Solar Panel Cost Guide in Elyria, OH (2023 Update)
- Elyria Solar Installation Cost: $12,682
- 25-Year Savings: $16,244
- Payback Period: 11.0 Years
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Updated September 15, 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.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Elyria, the average cost of a solar system is 2.56 per watt. Because a 7.1-kW system is needed to cover the energy needs of a typical home in Elyria, the average price of going solar will be about $12,687 after claiming the federal solar tax credit of 30%.
Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy use, the type of solar system you choose, your solar contractor and more. But, once you've paid the upfront cost of installation, the payback for most homeowners is quite fruitful, with a net average savings of about $16,000 over 20 years on electricity bills.
To receive a free quote from a top solar company in Elyria, you can click the button below.
Solar savings over time in Elyria
| Year | Return on Investment |
|---|---|
| 1 years | $-11,445 |
| 3 years | $-8,971 |
| 5 years | $-6,497 |
| 7 years | $-4,023 |
| 9 years | $-1,549 |
| 11 years | $925 |
| 13 years | $3,399 |
| 15 years | $5,873 |
| 17 years | $8,347 |
| 19 years | $10,821 |
| 21 years | $13,295 |
| 23 years | $15,769 |
| 25 years | $18,243 |
Top Solar Installers in Elyria
Although it's possible to install solar panels yourself, it takes extra labor and handiness. For that reason, most homeowners choose to hire a solar panel installer. Another good thing about going with a top solar installer is that it'll likely provide warranties and free repairs, which help protect your solar system over time.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some in Elyria:
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 Elyria
Factors that Affect Solar Panel Costs in Elyria
Even though the average cost of a solar system in Elyria is $12,687, your final cost may be above or below the average. There are quite a few factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That's why it's crucial 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 increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space 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. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many Elyria homeowners opt to finance their solar panel systems to offset upfront costs. You'll have to consider the long-term cost of financing options, including the amount of 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 original cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Elyria is the company you choose to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that offer a range of services at different price points. Some companies 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 fits 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 | $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
There are many companies available in Elyria, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: It's important to read through 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 brand of solar panel you'd like plays a part in which installer you should go with, since different companies provide different panels.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 precisely, 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 be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Are solar panels free in Elyria?
Solar panels aren't free in Elyria, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Does Elyria have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can get paid for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Elyria?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt 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.