What Does it Cost?
Renewable Energy Projects can take many forms and are motivated by many factors. For some, the ultimate goal is to install a system that will produce all of the electricity that their home or business uses, and thereby reduce their household or business Carbon Footprint. For others, it is to offset some portion of their electric bill while protecting themselves from future electric rate increases that may alter their retirement plans. Renewable Energy Projects represent a significant initial investment. Understanding what has motivated you to investigate Renewable Energy will make a difference when you decide if the investment is “worth it” for your household or business.
Asking what your renewable energy system will cost is like asking “what does a car cost”. First you need to determine your requirements. How big, how fancy, what kind of options, how powerful, how long do you want it to last. You can buy a sub-compact KIA for under $9000, or you can buy a Bentley for $200,000.
With Renewable Energy Systems, the questions are: how much electricity do you use per month, how much are you willing to conserve, what portion of your total usage do you want to produce, how much sun or wind does your house get, and is your home oriented to take advantage of solar energy. The only way to answer these questions is to have us perform a site survey.
Can you get Solar or Wind Energy system for under $10,000? Probably not. Do you have to spend $200,000? Probably not. The Solar Energy Industry Association and the American Solar Energy Society both state that the initial cost of a Solar Photovoltaic System is $8,000 to $10,000 per rated Kilowatt, and that the average Residential installation in the US is 1.5 to 2.5 KW. Our company, however, has average installation costs of $6,500 to $7,500 per rated Kilowatt. This translates to $11,000 to $20,000 for the “average” system we install, before rebates and incentives are applied.
The American Wind Industry Association statistics show that residential and small commercial Wind Energy Systems are a little more expensive for small units (1kw - 4kw) per rated Kilowatt, approximately $12,000 per installed KW. Initial start-up costs can be as low as $10,000 per KW for larger units (5kw and larger) depending on the average wind speed at your site. Wind speeds can vary greatly within a few city blocks, so an accurate site evaluation is essential. Installation costs are highly variable, and cannot be done without a detailed site survey.