Cost Breakdown of a 10kW Solar System

Investing in a 10kW solar system is a popular choice for medium to large households and small businesses. Understanding the cost components can help you make an informed decision.

  1. Solar Panels:
    • Cost: The price of solar panels can vary based on the brand and efficiency. High-quality panels typically range from $0.70 to $1.00 per watt. For a 10kW system, the total cost for panels alone can be between $7,000 and $10,000.
  2. Inverter:
    • Cost: The inverter, which converts DC electricity to AC electricity, is a significant component of the system. High-quality inverters can cost between $1,000 and $2,500 for a 10kW system.
  3. Mounting and Racking:
    • Cost: The mounting and racking system, which secures the solar panels to your roof or ground mount, typically costs between $1,000 and $2,000.
  4. Installation:
    • Cost: Labor and installation costs vary depending on the complexity of the installation and local labor rates. Expect to pay between $2,000 and $5,000.
  5. Permits and Inspections:
    • Cost: Securing the necessary permits and undergoing inspections can add $500 to $1,000 to the overall cost.
  6. Additional Costs:
    • Cost: These may include monitoring systems, batteries for storage, and any potential upgrades to your electrical system. These costs can range from $1,000 to $3,000.

Total Estimated Cost: The overall cost for a 10kW solar system typically ranges between $11,500 and $20,500, considering all the above factors.

ROI and Payback Period

The return on investment (ROI) and payback period for a 10kW solar system depend on various factors, including energy consumption, electricity rates, available incentives, and system performance.

  1. Energy Savings:
    • A 10kW system can produce around 40 to 45 kWh per day, or approximately 14,600 to 16,425 kWh annually. Assuming an average electricity rate of $0.25 per kWh, annual savings can range from $3,650 to $4,106.
  2. Incentives and Rebates:
    • Government incentives, such as the Small-scale Technology Certificates (STCs) in Australia, can significantly reduce the upfront cost of your solar system. Depending on the location and the number of certificates, rebates can save you thousands of dollars.
  3. Payback Period:
    • To calculate the payback period, divide the net cost of the system (after incentives) by the annual savings. For example, if the net cost is $12,000 and the annual savings are $4,000, the payback period would be 3 years ($12,000 / $4,000).
  4. Long-term Savings:
    • After the payback period, all the electricity generated is essentially free, leading to substantial savings over the system’s lifespan, which is typically 25 to 30 years. With an annual savings of $4,000, you could save around $100,000 over 25 years.
  5. Increase in Property Value:
    • Solar systems often increase property value, providing an additional financial benefit.

Why Choose Target Solar for Your 10kW Solar System?

At Target Solar, we pride ourselves on providing high-quality solar solutions tailored to your specific needs. Our 180+ Google reviews reflect our dedication to customer satisfaction and excellence in service.

  • Competitive Pricing: Get the best quotation for your 10kW solar system.
  • Expert Installation: Our experienced team ensures efficient and reliable installation.
  • Comprehensive Support: From consultation to post-installation maintenance, we support you every step of the way.

Contact Target Solar today to get a detailed quote and start your journey towards a sustainable and cost-effective energy future.