Monthly Archives: December 2023

solar panel cost

Solar Panel Cost and Pricing: What to Expect

The cost of solar panels is a major factor in the decision to go solar. Solar panel prices have dropped substantially in recent years, making solar energy more affordable for homeowners and businesses. But what exactly impacts the pricing and overall costs of solar panels? Here’s an overview of the key factors.

Average Solar Panel Costs

Solar panel pricing is typically measured in dollars per watt of generating capacity. Current approximate costs:

  • Residential solar panels – $2.50-4.00 per watt
  • Commercial solar panels – $1.75-2.25 per watt
  • Utility-scale solar – Under $1.00 per watt

So a standard 400 watt residential solar panel might cost $1000-$1600 installed. Actual residential system costs average $2.50-$3.50 per watt including equipment and installation.

What Impacts Solar Panel Pricing?

Key factors that influence solar panel costs include:

  • Efficiency – Higher efficiency panels cost more per watt, but require fewer panels.
  • Technology – Advanced technologies like PERC cost more.
  • Size – Bulk orders for large projects decrease costs.
  • Brand – Premium brands charge a price premium.
  • Supply chain – Solar costs increase if supply is constrained.
  • Hardware – Additional racking, wiring, etc. add expenses.
  • Soft costs – Permits, labor, financing costs contribute too.

Main Components of Total Costs

A residential solar system’s total installed price consists of:

  • Equipment – Solar panels and inverters make up ~30% of costs.
  • Soft costs – Permits, labor, etc. add ~20% to costs.
  • Installation – Physical solar system installation costs ~15%.
  • Balance of system – Wiring, racking and more make up ~10%.
  • Overhead & margin – Company overhead and profits add ~25%.

Ways to Reduce Your Solar Costs

Strategies to decrease your solar panel and system costs include:

  • Seek quotes from multiple installers to compare pricing
  • Opt for lower efficiency, but more cost-effective panels
  • Buy in bulk for a large commercial or municipal project
  • Shop sales and seasonal promotions when available
  • Take advantage of federal or state tax credits and rebates
  • Finance over time with a loan to minimize upfront costs

Real-World Solar Panel Prices

  • As of November 2022, SunPower prices premium panels at $2.97 per watt.
  • Home Depot sells Peimar panels for as low as $1.49 per watt.
  • At utility scale, First Solar reports panel costs as low as $0.80 per watt recently.

Key Takeaways on Solar Panel Costs

As technology improves and solar scales, solar panel pricing continues to decrease over time. While costs are still a consideration, keep focus on lifetime system value and energy savings. With national averages now at $3 per watt, solar delivers strong returns for most homeowners.

solar panel manufacturers

Top 10 Solar Panel Manufacturers

The solar panel market is booming, with global capacity exceeding 500 gigawatts. There are dozens of solar panel manufacturers producing products for homes, businesses, and large-scale projects. But which companies make the best solar panels? Here are the top 10 solar panel manufacturers leading the pack.

Overview of the Top Players

The solar industry is largely consolidated among several major manufacturers. Chinese companies dominate in terms of production capacity and shipments. American and European firms focus more on innovation. Here are the companies making the biggest impact:

Factors in Evaluating Solar Panels

When comparing residential solar panels, here are some key factors to consider:

  • Efficiency – Higher efficiency means more power output per panel.
  • Durability – Can the panels withstand harsh weather for decades?
  • Warranties – Are comprehensive 25+ year warranties offered?
  • Certifications – Look for UL and IEC certification.
  • Manufacturer Stability – Established players are less risky bets.
  • Price – Solar affordability depends on competitive pricing.

