Solar Panel Cost Guide in Canaan, OH (2023 Update)
- Canaan Solar Installation Cost: $13,619
- 25-Year Savings: $15,614
- Payback Period: 11.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Canaan
We go over average solar pricing in Canaan.
In Canaan, solar panels cost about 2.56 per watt on average. The average Canaan homeowner needs a 7.6-kilowatt system, which would cost about $13,619 with the federal tax credit, or $19,475 before the 30% tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Canaan homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. For most homeowners, the upfront cost of solar is worth paying. On average Canaan homeowners see about $15,000 in savings on energy bills over 20 years.
Click the button below to get connected to a vetted solar installer in Canaan for a personalized quote.
Solar savings over time in Canaan
| Year | Return on Investment |
|---|---|
| 1 years | $-12,450 |
| 3 years | $-10,111 |
| 5 years | $-7,773 |
| 7 years | $-5,434 |
| 9 years | $-3,095 |
| 11 years | $-757 |
| 13 years | $1,582 |
| 15 years | $3,921 |
| 17 years | $6,259 |
| 19 years | $8,598 |
| 21 years | $10,937 |
| 23 years | $13,275 |
| 25 years | $15,614 |
Top Solar Installers in Canaan
Putting up solar panels yourself can be a difficult undertaking, which is why using a solar installation company is a good option for many homeowners. Companies can also offer access to quality options of the best solar panels and help you pick which one will be best for your home.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Canaan
Factors that Affect Solar Panel Costs in Canaan
While the average cost of a solar system in Canaan is $13,619, your actual cost may be above or below the average. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,560. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your electric bills. Additionally, add-on products, like solar batteries, can bring your total well above the Canaan average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are provided by most installers in Canaan, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also adds to your all-in costs, so it's important to consider that as well. You can always lower the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Canaan is the company you choose to install your solar panel system. As with choosing a company to install new cabinets, for instance, there's no shortage of solar installers that offer a range of services at different price points. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $11,906 | 12.1 years |
| 8 kW | $2.61 | $14,623 | $16,161 | 11.9 years |
| 10 kW | $2.56 | $17,920 | $20,560 | 11.6 years |
| 12 kW | $2.51 | $21,074 | $25,102 | 11.4 years |
| 14 kW | $2.46 | $24,084 | $29,787 | 11.2 years |
| 16 kW | $2.41 | $26,952 | $34,616 | 10.9 years |
| 18 kW | $2.36 | $29,676 | $39,588 | 10.7 years |
| 20 kW | $2.30 | $32,256 | $44,703 | 10.5 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. Since selecting a company can be difficult, we have some tips to help you, such as:
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Contract: When looking over your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Solar Panel Brands: The type of solar panel you'd like to get plays a part in which installer you should opt for, since different companies have different panels.
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 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 $12,800 for a 5-kW system and $25,600 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Canaan?
A solar panel system isn't free in Canaan, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Is going solar worth it?
Solar panels can be a great investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.