Solar Panel Cost Guide in Hambden, OH (2023 Update)
- Hambden Solar Installation Cost: $13,942
- 25-Year Savings: $13,438
- Payback Period: 12.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hambden
Let's have a look at the average cost of solar in Hambden.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hambden, the typical cost of a solar system is 2.56 per watt. Since a 7.8-kW system is needed to cover the energy consumption of a typical home in Hambden, the average price of going solar will be about $13,942 after claiming the federal solar tax credit of 30%.
Keep in mind that the figures above are only estimates based on the average energy use of Hambden homeowners. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Despite the high upfront cost, the average Hambden homeowner can save about $13,000 on their power bills over 20 years, which is one of the positives of solar.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Hambden
| Year | Return on Investment |
|---|---|
| 1 years | $-12,688 |
| 3 years | $-10,180 |
| 5 years | $-7,673 |
| 7 years | $-5,165 |
| 9 years | $-2,658 |
| 11 years | $-150 |
| 13 years | $2,358 |
| 15 years | $4,865 |
| 17 years | $7,373 |
| 19 years | $9,880 |
| 21 years | $12,388 |
| 23 years | $14,896 |
| 25 years | $17,403 |
Top Solar Installers in Hambden
Although you can install solar panels yourself, it takes extra time and handiness. Because of that, most people choose to hire a solar panel installer. The expertise that solar companies provide can be useful as well, especially if you don't quite know what type of solar equipment you need.
If you're on the hunt for a solar company in Hambden, the EcoWatch team has organized a list of our top suggestions here:
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 Hambden
Factors that Affect Solar Panel Costs in Hambden
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that determine your overall cost in Hambden: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That's why it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your electric bills. Additionally, add-on products, like solar batteries, can bring your total well above the Hambden average.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are an affordable choice because they lower your upfront costs and let you pay for your system over five to seven years on average. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
Finally, the company you hire to install your solar panels can influence how much it costs. Hambden's solar companies all have different labor costs and add varying upcharges to 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 prices due to access to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down 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 | $9,933 | 13.2 years |
| 8 kW | $2.61 | $14,623 | $13,531 | 13.0 years |
| 10 kW | $2.56 | $17,920 | $17,272 | 12.7 years |
| 12 kW | $2.51 | $21,074 | $21,157 | 12.5 years |
| 14 kW | $2.46 | $24,084 | $25,185 | 12.2 years |
| 16 kW | $2.41 | $26,952 | $29,356 | 12.0 years |
| 18 kW | $2.36 | $29,676 | $33,670 | 11.7 years |
| 20 kW | $2.30 | $32,256 | $38,128 | 11.5 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose considerably influences 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:
- Reputation: Long-running companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: Before you sign a contract with a solar company, be sure to read it through fully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Warranty: Warranties that provide coverage for replacement parts and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one sign of a good company.
- Solar Panel Brands: The type of solar panel you want to get plays a part in which company you should opt for, since different companies have access to different panels.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Hambden, OH Solar Cost FAQs
What is the average cost of installing solar panels in Hambden?
The average cost of solar panels in Hambden 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 Hambden?
Leasing solar panels can be an appealing choice, because it typically 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 option if you want to maximize your savings.
Can you sell solar power back to the grid in Hambden?
Most states have net metering programs of some kind. Through these, you can either get paid for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.