Solar Panel Cost Guide in Hamilton, OH (2023 Update)
- Hamilton Solar Installation Cost: $13,315
- 25-Year Savings: $17,605
- Payback Period: 10.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Hamilton
Let's have a look at the average cost of solar panels in Hamilton.
In Hamilton, solar panels cost about 2.56 per watt on average. Using this figure, a typical 7.4-kW system would cost about $13,315 before the 30% federal solar tax credit is applied.
How much you pay can be higher or lower than the average in Hamilton depending on a few factors, such as the model of solar panels you choose and the solar company you hire. Despite the significant upfront cost, the average Hamilton homeowner can save about $16,000 on their energy bills over 20 years, which is one of the advantages of solar.
To receive a free quote from a vetted solar installer in Hamilton, you can click the button below.
Solar savings over time in Hamilton
| Year | Return on Investment |
|---|---|
| 1 years | $-12,078 |
| 3 years | $-9,604 |
| 5 years | $-7,131 |
| 7 years | $-4,657 |
| 9 years | $-2,183 |
| 11 years | $290 |
| 13 years | $2,764 |
| 15 years | $5,237 |
| 17 years | $7,711 |
| 19 years | $10,184 |
| 21 years | $12,658 |
| 23 years | $15,132 |
| 25 years | $17,605 |
Top Solar Installers in Hamilton
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Going with an installer can make your switch to solar power much easier. Local solar installation companies can also help you maximize your return on investment by assisting with any local incentives and by offering warranties and repairs.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Hamilton
Factors that Affect Solar Panel Costs in Hamilton
There are a number of criteria that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The kind of solar panels and equipment you want is another factor that will substantially impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment consists of more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Hamilton to be prohibitively steep, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to a higher cost over time because of interest. When figuring out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you choose to handle your switch to clean energy can play a part in your total costs. There are about 3 solar panel companies operating throughout Hamilton, and each can charge varying amounts for labor and equipment. Companies that only sell high-efficiency and high-priced products — 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 decide on the company that offers the products, warranties and services you want 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 | $13,770 | 11.2 years |
| 8 kW | $2.61 | $14,623 | $18,647 | 11.0 years |
| 10 kW | $2.56 | $17,920 | $23,667 | 10.8 years |
| 12 kW | $2.51 | $21,074 | $28,831 | 10.6 years |
| 14 kW | $2.46 | $24,084 | $34,137 | 10.3 years |
| 16 kW | $2.41 | $26,952 | $39,588 | 10.1 years |
| 18 kW | $2.36 | $29,676 | $45,181 | 9.9 years |
| 20 kW | $2.30 | $32,256 | $50,918 | 9.7 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be difficult, we have some tips to help you, such as:
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The model of solar panel you need plays a part in which installer you should opt for, since different companies have access to different panels.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Contract: Look through the contract terms closely to make sure you understand the total cost, project completion timeline incentives and warranties.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Hamilton, OH Solar Cost FAQs
How much does it cost to install solar panels in Hamilton?
This is a hard question to answer precisely, because the cost depends on a variety of 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 extra solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Hamilton?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The downside 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Can you sell solar power back to the grid in Hamilton?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future energy bills.
How long do solar panels last in Hamilton?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.