Solar Panel Cost Guide in Canal Winchester, OH (2024 Update)
- Canal Winchester Solar Installation Cost: $17,979
- 25-Year Savings: $20,503
- Payback Period: 13.2 Years
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Average Cost of Solar Panels in Canal Winchester
Let’s have a look at the average cost of solar panels in Canal Winchester.
In Canal Winchester, solar panels cost about 3 per watt on average.To cover the typical energy usage of the average home in Canal Winchester, most homeowners require a 7.5-kilowatt system. Using the figure above, a solar installation costs around $17,979, or $25,710 before the federal solar tax credit of 0 is applied.
The true cost of your system can go higher or lower than the average in Canal Winchester depending on several factors, such as the brand of solar panels you choose and the solar installer you hire.For most homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $17,000 in savings on utility bills over 20 years.
Click the button below to get connected to a top solar installer in Canal Winchester for a custom quote.
Solar savings over time in Canal Winchester
| Year | Return on Investment |
|---|---|
| 1 years | $-16,750 |
| 3 years | $-14,293 |
| 5 years | $-11,835 |
| 7 years | $-9,378 |
| 9 years | $-6,921 |
| 11 years | $-4,463 |
| 13 years | $-2,006 |
| 15 years | $452 |
| 17 years | $2,909 |
| 19 years | $5,366 |
| 21 years | $7,824 |
| 23 years | $10,281 |
| 25 years | $12,739 |
Top Solar Installers in Canal Winchester
When making the switch to solar, many homeowners prefer to use a solar installation company since putting up a solar system yourself can be a time-consuming project. Solar installers offer key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
There are several 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
See all of the solar companies in Canal Winchester
Factors that Affect Solar Panel Costs in Canal Winchester
For many Canal Winchester homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Canal Winchester, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of solar panels in Canal Winchester, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy consumption, which you can determine by looking at past power bills. Your overall cost can increase by around $3,410 for each additional kilowatt you need.The solar equipment you choose can bring your price up or down 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. However, more efficient panels could save you more in the long run on your energy bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Canal Winchester average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in Canal Winchester, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Canal Winchester is the company you get to install your PV system. As with choosing a company to build a deck or pool, for instance, there’s no shortage of solar installers that provide a range of services for different budgets.The company’s size can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
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 | $12,190 | 13.7 years |
| 8 kW | $3.48 | $19,478 | $16,635 | 13.5 years |
| 10 kW | $3.41 | $23,870 | $21,271 | 13.2 years |
| 12 kW | $3.34 | $28,071 | $26,098 | 13.0 years |
| 14 kW | $3.27 | $32,081 | $31,116 | 12.7 years |
| 16 kW | $3.21 | $35,900 | $36,325 | 12.4 years |
| 18 kW | $3.14 | $39,529 | $41,725 | 12.2 years |
| 20 kW | $3.07 | $42,966 | $47,316 | 11.9 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the project completion timeline.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can look into your installer’s reputation is by reading reviews.
- Contract: When looking through your solar company’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Canal Winchester, OH Solar Cost FAQs
What is the average cost of installing solar panels in Canal Winchester?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $17,050 for a 5-kW system and $34,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Canal Winchester?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home 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 financial benefits from going solar.
Do solar panels increase your home value?
Solar panels can increase your property’s value considerably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.