The 6 Best Cheap Solar Panels of 2023

Installing solar panels on your home is a considerable investment, but you can cut costs by finding an inexpensive installer and selecting cheap solar panels. Silfab, Panasonic and SunPower are three of our top-rated cheap solar panels for 2023.

The MarketWatch Guides Team selected our top picks for cheap solar panel manufacturers by evaluating each company based on pricing, efficiency, reputation and more. Read on to learn more about affordable panels and how to save money when going solar. You can also discuss your options with a top solar installation company to find the best deal possible.

SunPower is the only solar panel manufacturer on our list that also offers installations. If you are interested in purchasing our other recommended panels, you can get a quote from a certified installer below.

Compare the top cheap solar panel brands and get connected with a top-rated installer:

*Our list of installers is based on our research into the best solar providers nationwide and not exhaustive. There may be additional solar providers in your area that offer the above panels.

Here's our list of the best affordable solar panels:

North American manufacturer Silfab made it to the top of our list of best solar panels due to its high-performance panels backed by one of the longest warranties in the industry. The company offers fairly competitive efficiency rates for its price point. It is more affordable than others with similar offerings, such as Q Cells.

Silfab makes monocrystalline panels for both residential and commercial uses. Here is its lineup of residential panels:

Silfab's panels feature an efficiency rating higher than the industry standard of 17%. Namely, the Silfab Elite and Silfab Prime hit a high-efficiency mark of 20% or more.

Silfab's panels cost about $2.85 to $3.05 per watt once installed on your roof, which puts Silfab on the higher end of the industry average of $3 per watt but still less expensive than SunPower. An averaged-sized 6-kilowatt (kW) system from Silfab would cost around $17,040 to $18,300 before tax credits or incentives.

The company includes a 30-year performance warranty for all its panels. This warranty is longer than the industry standard of 10 to 25 years. Silfab also guarantees that its panels will perform at roughly 83% of their original output for up to 30 years. If not, it will pay for the cost of maintenance and repairs.

Panasonic offers one of the most efficient residential solar panels on the market, EverVolt. As you might expect from a big brand name like Panasonic, it builds solar products for efficiency and durability. The company also offers its panels at fair prices.

Panasonic currently offers its EverVolt solar panel line. EverVolt panels are guaranteed to operate at 98% of their original capacity after the first year. After 25 years, they are guaranteed to operate at 92%.

These high-performance panels come at a higher price point for installation. You can expect Panasonic's EverVolt line to cost around $3.10 per watt. So a 6 kW system with Panasonic would cost around $14,640 to $18,600.

SunPower uses Maxeon, an independent company that originally was part of SunPower, to supply its solar panels. Its high-efficiency panels feature some of the lowest rates of degradation. These higher efficiency rates mean you could use fewer panels to produce your home's required electricity, which may lead to a more cost-effective installation on a small rooftop. Overall, though, SunPower's products are more expensive than most competitors.

SunPower has four solar panel lines:

SunPower solar panels tend to be pricier than most. They are the most expensive brand on our list. SunPower panels feature a minimum price of $3.30 per watt, which is already more than the industry average of $3 per watt. Therefore, a 6 kW system with SunPower runs on the high end between $19,800 and $22,440.

SunPower states that its panels will perform at least 92% of their original output capacity for up to 25 years. If not, SunPower will cover any maintenance or repairs if your system is performing at a lower level at any point during 25 years.

SunPower has a network of 850 certified installers across the U.S. Find a SunPower installer near you.

Q Cells offers some of the most affordable solar panels on the market. In addition to affordability, the company offers one of the best performance warranties in the industry, and it can extend its product guarantees by three years.

Q Cells is one of the most-used solar panel manufacturers globally. This is partly due to its passive emitter and rear conduct (PERC) technology. PERC cells have additional conductivity, making them optimized for higher absorption rates. All Q Cells panels are within the industry-standard efficiency range of 15% to 20%.

The company has three versions of its Q.Peak Duo line, which utilizes half-cut cells to protect against energy loss and help slow down the panel's overall wear and tear. Each Q.Peak Duo model varies in wattage from 315 to 360 and in size.

On average, Q Cells panels cost $275 each. A 6 kW Q Cells solar system would cost somewhere between $14,400 and $18,960.

