Photovoltaic (PV) is the name of a method which is used to convert the solar energy into electricity. This electricity produced cannot be used directly to run house hold appliances. This produced electricity are in DC form. This DC form of energy is converted into AC form using an inverter.
Now, how much does it cost to have solar panels installed ? is different in every region.
Installation cost of solar panel
Components costing the installation price of solar panel
A roof top solar system costs around $3000 per kilowatt peak including the installation charges except the batteries and incentives too. The average cost break up is as follows:
1. PV modules: If Crystalline = 52%
2. Inverters = 23%
3. Balance of Systems: includes cables, etc.) = 17%
4. Installation = 8%
A 1KW rooftop costs approximately $2000 to $4000. This price depends on the region, area, country and state.
The price of the installation of solar panel also changes with the brands. The products which are from Tier I are more expensive as they offer best performance and efficiency. This adds to the cost of installation cost of solar panel.
Certificates or Standard
The products of the solar panel which fulfills the quality standard and are certified are more expensive. This adds to cost of installation of solar panel.
Costing of solar panel installation in Malaysia
Solar panel to be installed in Malaysia costs approximately RM60000. This price includes the battery, set up charge, panel and battery storage and charge controller. This price does not include the installation charge. This states that the charge of installing solar panel in Malaysia is too costly. But if it for a long term usage then the price is affordable.
Now if a 2 storey residential house having a 4 kW solar panel which costs around RM50000 is expected to yield around 12.24% rate in Return Of Investment (ROI). Hence the amount which is being paid at the time of installation is returned back to the owner in approximately 7 years.
Grid tied panel v/s stand alone
1. Grid tied System
The grid tied solar panels are cheapest and are mostly preferred. It helps to save more energy and also reduces the cost. It allows the owner to export their excess electricity which is very beneficial. This helps to get return back investment cost.
2. Stand Alone System
These systems are more costly as they work off grid. This system works separately from the electricity grid. This system is used where the electrical connections are not proper.
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