The Top 10 Manufacturers in Detail

Now let’s take a deeper look at each of the 10 best solar panel producers globally:

1. JinkoSolar

Founded in 2006, this Chinese company is currently the world’s largest solar manufacturer. Key facts:

  • Huge production capacity exceeding 16 gigawatts per year
  • Efficient mono PERC and bifacial panels
  • 25 year warranty covering output degradation
  • Excellent balance of quality and cost

2. JA Solar

Also based in China, JA Solar is another titan in the industry. Notable details include:

  • Founded in 2005, produces over 10 gigawatts annually
  • Strong focus on R&D and panel efficiency
  • Diversified global shipment network
  • Competitively priced products

3. Trina Solar

Founded in 1997, Trina Solar is one of the oldest and largest solar companies in China. Key facts about this global manufacturer:

  • Over 25 gigawatts of modules shipped annually
  • Efficient multi and mono PERC solar panels
  • Durable panels tested to withstand extreme wind, snow, and heat
  • 25 year power output warranty and 10 year materials warranty
  • Wide range of products for residential, commercial, and utility-scale projects

4. Risen Energy

Risen Energy is a relatively new, but rapidly growing Chinese solar PV manufacturer. Here’s an overview:

  • Founded in 1986, now ships over 5 gigawatts per year globally
  • Focused on monocrystalline PERC and heterojunction cell technologies
  • Panels rated for high-wind and heavy-snow climates
  • Backed by 12 year product warranty and 25 year performance warranty
  • Continues to expand production capacity and global sales

5. Longi

Longi is one of the largest monocrystalline solar panel suppliers in the world. Details on this Chinese manufacturer:

  • Founded in 2000, over 14 gigawatts shipped annually
  • Highly efficient monocrystalline PERC and Hi-MO4 modules
  • Robust product testing for reliability and durability
  • 25 year power output warranty and 10 year materials warranty
  • Continually investing in new production facilities globally

6. Qcells

Qcells is a major international solar brand owned by Hanwha Group. Facts about this company:

  • Founded in 1999 in Germany, now headquartered in Korea
  • 5 gigawatts shipped globally per year
  • Broad range of monocrystalline and polycrystalline solar panels
  • Known for product quality, performance, and testing
  • 12 year product warranty and 25 year performance guarantee

7. REC Group

REC is a leading European brand owned by Norwegian energy company Scatec. Key info:

  • Founded in Norway in 1996, over 2 gigawatts shipped annually
  • High-efficiency monocrystalline solar panels
  • Panels rated for extreme weather durability
  • 25 year performance warranty and 10 year product warranty
  • Renowned for solar innovation and technological expertise

8. First Solar

First Solar is a US-based thin-film PV manufacturer. Notable facts:

  • Founded in 1999, ships over 5 gigawatts annually
  • Leader in cadmium telluride (CdTe) thin-film solar technology
  • Panels known for high energy yield and temperature resistance
  • 25 year limited warranty on materials and workmanship
  • Major utility-scale project developer and EPC provider

9. SunPower

SunPower is an American solar leader known for high efficiency panels. Details:

  • Founded in 1985, acquired by TotalEnergies in 2011
  • Unique Maxeon solar cell technology
  • Panels exceed 22% efficiency ratings
  • 25 year combined power and product warranty
  • Major residential and commercial installer in the US

10. LG Electronics

LG is a global technology leader that entered the solar industry. Facts:

  • Founded in 1958 in South Korea
  • NeON high-efficiency monocrystalline solar panels
  • 25 year limited warranty on products and performance
  • Also produces solar inverters and energy storage systems
  • Leverages advanced R&D and electronics expertise

Find the Right Solar Panels for You

This list provides a starting point for finding quality solar panels that balance performance, reliability, and affordability. Compare multiple quotes with specs to determine the optimal solar panels for your home or business needs.

Key Takeaways

  • Chinese manufacturers dominate in terms of scale and shipments
  • Balance is shifting towards more high-efficiency panels
  • Well-established firms with long warranties are safer bets
  • Carefully compare specs, certifications, and pricing
  • Solar panel technology will continue advancing rapidly

With so many great options, there’s no shortage of top-tier solar panels to power your renewable energy project.