7 Best Cheapest Solar Panels

Solar (PV) panels are devices used to generate electricity from sunlight. The affordability of solar panels varies according to factors including type, system size, brand, and quality. The cheapest solar panels are often those of lower quality and from less reputable brands, compromising efficiency and safety.

When looking for cheap solar panels, it’s best to opt for the lower-cost models from reputable brands like Canadian Solar or Silfab, which are known for producing some of the best affordable solar panels on the market. Whilst the up-front costs of these solar brands are sometimes slightly more expensive, these costs are often recuperated over time due to factors like the superior efficiency and durability of the solar panels and the ability of these brands to honor warranties over long periods. This leads to a more cost-effective outcome for consumers than low-quality alternatives, which often lead to higher maintenance and replacement costs in the long run.

Apart from short-term fluctuations, solar prices have been declining consistently over time. This allows solar consumers to purchase solar panels at a more affordable price point without compromising on quality. The decrease in solar panel cost is largely a result of three main factors: declining material costs, economies of scale, and efficiencies in the way PB systems are installed.

In certain periods, the availability of materials or supply chain issues has temporarily increased solar panel prices. For example, the price of polysilicon went up for Chinese manufacturers in the 2021-2023 period, which, coupled with COVID-19 supply chain issues, caused a global spike in the cost of solar panels. Price fluctuations are typically temporary, and the overall trend is that solar panels continue to get cheaper over time.

By comparing different solar brands according to criteria like reputation and pricing, consumers are able to secure a wise investment, even on a budget. The price of solar panels is determined by the cost per watt of their capacity.

Find the cheapest solar panels by comparing the prices of the top solar panel manufacturers. Below is a list of the 7 cheapest manufacturers of quality solar panels in 2024.

• SunPower: Renowned for its innovative and cost-effective panels, SunPower offers an efficiency rating of 22.6-22.8% and a 40-year warranty, making them an economical choice for solar solutions.
• Silfab: Producing high-quality panels at a competitive price, Silfab offers an efficiency rating of over 20% and a 25-year warranty, providing a premium yet affordable solar option.
• REC: Dedicated to providing clean, affordable solar power, REC offers budget-conscious consumers a cheap yet efficient option with a 25-year warranty and a guarantee of 92% output after 25 years.
• Panasonic Solar: Offering high-performance panels at a competitive price, Panasonic Solar provides an efficiency rating of 19.1-22.2% and a 25-year warranty, making them a reliable and cost-effective choice for residential solar.
• Canadian Solar: A global leader in solar energy, Canadian Solar offers reliable and affordable panels with an efficiency rating of 22.5% and a 30-year warranty, making them an economical choice for residential and commercial applications.
• Trina Solar: Focusing on high-performance panels at a low cost, Trina Solar provides an efficiency rating of 20.7-21.6% and a 25-30-year warranty, offering a reliable and cost-effective solution.
• Q Cells: A leading manufacturer of affordable panels, Hanwha QCells offers an efficiency rating of 17.4-21.4% and a 25-year warranty, making them a reliable and cost-effective choice for solar energy systems.

1. SunPower

SunPower is an American solar company renowned for its innovative and economical approach to producing solar panels. A subsidiary of Maxeon Solar Technologies, SunPower has been a leader in the industry since its founding in 1985. The company is known for producing solar panels that are notably cost-effective over the long term, with an average kWh cost of $0.17. SunPower produces the highest efficiency solar panels in the United States, boasting a world-leading efficiency rating of 22.6-22.8%.

This high efficiency translates into more kWh of electricity per panel, resulting in cost savings due to the need for fewer panels and a longer lifespan. SunPower backs its products with a world-leading 40-year warranty, making them an economical solar solution for those looking to invest in solar for the home.

2. Silfab

Silfab is a leading solar manufacturer based in Canada and Washington. Founded in 2010, Silfab produces high-quality panels without compromising on affordability. By manufacturing in North America and using streamlined processes, Silfab is able to offer consumers a premium solar panel at a competitive price point. Silfab's solar panels cost around $0,70 per watt before installation, making a typical 5KW PV system about $3500 (excluding installation).

Silfab produces highly efficient panels, with their Elite and Prime series boasting an efficiency rating of over 20%, which is above the industry average. Silfab solar panels come with a 25-year workmanship warranty and a 30-year performance warranty.

3. REC Solar Panels

REC (Renewable Energy Corporation) Group is an international solar energy company headquartered in Singapore, and hubs worldwide in countries like USA, Germany, Australia, and Japan. When it comes to consumers looking for cheap solar panel prices, REC is dedicated to fulfilling its promise of clean, affordable solar power. Before installation, REC solar panels cost between $0.60 and $1.30 per watt, depending on the model.

This price flexibility allows budget-conscious consumers to invest in a cheap REC 5KW PV system for as little as $3000, with the peace of mind that comes with a trusted, premium brand. REC solar panels are highly efficient, with a rating of between 19.1% to 22.3%. The warranty for REC panels is 25 years for materials and performance, including a guarantee that their solar panels still perform at 92% output after 25 years. 

