Solar Panel Cost Guide in Canaan, OH (2024 Update)
- Canaan Solar Installation Cost: $18,134
- 25-Year Savings: $15,619
- Payback Period: 15.5 Years
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Average Cost of Solar Panels in Canaan
See how much it might cost to switch to solar power in Canaan.
The national average cost of solar panels is $2.66 per watt, but in Canaan it’s 3 per watt.The average Canaan homeowner needs a 7.6-kilowatt system, which would cost about $18,134 with the federal tax credit, or $25,932 before the 0 tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy needs, the type of solar panels you want to get, your solar contractor and more.But, once you've paid the initial cost of installation, the payback for most homeowners is typically good, with a net average savings of about $15,000 over 20 years on electricity bills.
Click the button below to get connected to a top solar installer in Canaan for a personalized quote.
Solar savings over time in Canaan
| Year | Return on Investment |
|---|---|
| 1 years | $-16,914 |
| 3 years | $-14,473 |
| 5 years | $-12,033 |
| 7 years | $-9,592 |
| 9 years | $-7,152 |
| 11 years | $-4,711 |
| 13 years | $-2,271 |
| 15 years | $170 |
| 17 years | $2,610 |
| 19 years | $5,050 |
| 21 years | $7,491 |
| 23 years | $9,931 |
| 25 years | $12,372 |
Top Solar Installers in Canaan
Many homeowners opt for a solar panel installer since trying to put up solar panels yourself can be hard. In addition, if you’d like to maximize your investment in solar power, going with a solar installer can help with that too. Different providers can offer repairs, expertise on solar panel installation and sometimes even information on local incentives, rebates and net metering programs.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some near you:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Canaan
Factors that Affect Solar Panel Costs in Canaan
The cost of installing a solar system in Canaan can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $3,410. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your power bills. Additionally, extra products, such as solar batteries, can bring your total well above the Canaan average.
Solar Financing Terms
Most solar companies in Canaan offer solar loans, which reduce your upfront costs of installing a solar system.Although solar loans make going solar more accessible for Canaan homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you choose to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar panel companies in Canaan, and each can charge varying amounts for labor and equipment.Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra 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 | $3.55 | $14,895 | $8,193 | 16.1 years |
| 8 kW | $3.48 | $19,478 | $11,306 | 15.8 years |
| 10 kW | $3.41 | $23,870 | $14,610 | 15.5 years |
| 12 kW | $3.34 | $28,071 | $18,104 | 15.2 years |
| 14 kW | $3.27 | $32,081 | $21,790 | 14.9 years |
| 16 kW | $3.21 | $35,900 | $25,667 | 14.6 years |
| 18 kW | $3.14 | $39,529 | $29,735 | 14.3 years |
| 20 kW | $3.07 | $42,966 | $33,993 | 14.0 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running smoothly and save you money on repairs and maintenance.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Even though there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you ask for their list of offerings before deciding.
- Reputation: Long-running companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Canaan, OH Solar Cost FAQs
What is the average cost of installing solar panels in Canaan?
The average cost of solar panels in Canaan is about $17,050 for a 5-kW system and $34,100 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Canaan?
Leasing solar panels can be an attractive choice, because it usually comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Can you sell solar power back to the grid in Canaan?
Most states offer net metering programs of some kind. Through these, you can be compensated for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the average daily 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 cover 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.