How Much Does It Cost to Install Solar Panels?

How Much Does It Cost to Install Solar Panels?

Solar panels are a great way to reduce your carbon footprint and save money on your electricity bills, but they also require an initial investment that you want to know before you decide to go solar.

The cost of installing solar panels on your home or business depends on several factors, such as:

• The size and type of the solar system: The bigger the system, the more solar panels you will need, and the more it will cost. The type of solar panels also affects the cost, as different technologies have different prices and efficiencies. For example, monocrystalline silicon solar panels are more expensive but more efficient than polycrystalline silicon or thin-film solar panels.
• The location and orientation of your roof: The location of your roof determines how much sunlight it receives and how much electricity your solar system can produce. The orientation of your roof affects how well your solar panels can capture the sun’s rays. Ideally, your roof should face south or west and have a tilt angle of 30 to 45 degrees. If your roof is shaded, flat, or facing north or east, you may need more solar panels or a different mounting system to optimize your solar production.
• The labor and installation costs: The labor and installation costs include the fees for the solar installer, the electrician, the roofer, and the permits and inspections required by your local authorities. These costs vary depending on the complexity and duration of the installation, as well as the contractors’ rates in your area. According to Bankrate.com, the manual installation comprises 7 percent of the solar panel installation cost.
• The incentives and rebates available: The incentives and rebates available for solar panel installation can significantly reduce your upfront costs and increase your return on investment. The most common incentive is the federal solar tax credit, which allows you to deduct 26% of the cost of your solar system from your federal income taxes in 2023. This credit will drop to 22% in 2024 and expire 2025 for residential systems. There may also be state, local, or utility incentives and rebates that you can apply for depending on where you live.

The average cost to install solar panels as of today (3rd November 2023) ranges from ₦800,000 to about ₦5,000,000 depending on the factors mentioned above. Depending on your location and the brands of solar equipment used.

To get a more accurate estimate of how much it will cost to install solar panels on your home or business, you can Contact Us to get a more tailored and accurate system design and price!