4. Panasonic Solar

Panasonic Holdings Corporation, commonly known as Panasonic, is a renowned Japanese electronics multinational with a strong presence in the solar market, through their division Panasonic Solar. With over 35 years of experience in the field of solar panels, Panasonic Solar’s patented HIT solar panels offer high performance and efficiency, at a wallet-friendly price. On average, Panasonic solar panels start at $2.77 per watt, meaning that the average 5KW Panasonic PV system costs around $4,750.

Their patented solar cells, called HIT (Heterojunction with Intrinsic Thin-layer) cells, use a special layered structure to produce a higher efficiency rate. The efficiency rate of Panasonic Solar panels is between 19.1 and 22.2%. Panasonic Solar provides a 25-year product warranty for their solar panels, with a guarantee of 90.7% efficiency after 25 years.

5. Canadian Solar

Founded in 2001, Canadian Solar is a global leader in solar energy, with subsidiaries in 20 countries. A successful public company listed on the NASDAQ stock exchange, Canadian Solar offers an excellent balance of price and performance, providing extremely reliable solar panels at a cheaper rate than similarly matched competitors. Canadian Solar panels cost $0.68 per watt, which means that a 5KW Canadian Solar PV system costs around $3400. This makes them an economical choice for both residential and commercial purposes.

Their panels have a low hot-spot temperature (meaning they distribute heat evenly), increased shading tolerance, and stand up well to heavy snowfall and winds, making them especially valuable for areas with diverse weather conditions. The efficiency rating of Canadian Solar panels is 22.5%, which is above average in the solar industry. This efficiency translates into increased performance, providing a higher return on investment for the solar panels over time. The warranty for Canadian Solar modules lasts 30 years.

6. Trina Solar

Established in 1997, Trina Solar is one of the oldest Chinese solar panel manufacturers listed on the Shanghai stock market. Trina Solar aims to manufacture solar panels that offer the best performance at the lowest cost. Their focus on return on investment for solar customers over time has led to them producing some of the most long-term reliable solar panels on the market. 

The cost per watt for Trina Solar panels is $0.62 on average, meaning that a 5KW Trina Solar PV system is likely to cost around $3100 (excluding installation). Trina Solar is advanced when it comes to solar panel efficiency, boasting a 20.7-21.6% efficiency rate for their standard product line, and world-record efficiencies of 24.5% and 25.5% for their prototype PERC solar cells and monocrystalline solar cells, respectively. Trina Solar offers a 25-30-year performance warranty, depending on the model in question.

7. QCells

Hanwha QCells is a South Korean company that acquired the German solar company QCells in 2012, and still trades by the same name. Since then, QCells has been transformed into a world-leading manufacturer of affordable solar panels, using their own team of over 200 engineers to fully design and develop their products from end to end. 

Cheaper than some competitors in the same price bracket, Q ells remains an affordable choice whilst still delivering quality and innovation. QCells solar panels cost around $1.05 to $1.12 per watt, meaning that a 5KW Q Cell PV System costs around $5250-5600. QCells solar modules have a 10.3% share of the rooftop residential and commercial market in the United States.

QCells solar panels have an efficiency rate of 17.4%-21.4% efficiency, which is above average. As of 2022, Q Cells offers a warranty of 25 years on all new solar modules.

What are Solar Panels?

A solar panel, known as a PV panel or module, is a device that converts sunlight into electricity as a result of the photovoltaic effect. When sunlight strikes a solar panel, photovoltaic (PV) cells capture the energy and generate an electrical current. This electrical current can then be used to power household appliances, store them in batteries for later use, or feed them back onto the electrical grid in exchange for financial compensation in the form of tax credits and rebates.

What Use do Solar Panels have?

Solar energy systems use photovoltaic (PV) panels to convert sunlight into electricity. The electricity generated from PV panels has a wide range of applications, including providing supplementary power to houses and businesses for direct everyday use or storing it in batteries for later use. This benefits consumers directly by reducing reliance on the electrical grid for energy. Other applications for solar panels include providing power to campervans and streetlights. In a broader sense, solar panels are an environmentally friendly energy source that reduces greenhouse gas emissions worldwide, by providing a clean and sustainable alternative.

When is the Best Time to Use Solar Panels?

The best time to use solar panels in the United States depends on the panel's orientation. North-facing panels tend to generate the most power between 9 am and 2 pm while west-facing panels typically reach their peak output between 2 pm and 5 pm. By optimizing your panel placement based on your local climate and energy needs, you ensure that you're getting the most out of your solar investment.

What are the Factors to Consider When Purchasing Solar Panels?

The seven main factors to consider when purchasing solar panels are listed below.

