The amount homeowners are eligible to receive from our utility company is based on the size of their PV system. For example, as mentioned previously, our home’s PV system has a total of 7 kW. At the time of installation, the utility rebate was $2.25/watt*. This resulted in a $15,750 rebate (2.25 x 7000).
After rebates and incentives, our total cost looked like this:
If we were to install our 7kW system today, the cost would be significantly less. Solar panel prices have dropped from over $2/watt in 2010 to less than $1/watt today.
As you will see in the example scenarios below using our utility company’s incentive program, Xcel SolarRewards, it is most cost-effective to install as many watts as your rooftop can support:
Source of mounting hardware pricing: Iron Ridge Design Assistant
Source of Misc. costs – Estimated based on our project costs detailed here. This cost will also be higher if you hire an installer.
*Note that the rebate amount has recently been reduced from $2.25/watt to $1.50/watt by our utility company to reflect the lower costs in the solar panel industry.