How Much Will a 24kW Solar System Save?
When it comes to saving money with solar power, a 24kW solar system can make a significant impact. On average, this system can save you up to $7,446 per year. Over the panel’s 25-year lifetime, you can potentially save a staggering $186,150.
Rising Cost of Electricity
The rising cost of electricity has been a major concern for consumers. Over the past 40 years, electricity costs have increased by a staggering 270%. This trend can be seen in the graph below:
Source:
U.S. Bureau of Labor Statistics
By installing a 24kW solar system, you can combat these rising electricity costs and take control of your energy expenses.
See also: Solar Panel Systems: The Ultimate Guide to Going Green in 2023
Electricity Saving
One of the key benefits of a solar system is the ability to generate your own electricity. The more self-generated electricity you use, the less you need to rely on utility companies, resulting in reduced costs on your monthly energy bills.
Solar Energy for a Profit
In addition to saving money on electricity bills, a 24kW solar system can also generate income for you. If you produce more electricity than you consume, you can sell the surplus back to the grid. This means that what you don’t use can actually yield a profit. Currently, you can expect a 20% return on your investment per year on panels based on the current electricity costs.
24kW Solar Panel System Price
The typical cost of a 24kW solar system is around $48,000. However, it’s important to note that prices have come down substantially over the past 10 years, making solar energy more affordable and accessible for homeowners.
Source:
The National Renewable Energy Laboratory (NREL)
24kW System with Battery Backup
When considering a solar panel system, battery backup is an important factor to consider. There are two primary types of batteries commonly used for solar systems: lead acid and lithium polymer.
For a 24kW system, the sizing for lead acid batteries would be calculated as follows:
24kWh x 2 (for 50% depth of discharge) x 1.2 (inefficiency factor) = 288 kWh.
On the other hand, the sizing for lithium polymer batteries would be calculated as follows:
24kWh x 1.2 (for 80% depth of discharge) x 1.05 (inefficiency factor) = 151 kWh.
Lithium polymer batteries are highly recommended as they require only half as many batteries compared to lead acid batteries. To reduce costs, it is advisable to purchase both batteries and panels together.
24kW Off-Grid Solar System
If you are looking to go completely off-grid, a 24kW solar system is a good option. To run such a system off-grid, you would typically require 80 or more panels. Additionally, you would need 151 kWh worth of lithium polymer batteries to get a full cycle. The typical cost of batteries required to run a 24kW off-grid system amounts to $71,064.
How Many Panels Are Needed?
Most solar panels available in the market have a capacity of 300 watts. To achieve a 24kW solar system, you would need 80 or more of these panels.
If you need different power requirements, check out 20 kW solar systems
How Big is a 24 kW Solar System?
Each solar panel has an area of 17 sqft. With 80 panels required for a 24kW system, the total footprint would be 1360 sqft.
How Many kWh Does a 24kW Solar System Produce? (Load Per Day)
A 24kW solar system can typically produce an output of 120 kWh per day, under the assumption that the panels receive at least 5 hours of sunlight. This equates to approximately 3600 kWh per month and 43,800 kWh per year.
There are also 90 kW solar systems if you need a different sized system.
How Many Batteries Needed For a 24kW Solar Panel System?
The number of batteries required for a 24kW solar panel system depends on the battery type chosen, whether lead acid or lithium. If you opt for the recommended lithium polymer batteries, you would need 151 kWh worth of battery storage. You have the flexibility to choose between a single battery system or wire together several batteries of smaller sizes.
Is a 24kW Solar System Worth It?
Considering the potential savings and return on investment, a 24kW solar system can be a worthwhile investment. In areas with decent sun exposure, you can generate $7,446 worth of electricity every year, resulting in a 20% return on investment based on the current costs of panels. With a total cost of $48,000 for this system, it is clear that solar energy is a great deal.
With this in-depth guide, you now have a comprehensive understanding of a 24kW solar system, including its price, load capacity, size, and more. By harnessing the power of the sun, you can take control of your energy expenses, save money, and make a positive impact on the environment.
