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In the United States, installing solar panels for a residential energy system costs between $16,870 and $23,170 after receiving federal tax incentives. However, this cost may differ based on several factors like your location, the number of panels, panel brand and efficiency, and professional or DIY installation.

The total cost of installing solar panels consists of several elements. Approximately 25% of the cost is for the solar panels, 10% for inverters, 10% for racking, mounting, and balance of system (BOS) pieces, and 55% for installation and other expenses.

The cost per watt of solar panels can vary between $.70 and $1.50, depending on factors such as the panel manufacturer's reputation, warranty, efficiency, type, and aesthetics. Inverters, which convert DC power to AC power, cost approximately $.30 to $.40 per watt. Racking, mounting, and BOS pieces, which include grounding hardware and conduit, cost around $.25 - $.50 per watt and vary based on your system size and location.

To reduce the cost of solar installation, you can consider using high-efficiency solar panels if you have limited space, choose a cost-effective type of panel like thin-film, and select a solar inverter with great features and easy installation. Moreover, you can use our Solar Calculator to determine the number of panels required and find the best system size for your home.