How much does a PV system cost?

There are three aspects of cost: the PV panels, the inverter, and overall installation, including the interconnection of your PV generator to MEC’s system. You must also factor in additional costs in your estimate, such as permit fees, loan interest if you finance, maintenance costs, homeowner’s insurance rates, and backup batteries for using energy at night or in case of a power outage. For a complete 6-kW residential PV system, installed at $2.80-$3.50 per watt by a small local installer, the total average cost can range between $16,800 and $21,000 before any federal solar rebates and other incentives, which could bring the final cost range to $13,320 and $15,540.

As a final check, make sure that installing a PV system, its maintenance, and financing don’t cost more than your current electric bill.