Solar Panel Cost Guide in Hopewell, OH (Mar 2023)
- Hopewell Solar Installation Cost: $13,637
- 25-Year Savings: $19,731
- Payback Period: 10.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Hopewell
Here's how much it might cost to switch to solar power in Hopewell.
While the national average of solar panels is $2.66 per watt, solar panels in Hopewell generally cost around 2.56. The average solar panel system size in Hopewell is around 7.6 kilowatts, meaning a cost of about $13,637 for a solar installation, or $19,501 before the 30% federal solar tax credit is applied.
The actual price you pay can go above or below the average in Hopewell depending on a variety of factors, such as the kind of solar panels you choose and the solar installer you hire. But, once you've paid the initial cost of installation, the ROI for most homeowners is typically good, with a net average savings of about $17,000 over 20 years on utility bills.
Click the button below to get connected to a highly rated solar panel company in Hopewell for a personalized estimate.
Solar savings over time in Hopewell
| Year | Return on Investment |
|---|---|
| 1 years | $-12,302 |
| 3 years | $-9,633 |
| 5 years | $-6,963 |
| 7 years | $-4,294 |
| 9 years | $-1,624 |
| 11 years | $1,045 |
| 13 years | $3,714 |
| 15 years | $6,384 |
| 17 years | $9,053 |
| 19 years | $11,723 |
| 21 years | $14,392 |
| 23 years | $17,062 |
| 25 years | $19,731 |
Top Solar Installers in Hopewell
When switching to solar energy, many homeowners choose to go with a solar installer since DIY solar panel installation can be a challenging project. Also, companies with a good reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:
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 Hopewell
Factors that Affect Solar Panel Costs in Hopewell
The cost of installing a solar system in Hopewell can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,560. The kind 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. On the other hand, higher efficiency could save you more over time on your electric bills. In addition, add-on products, like solar batteries, can bring your total well above the Hopewell average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are available from most installers in Hopewell, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also adds to your total costs, so it's vital to take that into consideration as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you hire to handle your switch to solar energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Hopewell, and each can charge varying amounts for labor and equipment. The company's size sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to more resources and bulk 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 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 | $15,143 | 10.6 years |
| 8 kW | $2.61 | $14,623 | $20,478 | 10.4 years |
| 10 kW | $2.56 | $17,920 | $25,955 | 10.2 years |
| 12 kW | $2.51 | $21,074 | $31,577 | 10.0 years |
| 14 kW | $2.46 | $24,084 | $37,341 | 9.8 years |
| 16 kW | $2.41 | $26,952 | $43,249 | 9.6 years |
| 18 kW | $2.36 | $29,676 | $49,300 | 9.4 years |
| 20 kW | $2.30 | $32,256 | $55,495 | 9.2 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: It's important to look over your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Reputation: Well-established companies likely have a high 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.
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should acquire and what the project timeline is.
- Solar Panel Brands: The brand of solar panel you need to install plays a role in which company you should choose, 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 (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 Hopewell, OH Solar Cost FAQs
What is the average cost of installing solar panels in Hopewell?
This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly 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 more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
What other factors should I consider aside from cost when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase how much your home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Hopewell is currently $120,203, so you can expect a value of about $4,928 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Hopewell is a fruitful investment.
How long do solar panels last in Hopewell?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.