Solar Panel Cost Guide in Coldwater, OH (2023 Update)
- Coldwater Solar Installation Cost: $13,458
- 25-Year Savings: $13,251
- Payback Period: 12.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Coldwater
We break down average solar pricing in Coldwater.
In Coldwater, solar panels cost about 2.56 per watt on average. Using this figure, a typical 7.5-kW system would cost about $13,458 before the 30% federal solar tax credit is applied.
The true price you pay can be higher or lower than the average in Coldwater depending on a few factors, such as the model of solar panels you choose and the solar contractor you hire. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Coldwater can save about $14,000 on their power bills over 20 years.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Coldwater
| Year | Return on Investment |
|---|---|
| 1 years | $-12,390 |
| 3 years | $-10,253 |
| 5 years | $-8,116 |
| 7 years | $-5,979 |
| 9 years | $-3,843 |
| 11 years | $-1,706 |
| 13 years | $431 |
| 15 years | $2,567 |
| 17 years | $4,704 |
| 19 years | $6,841 |
| 21 years | $8,977 |
| 23 years | $11,114 |
| 25 years | $13,251 |
Top Solar Installers in Coldwater
Many homeowners opt for a solar panel installer since installing solar panels on your own can be a labor-intensive endeavor. Another perk of working with a solar installer is that they can help you maximize your return of investment by cutting back on future costs of repairs and replacements due to warranties and informing you of local incentives you can take advantage of.
Working with a licensed solar installer can help your solar project go smoothly. Here are our recommendations:
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 Coldwater
Factors that Affect Solar Panel Costs in Coldwater
Though the average cost of a solar system in Coldwater is $13,458, your actual cost may be higher or lower than that. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,560. The brand of solar panels and equipment you choose is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Coldwater homeowners decide to finance their solar panel systems to offset upfront costs. Though solar loans make switching to solar energy more accessible for Coldwater homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The final major cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Coldwater, you'll have many options to choose from, but each comes at various price points for labor and equipment. You may come across national solar installers that have lower prices due to 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 larger companies.
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 | $10,159 | 13.1 years |
| 8 kW | $2.61 | $14,623 | $13,832 | 12.8 years |
| 10 kW | $2.56 | $17,920 | $17,648 | 12.6 years |
| 12 kW | $2.51 | $21,074 | $21,608 | 12.3 years |
| 14 kW | $2.46 | $24,084 | $25,711 | 12.1 years |
| 16 kW | $2.41 | $26,952 | $29,957 | 11.8 years |
| 18 kW | $2.36 | $29,676 | $34,347 | 11.6 years |
| 20 kW | $2.30 | $32,256 | $38,880 | 11.3 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 a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
- Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years in most cases provide good-quality solar panel installation and expertise.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Coldwater, OH Solar Cost FAQs
How much does it cost to install solar panels in Coldwater?
The average cost of solar panels in Coldwater 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 consume.
Is it better to lease or buy solar panels in Coldwater?
Leasing solar panels can be an option if you can't afford to pay upfront or get 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 savings from going solar.
Is switching to solar power worth it?
Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
How long do solar panels last in Coldwater?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them after having them for that long or you can continue to use 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.