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Solar Panel Prices

Solar Panel Prices

How much a solar panel costs?

People often inquire about solar panel prices and repeatedly ask the cost of solar energy to evaluate their decision. Unfortunately, there is no definite answer to this question and the cost of solar panel varies with the size, need, type, installation and maintenance. This page will guide you about all the major aspects that impact the cost of these panels.

Residential solar panel prices in Pakistan

The trend of installing solar panels in Pakistan has increased over the past decade as more and more people are encouraged to use residential solar panels that typically size from 3 to 8k watts depending upon the energy consumption and usage around the house. To get a fair idea of solar panel prices in Pakistan, an average estimate is between 1.5 -5 lac PKR. Solar panel costs have decreased significantly over the past years including the permit fee, overhead, installation charges, labor and profit. The total cost that you would incur includes both the cost of the products as well as operational and installation costs.

Cost of an individual solar panel

It is a common misconception that the best solar panel would be the most expensive. You should look at the cost per watt in order to determine the actual amount you would be paying for a panel. This will give you a fair idea of costs compared to the electrical power output.

Cost of an inverter

An inverter is a device that converts direct current DC from solar panel into alternating current AC for the home appliances to use this power, and grid-tie your system.  The cost of an inverter will be 10% of the total cost.

However it would be higher if you are buying a micro inverter. Micro inverters are improvised versions and cost higher than the traditional inverter because they have longer warranty and better power output.

Installation Costs

The total cost does not only involve the cost of the products that you buy but also the initial installation and setup that the service providers will charge you. The labor costs will be about 15% of the total cost and so will be the charge for permit and fees. This cost would vary with whether you are installing this facility for your home or commercial building and which area you are living in. You should also consider.

  • The permit from the local government
  • Neighborhood requirements
  • The approval from the society or homeowner

Operational cost of solar panel

Solar panel prices also vary with the operational costs including

  • Monitoring
  • Repair
  • Insurance
  • Maintenance
  • Overheads

This is going to make up for 20% of the total cost. Here you have a high margin to cut on costs because you can eliminate the need to get repairs if you use the panel carefully. You will rarely need any monitoring and a very little maintenance for your panel.

Payback

An essential thing to know about solar panel prices is the payback, what is it and when or how you get it. The pay back on cost of solar panel comes at the point where you start actually benefiting in monetary terms. Your savings will increase your costs and you will know you have made a worthwhile investment. According to the United States Department of Energy, most solar panels will payback within the first five years of installation.

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