Solar panels cost about $21,816 on average when purchased with cash or $26,004 when purchased with a loan for a 7. While that price tag seems steep, the electricity bill savings you get from solar panels make them a worthwhile investment for most Americans. This work has grown to include cost models for solar-plus-storage systems. NLR's PV cost benchmarking work uses a bottom-up. Each year, the U. Department of Energy (DOE) Solar Energy Technologies Office (SETO) and its national laboratory partners analyze cost data for U. solar photovoltaic (PV) systems to develop cost benchmarks. These benchmarks help measure progress toward goals for reducing solar electricity costs. The cost of a residential solar installation is a blend of physical hardware, the labor to install it, and a variety of administrative expenses known as soft costs. Combined with the tax credit, homeowners can achieve payback periods of just 6-10 years. Your actual cost depends on your home's energy needs, roof characteristics, location and other factors, all of which we'll break down in.