• Solar Panel Size: The size of your solar panel system depends on your available space and inevitably determines cost. Be sure to measure the space before choosing the appropriately sized solar panel system. Common PV system sizes include 3KW, 5KW. 6.6KW and 7KW.
• Solar Panel Efficiency: Higher output efficiency means that solar panels are able to generate more energy, leading to a higher return on investment for your purchase over time. Solar panel efficiency degrades slightly over time, a factor that many solar panel warranties account for by specifying a guaranteed minimum power output, typically around 80% to 90% of the panel's initial efficiency.
• Solar Panel Durability: The durability of solar panels refers to their ability to function efficiently over time despite the impact of environmental conditions and general ‘’wear and tear’’. Solar panels typically have a 25-30-year lifespan, often backed by a manufacturer's warranty of the same duration, providing peace and protection against potential replacement expenses.
• Type of Solar Panel: The four types of solar panels are Monocrystalline, Polycrystalline Thin Film, and PERC. Each type carries advantages and disadvantages related to its different applications. Monocrystalline is the most common solar panel type and often the cheapest.
• Warranty: Solar panels from reputable manufacturers typically come with a long-term warranty (usually 25+ years) that protects the consumer against potential defects and performance issues. Check the warranty provided before choosing a particular solar panel provider.
• Reputation: Companies such as SunPower and Trina Solar are well-known and have an excellent reputation within the industry. Reputable solar panel brands usually carry more up-front costs but are economical choices over the long term due to their efficiency and reliability. The most reputable solar brands are referred to as "Tier 1,” which is an indicator of their product quality and reputation for reliable service.
• Cost: The cost of solar panels varies according to considerations like size and type. The best approach to choosing the right solar panels for your needs is to consult industry professionals and compare quotes from multiple providers.

What is the Average kWh Consumption?

Average kWh consumption refers to the amount of electricity you use within a given time frame. This figure generally increases according to the number of people in a household. The average monthly electricity consumption in the US is 887 kW for a two-person household, according to the U.S. Energy Information Administration (EIA). Electricity consumption is typically lower in areas with moderate climate conditions like the West and Northeast. In humid regions like the South and Midwest, electricity consumption is more significant, primarily due to the near-nonstop use of AC in summer.

The easiest way to calculate your average kWh electricity involves referring to the usage data located on your electricity bills. To obtain the average monthly kWh consumption, add up the usage data over the course of a year and divide this figure by 12. To obtain the daily kWh usage, further, divide the monthly average kWh consumption by the number of days in the month.

The benefit of determining how much electricity you consume on average per month or by day stems from the fact that the data is based on your existing household use. Knowing your household electricity usage is crucial for determining your solar needs, achievable using a solar panel cost calculator. A Solar Panel Cost Calculator is an online tool that estimates potential savings when you purchase a solar PV system. Determining your household electricity usage assists you in making informed decisions about your energy consumption and subsequently reducing your overall electricity costs.

How Many kWh of Solar Panels Do You Need?

To determine the number of kilowatt-hours (kWh) of solar panels required for your home, bear in mind that solar panels typically generate 3 to 5 kWh per day. Given the average U.S. household consumes about 29 kWh daily (or 886 kWh monthly), a solar system ranging from 5kW to 8.5kW is generally sufficient to cover your energy demands. This calculation is based on optimal conditions, where a 1kW system produces approximately 4 kWh daily. However, the exact number of panels needed varies by your home's energy usage, panel efficiency, location, and sunlight exposure. For this reason, it’s advisable to contact an electrician, solar panel expert, or customer support agent from your trusted solar panel manufacturer and ask them to assess your specific needs.

What is the Cost of Solar Panels?

In the United States, solar panels are typically priced between $200 and $450 per panel. Prices for low-end panels range from $200 to $300, whilst affordable mid-range solar panels cost $300 to $400 per panel. Solar panels are priced according to how much electricity they produce. Additionally, the size of the solar system you choose impacts the overall cost of solar panels, as larger systems come with higher installation costs and sometimes higher maintenance costs. The most popular solar panel size of 6kW costs an average of $15,000 to $25,000 before deducting government subsidies.

Are Solar Panels the Best Alternative for Conserving Electricity?

Yes, solar panels are the best alternative for conserving electricity because they are available to everyone, thanks to the decreasing cost and accessibility of rooftop solar panels. They reduce household electricity dependence, and any excess is fed back to the grid (in exchange for feed-in tariffs). Conserving electricity brings significant environmental benefits on a global scale, as well as cost savings to the consumer. One of the main environmental benefits of solar energy is that it uses power generated from sunlight to generate electricity without releasing greenhouse gases. By harnessing this renewable form of electricity, households are able to conserve electricity from the grid and earn money by selling excess electricity back to their provider.

Do Solar Panels Help Lessen Electricity Bills?

Yes, solar panels help to reduce electricity bills by generating “free” electricity independently of the grid, which reduces dependence on costly electricity from energy providers. By using this solar electricity to supplement or replace electricity from the grid, homeowners are able to significantly reduce their energy bills. The amount saved from having solar panels varies depending on factors like the size of the solar panel system. Typically, a 5KW solar PV system is able to save consumers about $1,500 per year.