Q Cells offers a great performance warranty that guarantees 86% of original output capacity for up to 25 years.

Canadian Solar offers well-rated and regarded solar panels in terms of durability and efficiency, and it offers them at reasonable prices. Canadian Solar does not feature the highest performance on this list, but it is an excellent option if you are searching for more affordable solar panels.

Canadian Solar's main product lines are these:

Canadian Solar is an overall cost-effective option for a solar energy system. On average, the company's solar panels cost between $2.70 and $3.20 per watt. This pricing makes a standard 6 kW system cost around $16,200 to $19,200 before tax credits or state incentives

Canadian Solar's warranties fall within industry standards of 12 to 15 years for product and 25 years for performance.

Trina Solar's panels come at a high price point. Even then, its panels are not as efficient as those offered by more expensive brands. The panel specs fall within the industry average, and Trina has taken measures to improve some past quality issues, such as ensuring its panels are protected against degradation or failure caused by standing water.

Trina Solar offers the following residential product lines:

Trina Solar uses a unique, patented design — the N-type iTOPCon cell. This design increases the efficiency of mass-produced panels. Therefore, you receive industry-standard performance for $14,000 to $20,000 for a 6 kW system.

Trina's Vertex and Vertex X panels, its more powerful models, come with a 25-year warranty.

Factors like where you live and how much energy you use will influence the overall cost of your solar panel installation. According to our survey of 1,500 homeowners with solar, it typically costs between $15,000 and $20,000 to install a 10 kW solar power system. The Solar Energy Industries Association (SEIA) estimates that solar panels can cost around $25,000. Keep in mind that these figures do not include any solar incentives, like the 30% federal solar tax credit.

The type of solar panels you select and how many you need will significantly affect your system price. A smaller home that consumes less energy may only need a 5 kW system, while larger homes with higher energy needs may require closer to a 10 kW system. Solar installations are typically priced by capacity, so the more energy you need your panels to generate, the more you’ll pay for your system.

Home solar systems also require an inverter to convert solar energy into usable power. You can also add a solar battery to store energy outside sunlight hours. Most solar companies will design your solar system with these components included, but selecting specific inverters or batteries, such as a Tesla Powerwall, may increase your overall cost.

Solar panel tiers are criteria set by the Bloomberg New Energy Finance Report. To be considered Tier 1, a manufacturer must have provided solar products to six different projects under specific financing guidelines within the last two years. Any manufacturer that does not meet this criteria is considered Tier 2.

These guidelines do not consider or measure a panel's efficiency rate or durability. Instead, these labels refer to a solar manufacturer's bankability and standing in the industry.

A value solar panel refers to a solar panel designed to last around 20 to 25 years. Value panels are typically backed by a 10- to 12-year warranty and feature high-quality, reliable materials. In short, these panels are great value for your money. You may find that most thin-film and polycrystalline solar panels are value panels.

On the other hand, premium panels feature higher-quality materials and have a lifespan of 25 to 40 years. These panels usually feature higher efficiency rates and lower temperature coefficients, with 25-year performance warranties. Premium panels tend to be manufactured by big-name companies confident in their quality, performance and durability. Most often, premium panels are monocrystalline solar panels.

You can save money on solar panels by taking advantage of solar incentives, comparing solar panel prices and quotes, and installing panels yourself (if you have the expertise and equipment).

All U.S. residents are eligible for the 30% federal solar tax credit when they purchase residential solar panels. Additionally, many state governments and utility companies offer local incentives including net metering, solar rebates and tax exemptions that can further reduce your cost.

Get several quotes from local solar companies and compare costs between providers. Although solar panel installation costs vary vastly by project, our 2023 poll of 1,500 homeowners with solar found that Palmetto Solar, Sunrun and ADT Solar tend to be on the lower cost end of solar providers.

Installing solar equipment requires electrical expertise, specialized equipment and special permitting that make it difficult to install panels yourself. Not to mention, DIY installation poses risks due to the height of your roof and electric wiring. Additionally, since the majority of your cost comes from equipment, your savings when installing panels yourself may not be as much as you think.

