Solar Panel Cost Guide in Jerome, OH (2024 Update)
- Jerome Solar Installation Cost: $18,123
- 25-Year Savings: $15,892
- Payback Period: 15.4 Years
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Average Cost of Solar Panels in Jerome
Here’s how much it might cost to install solar panels in Jerome.
The average cost of solar panels in Jerome is 3 per watt.Using this figure, a typical 7.6-kW system would cost about $18,123 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Jerome homeowners. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.But, once you've paid the initial cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $15,000 over 20 years on electricity bills.
To get a free estimate from a highly rated solar company in Jerome, you can click the button below.
Solar savings over time in Jerome
| Year | Return on Investment |
|---|---|
| 1 years | $-16,983 |
| 3 years | $-14,704 |
| 5 years | $-12,425 |
| 7 years | $-10,146 |
| 9 years | $-7,868 |
| 11 years | $-5,589 |
| 13 years | $-3,310 |
| 15 years | $-1,031 |
| 17 years | $1,248 |
| 19 years | $3,527 |
| 21 years | $5,806 |
| 23 years | $8,085 |
| 25 years | $10,364 |
Top Solar Installers in Jerome
When going solar, many homeowners decide to use a solar company since installing solar panels yourself can be a difficult project. The expertise that solar companies offer can be helpful as well, especially if you don’t quite know what kind of solar equipment would be right for your home.
There are several licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Jerome
Factors that Affect Solar Panel Costs in Jerome
The cost of installing a solar system in Jerome can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher 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 $3,410.The type of solar panels and equipment you choose is another factor that will substantially affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment is more than just the solar panels themselves. You’ll also need to think about 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 Jerome to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in paying more over time because of interest.It’s wise to factor 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
The solar company you pick will influence your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Jerome know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $3.55 | $14,895 | $8,416 | 16.0 years |
| 8 kW | $3.48 | $19,478 | $11,604 | 15.7 years |
| 10 kW | $3.41 | $23,870 | $14,982 | 15.4 years |
| 12 kW | $3.34 | $28,071 | $18,551 | 15.1 years |
| 14 kW | $3.27 | $32,081 | $22,311 | 14.7 years |
| 16 kW | $3.21 | $35,900 | $26,262 | 14.4 years |
| 18 kW | $3.14 | $39,529 | $30,405 | 14.1 years |
| 20 kW | $3.07 | $42,966 | $34,738 | 13.8 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:
- Contract: When looking over your solar installer’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Solar Panel Brands: Different companies will have different brands and types of panels. If you prefer a specific brand, make sure the solar panel company you’re considering has it.
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should secure and how long the project will take.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can look into your installer’s reputation is by reading reviews.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Jerome, OH Solar Cost FAQs
What is the average cost of installing solar panels in Jerome?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $17,050 for a 5-kW system and $34,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Jerome?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Is switching to solar power worth it?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already pretty low, solar panels might not be for you.
How many solar panels should I get to power 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 generally 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.