The first thing we need to know is that the amount of money you can save with solar panels depends on the cost of purchasing the solar panels as well as the amount of money you can save on your electricity bill each year by installing solar panels, among other things. So the exact amount that can be saved is affected by several factors. Below I will list each of these factors for you so that you can calculate how much money you can save by installing solar panels.

What factors affect the cost of installing solar panels?

The solar panels themselves

To calculate the cost of a solar panel installation, the cost of the solar panels themselves is the first to go. To calculate this cost must take into account the different prices of different products, the price of superior performance is naturally high. Normally, according to relevant data show that the price of solar panels in the past few years in a sustained low, the price of solar panels depends on the power of the photovoltaic panels, the power ranges from 5 watts to 700 watts, the price of each watt in the price of about 0.1USD.

Installation size of solar panels

Installation size mainly refers to the number and area of solar panels. Obviously, the installation of a larger number of larger solar panels will inevitably cost more money, leading to a rise in the cost of solar installation, but the corresponding total amount of power generation will also rise.

Labor cost of solar panel installation

Labor cost is the cost of solar panel installation needs to be considered. Of course, labor costs also include the cost of transportation of solar panels, solar panel design and installation, and a host of other costs. Depending on where you are located, the labor cost will be somewhat different.

Parts needed for solar system

Solar panels usually require mounting brackets for support. The price of the bracket will be affected by the material it is made of, usually the aluminium bracket with superior performance is slightly more expensive than the bracket made of steel.

Solar inverters are a type of equipment that changes direct current into alternating current. According to the operation mode can be divided into off grid inverter, On grid inverter and hybrid inverter, different inverter price is different.

Photovoltaic savings battery is a solar energy system to save electricity in the device, the current price of photovoltaic panels is: 0.1usd/Watt.

Factors affecting the cost of saving electricity from solar panels

Comparing the cost of electricity per kWh solar power savings

To know exactly how much money can be saved from solar power generation, it is important to know the grid-standard cost of electricity per kilowatt-hour of electricity generated by solar panels. Grid-standard electricity costs and due to the geographical location of different and different, such as rural and suburban areas per kilowatt-hour electricity costs tend to be lower than the city, the factory electricity charges are higher than the residential area, the peak electricity costs are higher than the peak areas of electricity consumption, so there is a certain difference in the cost of electricity per kilowatt-hour.

Solar Panel Power Generation Efficiency and Total Power Generation

The total amount of electricity generated determines exactly how much money can be saved from solar panels. However, it is important to realize that the power generation efficiency of different solar panels varies depending on their own performance, wear and tear, and so on. And along with the use of solar panels, there will be different degrees of wear and tear in the process, so in order to know the total amount of electricity generated by solar panels in 2024 you need to know the actual amount of electricity generated by each solar panel, and then sum up the total in order to calculate the real data.

Calculate the savings you can get from 2024 solar panels

Calculate the cost savings of solar panels in 2024 and the cost of solar installation, subtract the two, you can get a rough total cost savings of solar panels in 2024. Of course, to make the data more rigorous, you need to consider more aspects. For example, there are maintenance costs associated with solar panels and in some areas there are taxes that need to be deducted for solar power, which you will also need to take into account. By carefully calculating all aspects, you can get a more accurate solar panel savings.

Is the 2024 solar panel savings figure necessarily accurate?

The answer is no. First of all, you need to know that trying to calculate the amount of electricity that each solar panel can generate, and then summing it up to calculate the total amount of electricity generated in a certain place, this action is very labor-intensive, and the data is mostly an estimate. Moreover, calculating the total savings from solar panels is not just about direct savings, but also about indirect savings.

For example, solar power contributes to carbon neutrality, which also has an economic benefit to society that is difficult to calculate. In summary, the figures produced are an estimate and are not necessarily accurate.