Solar is a popular renewable energy source that lets you tap into “free” electricity. However, for a long time, the upfront cost prevented average families from investing in solar panels.
In 2022, that’s all set to change. Solar panel costs have decreased significantly in the last few years. Now, they not only cost less initially but also allow for plenty of savings in the long run.
Whether you’re considering using solar energy for your RV road trips, as a backup generator, or to power your home, many factors determine the cost of going solar.
Read our comprehensive guide to learn about calculating the cost of solar panels and how much you could potentially save.
How Much Does a Solar Panel Cost?
Solar energy costs have decreased and will continue to decline as the industry matures and government incentives encourage homeowners to replace traditional energy sources.
The average cost for solar panels typically runs from $3 to $5 per watt. As a result, a typical 5-kW residential solar system will range between $15,000 to $25,000 before tax credits and incentives.
However, the cost varies significantly based on many factors, such as the size of the panels, the efficiency rating, the system set-up, and more.
A New Way to Choose Solar – EcoFlow Portable Panels
Switching to solar energy doesn’t have to be a massive expense that costs tens of thousands of dollars and many years to see a return on investment.
EcoFlow Portable Solar Panels come in various capacities and price points, from as low as $400 for the 110W portable solar panel to a little under $1000 for the 400W portable solar panel.
Right now, for a limited time, you can get the 110W for as low as $209! That’s almost $200 in savings.
EcoFlow portable solar panels are compact so that you can easily transport them anywhere. The panels are lightweight and foldable, making them the perfect panels to take with you wherever you need electricity.
EcoFlow solar panels are affordable, cost less than traditional options, and don’t require contracts or monthly fees like you would with a standard solar power system.
How Much Does It Cost to Install Solar Panels?
Besides the cost of purchasing panels, there’s also the inherent cost of installing them. The panels are one component of the entire home energy system, and other components should be factors when evaluating your expenses.
A solar system typically includes components such as panels, inverter, batteries, electrical hookups, and a racking system. Standard solar installations may include soft costs like labor, permits, engineering design, and even marketing and sales costs may factor into the expenses.
Some solar companies offer installation, warranties, and maintenance. However, these additional services add additional costs as well.
The exact cost for installation depends on many factors, such as the size and type of panels. However, the consensus is that it can cost about $5000 to install a smaller system and over $12,000 for regular-sized panels.
Fortunately, EcoFlow Portable Panels virtually eliminate the need for professional installation. The set-up includes a carry case that doubles up as a kickstand allowing you to adjust the positioning of the panels to maximize the amount of energy captured.
These bundles contain all the cables you need to connect to your Ecoflow Portable Power Station or Generator. Connect the cables to each component of your solar system and the appropriate wires to power your appliances, and you’re good to go!
Factors That Determine How Much Solar Panels Will Cost
Many factors can dictate how much your solar panel system will cost, including whether you purchase one panel or invest in a full solar system. Let’s get into the details below.
Solar Panel Capacity
Solar panels have varying capacities, or power production capabilities, represented by watts. The watts indicate the amount of energy captured in ideal temperature and sunlight conditions.
Typically, most panels can produce between 100 to 400 watts. The higher the watts, the fewer panels you need to achieve your ideal energy consumption needs.
The overall watts in the panel will determine the cost. Obviously, the higher the watts a panel has, the more it’ll cost. EcoFlow solar panels come in various capacities, such as 110W, 160W, 220W, and 400W.
PV Conversion Efficiency Rate
The PV conversion efficiency rate describes how much sunlight the panel can convert into electricity. In general, the PV rating indicates the quality, which impacts the panel cost. The typical industry standard for PV efficiency rating is between 15% to 20%.
EcoFlow offers an industry-leading 23% PV conversion rate in a panel that is 10% smaller than other options on the market. That means you’ll need fewer panels and less installation space to reach your energy needs.
System Integration
You’ll need to connect the panels to other aspects of the solar system, such as the inverter, electrical inverter, generator, etc.
If your panel doesn’t integrate well with other products, it’ll lead to more system set-up costs, such as additional wiring and installation.
EcoFlow panels offer a universal integration system that can plug into any system. Universal integration reduces the setup cost and ensures you have all the wiring you need for installation without additional products.
All you have to do is connect the panel’s wirings to the other system wirings, such as the inverter and generator or power station. Easy hook-up allows you to transfer the energy captured from sunlight and convert it into electricity for usage.
Cell Construction
Not all solar panels are the same. The efficiency of the panel matters when it comes to cost.
Monocrystalline panels are made from a single silicon crystal, allowing more room for the flow of electricity. Polycrystalline panels have more crystals meaning less freedom for electrons to move.
In short, monocrystalline panels are more efficient than polycrystalline panels. However, that does come at an extra cost. Monocrystalline panels will be more expensive.
EcoFlow uses monocrystalline silicon cells with a 23% conversion rate, meaning higher efficiency in capturing sun rays and turning them into energy.
Solar System Set-Up
Your system set-up will impact the overall cost. Practically speaking, it will cost more to buy multiple individual panels instead of a bundle.
Considering that solar panels generally do not operate alone but require a generator or battery to store the electricity, it isn’t economical to just buy one panel—you’ll need to set up a whole solar system.
EcoFlow Power Kit
The EcoFlow Power Kit is the first plug-and-play solution that combines five components into the Power Hub. With four charging methods, including Panels, Shore Power Input, Smart Generator Input, or Vehicle Alternator Input, and 2048Wh capacity, it’s the ideal solution for powering your tiny home, RV, or off-grid build.
How Can I Calculate How Many Solar Panels I Will Need?
Your energy consumption determines how many panels you need, affecting the total cost. You’ll want enough panels to power all your appliances and devices to eliminate your electric bill. However, the number of panels you need also depends on the panel’s power rating. The more powerful the panel, the fewer panels are required.
The average household uses a little under 900kWh per month. Divide 900 kWh by 30 days, and you’ll get 30 kWh (30,000Wh), which is how much electricity the average household requires per day to run the lights, dishwasher, washer, dryer, television, etc.
To figure out how many solar panels you’ll need, divide the watt usage, 30kWh, by the hours in a day: 30,000Wh / 24 hours = 1250 Watts.
In this scenario, you would need 1250 watts per hour to keep your household powered all day and night. You can achieve this amount of energy using four EcoFlow 400W solar panels.
EcoFlow DELTA Pro Portable Power Station
The EcoFlow DELTA Power Station offers a simple solution for keeping your home powered and storing energy for when you need it most.
With a 1600W solar panel and 3.6kWh capacity that you can expand to 25kWh using an EcoFlow DELTA smart generator and backup batteries, you don’t need to buy multiple solar panels. Bundle and save with the EcoFlow DELTA Pro.
How Much Money Can Solar Panels Save?
When discussing savings, we’re talking about how much you would’ve spent on your electric bill if you didn’t use a solar system for your home.
If you use 900 kWh per month, and the average electricity rate is $0.14 per kWh, you’ll save about $126 per month on your electricity bill: 900kWh x 0.14 kWh = 126. That’s a savings of $1512 per year. Of course, the more you use solar, the more money you’ll save.
You’ll also receive a 26% tax incentive. If you spent $15,000 on your solar system, you’d receive $3,900 in tax credit.
Conclusion
Thanks to the declining cost of solar energy and other tax incentives, panels are a cost-effective investment for any person who wants an excellent return on investment. A solar system can help reduce dependence on your local utility company and power your home with clean, renewable energy.
Cut yourself free from the grid and burdensome electricity bills and switch to solar. With the EcoFlow portable solar panels, power stations, and power kits, you have abundant cost-effective solutions for your energy use.