Solar Panel Cost Guide in Hinckley, OH (2023 Update)
- Hinckley Solar Installation Cost: $13,619
- 25-Year Savings: $13,290
- Payback Period: 12.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Hinckley
Find out what the average cost of solar panel installation is in Hinckley.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hinckley, the average cost of a solar system is 2.56 per watt. The average solar panel system size in Hinckley is around 7.6 kilowatts, meaning a cost of about $13,619 for a solar installation, or $19,475 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of going solar can vary depending on several factors, such as how many panels you need, your energy usage and what installation company you go with. Despite the large initial cost, the average Hinckley homeowner can save about $13,000 on their electricity bills over 20 years, which is one of the benefits of solar.
You can click the button below to get connected with a pre-vetted solar company in Hinckley that can help you get a more accurate cost estimate for your home.
Solar savings over time in Hinckley
| Year | Return on Investment |
|---|---|
| 1 years | $-12,543 |
| 3 years | $-10,390 |
| 5 years | $-8,237 |
| 7 years | $-6,085 |
| 9 years | $-3,932 |
| 11 years | $-1,779 |
| 13 years | $373 |
| 15 years | $2,526 |
| 17 years | $4,679 |
| 19 years | $6,831 |
| 21 years | $8,984 |
| 23 years | $11,137 |
| 25 years | $13,290 |
Top Solar Installers in Hinckley
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Using a solar company can make swapping over to solar power much easier. In addition, if you'd like to maximize your investment in solar, going with a solar company can help with that as well. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives.
If you'd like to start using solar energy but still aren't sure which solar system installer to go with, here are our suggestions for providers near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Hinckley
Factors that Affect Solar Panel Costs in Hinckley
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that affect your total cost in Hinckley: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar system in Hinckley, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can determine by looking at past power bills. Your overall cost can increase by around $2,560 for each additional kilowatt you need. The brand of solar panels and equipment you get is another factor that will substantially affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Furthermore, solar equipment consists of more than just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That's why many Hinckley homeowners opt to finance their solar panel systems to make going solar more affordable. When considering your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Hinckley, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. The size of the company sometimes plays the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to more 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 lower to compete with bigger names.
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 | $10,070 | 13.2 years |
| 8 kW | $2.61 | $14,623 | $13,713 | 12.9 years |
| 10 kW | $2.56 | $17,920 | $17,500 | 12.6 years |
| 12 kW | $2.51 | $21,074 | $21,430 | 12.4 years |
| 14 kW | $2.46 | $24,084 | $25,504 | 12.1 years |
| 16 kW | $2.41 | $26,952 | $29,720 | 11.9 years |
| 18 kW | $2.36 | $29,676 | $34,081 | 11.6 years |
| 20 kW | $2.30 | $32,256 | $38,584 | 11.4 years |
How to Save on Solar Panels
There are many companies available in Hinckley, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Reputation: Companies that have been in business for many years 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 adequate aftercare and customer support, such as part repairs and replacements.
- Warranty: If you're worried about the longevity of your solar panels, making sure your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Contract: Read the contract terms closely to make sure you understand the cost breakdown, completion timeline rebates and warranties.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Hinckley, OH Solar Cost FAQs
What is the average cost of installing solar panels in Hinckley?
The average cost of solar panels in Hinckley 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 things like the kind of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider apart from cost when buying solar panels?
The initial cost is a very important factor to consider, but whether it's the most important for you depends on your goals for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Does Hinckley have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future power bills.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much 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 install 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.