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.
In Canaan, solar panels cost about 3 per watt on average.Since a 7.6-kW system is needed to cover the energy needs of a typical home in Canaan, the average price of going solar will be about $18,134 after claiming the federal solar tax credit of 0.
These figures are only averages, and how much solar costs for you may differ based on your energy needs and what company you want to go with.Even with the significant initial cost, the average Canaan homeowner can save about $15,000 on their power bills over 20 years, which is one of the advantages of solar.
To calculate your potential savings and connect with a local solar company, click the button below.
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 choose to use a solar installation company since installing solar panels yourself can be time-consuming. Another upside of going with a solar installer is that they can help you maximize your return of investment by reducing your future costs of repairs and replacements due to warranties and informing you of local incentives you can take advantage of.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some in Canaan:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Canaan
Factors that Affect Solar Panel Costs in Canaan
While the average cost of a solar system in Canaan is $18,134, your actual cost may differ. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The size of the solar panel 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 around $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 the initial cost of installing solar.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 remaining significant cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Canaan, you’ll have a great number of options to choose from, but each comes at various price points for labor and equipment.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and go with the company that offers the products, warranties and services you want and also fits within your budget.
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
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be a challenge, we have some tips to help you, such as:
- Installation Process: When going solar, it’s essential to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process will go and the project timeline.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
- Solar Panel Brands: The brand of solar panel you need to install plays a role in which company you should choose, since different companies have access to different panels.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Canaan, OH Solar Cost FAQs
How much does it cost to install 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 real cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Canaan?
Leasing solar panels can be an attractive choice, as it commonly 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
Does Canaan have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future electricity bills.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.