Solar Panel Cost Guide in Genoa, OH (2023 Update)
- Genoa Solar Installation Cost: $13,651
- 25-Year Savings: $20,036
- Payback Period: 10.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Genoa
Let's have a look at the average cost of solar panels in Genoa.
Although the national average of solar panels is $2.66 per watt, solar panels in Genoa typically cost around 2.56. Because a 7.6-kW system is needed to cover the energy needs of a typical home in Genoa, the average price of going solar will be about $13,655 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 energy system could cost. The exact cost of installing solar panels can vary quite a bit depending on a few factors, such as what size system you need, your energy usage and what solar installer you go with. Even with the significant initial cost, the average Genoa homeowner can save around $17,000 on their energy bills over 20 years, which is one of the advantages of solar.
You can click the button below to get connected with a vetted solar installer in Genoa for a quote for your home.
Solar savings over time in Genoa
| Year | Return on Investment |
|---|---|
| 1 years | $-12,292 |
| 3 years | $-9,574 |
| 5 years | $-6,855 |
| 7 years | $-4,137 |
| 9 years | $-1,418 |
| 11 years | $1,300 |
| 13 years | $4,019 |
| 15 years | $6,737 |
| 17 years | $9,455 |
| 19 years | $12,174 |
| 21 years | $14,892 |
| 23 years | $17,611 |
| 25 years | $20,329 |
Top Solar Installers in Genoa
Many homeowners opt for a solar installer since trying to install solar panels by yourself can be challenging. The expertise that solar companies provide can be helpful as well, especially if you aren't sure what type of solar equipment would be right for your home.
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 Genoa
Factors that Affect Solar Panel Costs in Genoa
There are many criteria that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend about $2,560 per kilowatt in Genoa. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Genoa, where sunlight is relatively abundant, efficiency can quickly pay off. Also, 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
Many homeowners find the average cost of solar in Genoa to be too costly, even if the investment pays off over time. Thankfully, nearly every solar installer in the area offers financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in paying more over time due to interest. 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 principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can impact the cost. Genoa's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
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 | $15,351 | 10.5 years |
| 8 kW | $2.61 | $14,623 | $20,754 | 10.3 years |
| 10 kW | $2.56 | $17,920 | $26,301 | 10.1 years |
| 12 kW | $2.51 | $21,074 | $31,992 | 9.9 years |
| 14 kW | $2.46 | $24,084 | $37,825 | 9.7 years |
| 16 kW | $2.41 | $26,952 | $43,802 | 9.5 years |
| 18 kW | $2.36 | $29,676 | $49,923 | 9.3 years |
| 20 kW | $2.30 | $32,256 | $56,186 | 9.1 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: When looking through your solar company's contract, ask for clarification 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.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you go with.
- Reputation: Long-running companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one mark of a good company.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Genoa, OH Solar Cost FAQs
How much does it cost to install solar panels in Genoa?
The average cost of solar panels in Genoa is about $12,800 for a 5-kW system and $25,600 for a 10-kW system before the ITC, but the actual cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Genoa?
Leasing solar panels can be an option if you are unable 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 property 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.
Can solar panels significantly reduce my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $884.42 per year.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to cover their typical energy usage.
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.