According to Jesse Solomon, the co-founder of NCSolarNow, installation and labor costs only make up about 12% of the total cost of your solar system. In most cases, you’re better off going with a professional. Plus, your solar installer will help you apply for solar incentives you’re eligible for, which helps maximize your savings.

Solar energy offers various benefits to homeowners, including lower utility bills, increased home value and a lower environmental impact.

The typical household in the U.S. spends about $1,500 per year on electricity, according to the Energy Information Administration. Solar photovoltaic (PV) panels can provide long-term savings by lowering your reliance on grid power and offsetting electricity costs with renewable energy.

While the upfront cost of solar panels can be hefty — about $15,000 to $20,000 on average — incentives like the federal solar credit, net metering programs and state tax breaks can help offset the price. Although you will see the most immediate savings by purchasing your system in cash, many installers offer solar loans, leases and power purchase agreements (PPA) so you can finance your system over time.

Here are some of the most significant factors that influence the actual savings you receive from a solar system:

A solar professional can survey your home and give you an estimate of how much you can save when you switch to solar.

A solar energy system can increase your overall property value. According to a study by Lawrence Berkeley National Laboratory, solar panels increased the value of a home by an average of $15,000. A Zillow study reported that homebuyers were willing to pay 4.1% more for a home with solar panels, an average of $9,274.

Each kilowatt-hour (kWh) of solar power generated reduces greenhouse gas emissions, such as carbon dioxide and other pollutants like sulfur oxides, nitrogen oxides and particulate matter. According to the National Renewable Energy Laboratory, you save 1,400 pounds of carbon dioxide emissions from traditional energy sources for every 1,000 kWh of clean electricity your solar panels generate.

Solar panels also reduce the water consumption needed by power plants to generate electricity.

Find A Solar Panel Installer in Your State

While the upfront price of going solar can be expensive, affordable solar panels can help lower your overall cost. Silfab offers top-of-the-line panels backed by solid warranties at highly competitive pricing. We also suggest Panasonic as an excellent cheap solar panel because of the company's reputable and well-established name. Or if high efficiency and performance are your priority, SunPower is an ideal choice.

Whatever your budget, you should research and request quotes from at least three solar providers before purchasing equipment. Be sure a company offers the products and rates you prefer before signing a contract. Use our tool below to start the process of connecting with local, reputable solar installers near you.

Trina Solar and Q Cells offer the cheapest solar panels on our list.

Installing cheap solar panels can help you save on electricity bills, increase your home value and lower your environmental impact. Solar panels have a lifespan of 25 or more years, and with solid workmanship and output warranties, can maintain energy production to power your home for decades.

According to the SEIA and our 2023 survey of 1,500 homeowners with solar, the average solar panel system costs between $15,000 and $25,000 before considering any solar incentives.

Although a DIY installation can help you save money on labor costs, we strongly recommend hiring a solar professional to complete your solar installation. DIY installation might be cheaper upfront, but potential mishandling and purchasing tools and equipment will lead to more expenses in the long run. Plus, a professional solar installer can help you apply for solar incentives that minimize your overall cost.

While we don't recommend DIY installs for grid systems, you can purchase solar panel kits for smaller, off-grid applications, such as camper vans or remote cabins.

We scored each solar panel manufacturer based on the most important considerations for homeowners looking to invest in renewable energy: Solar panel tier, cost per watt, efficiency range and warranty period.

We spoke with five solar experts when researching the best solar panels, including two solar wholesalers, a solar durability representative at PV Evolution Labs and the CEO of Elevation Solar. We also received cost information from solar wholesalers and extensively researched each solar manufacturer's lineup to holistically rank each one.

Here's how we broke down the scoring:

Faith Wakefield is a writer based in North Carolina. She holds economics and English degrees from UNC Chapel Hill, and her work has been featured on EcoWatch, The World Economic Forum and Today's Homeowner. In her free time, she loves to binge-watch personal finance videos on YouTube, collect books and spend time in nature.

Tori Addison is an editor who has worked in the digital marketing industry for over five years. Her experience includes communications and marketing work in the nonprofit, governmental and academic sectors. A journalist by trade, she started her career covering politics and news in New York's Hudson Valley. Her work included coverage of local and state budgets, federal financial regulations and health care legislation.