Solar Panel Cost Guide in Canfield, OH (2023 Update)
- Canfield Solar Installation Cost: $14,058
- 25-Year Savings: $12,379
- Payback Period: 13.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Canfield
Let's take a look at the average cost of solar panels in Canfield.
The national average cost of solar panels is $2.66 per watt, but in Canfield it's 2.56 per watt. Because a 7.8-kW system is needed to cover the energy usage of a typical home in Canfield, the average price of going solar will be about $14,049 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of going solar can vary based on several factors, such as what size system you need, your energy usage and what solar installer you go with. Despite the high initial cost, the average Canfield homeowner can save around $13,000 on their power bills over 20 years, which is one of the perks of solar.
To get a free estimate from a highly rated solar company in Canfield, you can click the button below.
Solar savings over time in Canfield
| Year | Return on Investment |
|---|---|
| 1 years | $-12,838 |
| 3 years | $-10,397 |
| 5 years | $-7,957 |
| 7 years | $-5,516 |
| 9 years | $-3,076 |
| 11 years | $-636 |
| 13 years | $1,805 |
| 15 years | $4,245 |
| 17 years | $6,686 |
| 19 years | $9,126 |
| 21 years | $11,567 |
| 23 years | $14,007 |
| 25 years | $16,448 |
Top Solar Installers in Canfield
Although it's possible to install solar panels by yourself, it takes extra time and know-how. For that reason, the majority of homeowners choose to hire a solar panel installer. Plus, if you're unsure what type of solar panels and equipment you need, a solar expert can help you find the right equipment for you after a site survey and consultation.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
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 Canfield
Factors that Affect Solar Panel Costs in Canfield
The cost of installing a solar system in Canfield can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are offered by most installers in Canfield, which can bring down, or in some cases completely 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 choose to go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Canfield is the company you choose to install your solar system. Similar to choosing a company to install new cabinets, for instance, there are plenty of solar installers that provide a range of services at different price points. Companies that 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 come at a higher cost. It's best to do some research and find a company that provides the products, warranties and services you're looking for and also is 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 | $2.66 | $11,182 | $9,038 | 13.8 years |
| 8 kW | $2.61 | $14,623 | $12,337 | 13.6 years |
| 10 kW | $2.56 | $17,920 | $15,780 | 13.3 years |
| 12 kW | $2.51 | $21,074 | $19,366 | 13.0 years |
| 14 kW | $2.46 | $24,084 | $23,095 | 12.8 years |
| 16 kW | $2.41 | $26,952 | $26,968 | 12.5 years |
| 18 kW | $2.36 | $29,676 | $30,984 | 12.2 years |
| 20 kW | $2.30 | $32,256 | $35,144 | 12.0 years |
How to Save on Solar Panels
The solar company you go with will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, such as:
- Contract: It's important to read your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Solar Panel Brands: The kind of solar panel you'd like to get plays a part in which installer you should choose, since different companies have different panels.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can research your installer's reputation is by reading reviews.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the completion timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Canfield, OH Solar Cost FAQs
What is the average cost of installing solar panels in Canfield?
The average cost of solar panels in Canfield 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 such as the model of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Canfield?
You can't get solar panels for free in Canfield. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
How will having solar panels impact the value of my home?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don't opt 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 a solar system."
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 needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home 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.