Cost Analysis
The cost of a photovoltaic installation depends on several factors:
- System size: The larger the installation, the higher the cost.
- Component quality: Higher quality panels and inverters increase the price.
- Installation complexity: Difficult roof access or complex electrical work can increase the cost.
| System Power | Estimated Cost (Gross) | Estimated Cost After 30% Federal Tax Credit (USD) | Annual Energy Production |
|---|---|---|---|
| 3 kWp | $8,000 - $10,000 | >$5,600 - $7,000 | ~3,000 kWh |
| 5 kWp | $11,000 - $15,000 | $7,700 - $10,500 | ~5,000 kWh |
| 10 kWp | $20,000 - $30,000 | $14,000 - $21,000 | ~10,000 kWh |
Potential Savings
Investing in photovoltaics can lead to significant savings on electricity bills. The payback period is usually from 6 to 10 years.
Savings depend on:
- Energy consumption: The higher the consumption, the greater the savings.
- Electricity prices: Rising prices increase savings.
- System size: The larger the installation, the more energy is generated.
Financing Options
There are several financing options available to help reduce the initial cost of photovoltaics:
- Grants and subsidies: Government programs offer financial support.
- Tax relief: Reduces your tax burden.
- Loans: Finance the installation with a loan.