Solar Panel Cost Guide in Elyria, OH (Mar 2023)
- Elyria Solar Installation Cost: $12,687
- 25-Year Savings: $16,239
- Payback Period: 11.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Elyria
Find out what the average cost of a solar system is in Elyria.
While the national average of solar panels is $2.66 per watt, solar panels in Elyria typically cost about 2.56. Using this figure, a typical 7.1-kW system would cost about $12,687 before the 30% federal solar tax credit is applied.
These figures are just estimates, and the cost of going solar for you will most likely vary based on the amount of energy your home requires and what company you choose to go with. Despite the high upfront cost, the average Elyria homeowner can save about $16,000 on their energy bills over 20 years, which is one of the perks of solar.
Click the button below to get connected to a highly rated solar panel company in your area for a personalized estimate.
Solar savings over time in Elyria
| Year | Return on Investment |
|---|---|
| 1 years | $-11,530 |
| 3 years | $-9,216 |
| 5 years | $-6,902 |
| 7 years | $-4,588 |
| 9 years | $-2,274 |
| 11 years | $40 |
| 13 years | $2,355 |
| 15 years | $4,669 |
| 17 years | $6,983 |
| 19 years | $9,297 |
| 21 years | $11,611 |
| 23 years | $13,925 |
| 25 years | $16,239 |
Top Solar Installers in Elyria
Many homeowners decide to use a solar installer since trying to install solar panels yourself can be a labor-intensive endeavor. Because solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Elyria
Factors that Affect Solar Panel Costs in Elyria
The cost of installing a solar system in Elyria can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,560. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Elyria, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Elyria homeowners decide to finance their solar panel systems to make going solar more affordable. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The solar installer you choose to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies in Elyria, and each can charge varying amounts for labor and equipment. The size of the company can sometimes play the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger 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 | $13,342 | 11.4 years |
| 8 kW | $2.61 | $14,623 | $18,076 | 11.2 years |
| 10 kW | $2.56 | $17,920 | $22,953 | 11.0 years |
| 12 kW | $2.51 | $21,074 | $27,974 | 10.7 years |
| 14 kW | $2.46 | $24,084 | $33,138 | 10.5 years |
| 16 kW | $2.41 | $26,952 | $38,445 | 10.3 years |
| 18 kW | $2.36 | $29,676 | $43,896 | 10.1 years |
| 20 kW | $2.30 | $32,256 | $49,490 | 9.9 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose considerably impacts your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: When reading over your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should acquire and what the project timeline is.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Elyria, OH Solar Cost FAQs
How much does it cost to install solar panels in Elyria?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $12,800 for a 5-kW system and $25,600 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How will having solar panels impact my home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Elyria is currently $106,300, which means you could be looking at a value of about $4,358 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Elyria is a fruitful investment.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.