Solar Panel Cost Guide in Groesbeck, OH (2023 Update)
- Groesbeck Solar Installation Cost: $13,240
- 25-Year Savings: $13,854
- Payback Period: 12.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Groesbeck
See how much it might cost to install solar panels in Groesbeck.
The average cost of solar panels in Groesbeck is 2.56 per watt. Since a 7.4-kW system is needed to cover the energy usage of a typical home in Groesbeck, the average price of going solar will be about $13,243 after claiming the federal solar tax credit of 30%.
These figures are just averages, and how much solar costs for you will most likely vary based on your specific situation and what company you go with. But, once you've paid the initial cost of installation, the savings for most homeowners is usually good, with a net average savings of about $14,000 over 20 years on power bills.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Groesbeck
| Year | Return on Investment |
|---|---|
| 1 years | $-13,150 |
| 3 years | $-12,969 |
| 5 years | $-12,788 |
| 7 years | $-12,608 |
| 9 years | $-12,427 |
| 11 years | $-12,247 |
| 13 years | $-12,066 |
| 15 years | $-11,885 |
| 17 years | $-11,705 |
| 19 years | $-11,524 |
| 21 years | $-11,344 |
| 23 years | $-11,163 |
| 25 years | $-10,982 |
Top Solar Installers in Groesbeck
DIY solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Going with an installer can make swapping over to solar power much easier. Companies can also provide access to various kinds of the best solar panels and help you pick which one will be right for your family.
If you'd like to go solar but still aren't certain which solar installer to go with, here are our recommendations for providers nearby:
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 Groesbeck
Factors that Affect Solar Panel Costs in Groesbeck
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that will push your cost above or below the average in Groesbeck: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,560. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your electric bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Groesbeck average.
Solar Financing Terms
Most solar companies in Groesbeck have solar loans, which reduce the initial cost of installing solar. While solar loans make adopting solar energy more accessible for Groesbeck homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panels can impact your pricing. Groesbeck's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Groesbeck have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $10,820 | 12.7 years |
| 8 kW | $2.61 | $14,623 | $14,713 | 12.5 years |
| 10 kW | $2.56 | $17,920 | $18,750 | 12.2 years |
| 12 kW | $2.51 | $21,074 | $22,930 | 12.0 years |
| 14 kW | $2.46 | $24,084 | $27,254 | 11.7 years |
| 16 kW | $2.41 | $26,952 | $31,721 | 11.5 years |
| 18 kW | $2.36 | $29,676 | $36,331 | 11.2 years |
| 20 kW | $2.30 | $32,256 | $41,084 | 11.0 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: The kind of solar panel you want plays a part in which company you should choose, since different companies have access to different panels.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years most likely provide quality solar panel installation and expertise.
- Installation Process: One of the most important things to understand when adopting solar power 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.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Groesbeck, OH Solar Cost FAQs
What is the average cost of installing solar panels in Groesbeck?
This is a hard 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. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Groesbeck?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
How much can I save on power bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Groesbeck, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can take a 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.