. Your Utility Company

Did you know that solar power already costs less than grid power in 10 states? That translates into big savings on your utility bill. Here’s why it’s happening:

  1. Despite temporary drops in the price of oil and natural gas. utility companies continue to increase electric rates. 3 Over time, fossil fuels will continue to be limited, further driving the costs up.
  2. The cost of solar panels is falling. down almost 100 percent since 1977 (see chart) and more than 50% since 2007 alone. 4
  3. Installation costs are falling as well, as more solar providers enter the market to meet growing demand.

Solar panel costs are dropping, while electric rates aren’t. See how much you can save with a fast, free solar quote .

How Else Can I Reduce Home Solar Energy Costs?

Federal, state and local incentives push costs down even further. Currently, homeowners can take advantage of a 30 percent federal tax credit now through 2016. Even if the credit falls to 10 percent with no additional rebates after 2016 as some predict, solar comes out ahead of grid electricity in most of the U.S. as shown in this map. 5

There are also individual state solar rebates. Learn more about specific incentives in your state.

Solar Incentives by State

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