Solar Panel Cost Guide in Bloom, OH (2023 Update)
- Bloom Solar Installation Cost: $13,476
- 25-Year Savings: $19,101
- Payback Period: 10.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Bloom
Find out how much it might cost to make the switch to solar in Bloom.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Bloom, the average cost of solar panels is 2.56 per watt. The average solar panel system size in Bloom is around 7.5 kilowatts, meaning a cost of about $13,476 for a solar installation, or $19,271 before the 30% federal solar tax credit is applied.
The true price you pay can go above or below the average in Bloom based on a variety of factors, such as the brand of solar panels you choose and the solar installer you hire. For most homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Bloom see about $16,000 in savings on electricity bills over 20 years.
To get a free estimate from a highly rated solar company in Bloom, you can click the button below.
Solar savings over time in Bloom
| Year | Return on Investment |
|---|---|
| 1 years | $-12,173 |
| 3 years | $-9,567 |
| 5 years | $-6,961 |
| 7 years | $-4,354 |
| 9 years | $-1,748 |
| 11 years | $858 |
| 13 years | $3,464 |
| 15 years | $6,070 |
| 17 years | $8,676 |
| 19 years | $11,282 |
| 21 years | $13,888 |
| 23 years | $16,495 |
| 25 years | $19,101 |
Top Solar Installers in Bloom
When going solar, many homeowners choose to hire a solar installer since handling can be a challenging project. A solar company can also help save you money in the long run by offering warranties, repairs and part replacements.
Working with a professional solar company can help your solar project go smoothly. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Bloom
Factors that Affect Solar Panel Costs in Bloom
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few key factors that determine your overall cost in Bloom: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,560. The type of solar panels and equipment you choose is another factor that will considerably impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Furthermore, solar equipment is more than just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are provided by most installers in Bloom, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. When considering your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar panel installation company you choose will affect your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. Larger national companies generally have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.66 | $11,182 | $14,819 | 10.8 years |
| 8 kW | $2.61 | $14,623 | $20,045 | 10.5 years |
| 10 kW | $2.56 | $17,920 | $25,414 | 10.3 years |
| 12 kW | $2.51 | $21,074 | $30,927 | 10.1 years |
| 14 kW | $2.46 | $24,084 | $36,584 | 9.9 years |
| 16 kW | $2.41 | $26,952 | $42,384 | 9.7 years |
| 18 kW | $2.36 | $29,676 | $48,327 | 9.5 years |
| 20 kW | $2.30 | $32,256 | $54,413 | 9.3 years |
How to Save on Solar Panels
The solar panel company you choose will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, including:
- Contract: Before you sign a contract with a solar installer, be sure to read it through completely so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
- Warranty: If you're worried about the endurance of your solar panel system, making sure your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should acquire and what the project timeline is.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Bloom, OH Solar Cost FAQs
How much does it cost to install solar panels in Bloom?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $12,800 for a 5-kW system and $25,600 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Bloom?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Can you sell solar power back to the grid in Bloom?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future energy bills.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.