Solar Panel Cost Guide in Lakemore, OH (2023 Update)
- Lakemore Solar Installation Cost: $13,996
- 25-Year Savings: $12,442
- Payback Period: 13.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lakemore
We break down average solar pricing in Lakemore.
The average cost of solar panels in Lakemore is 2.56 per watt. Because a 7.8-kW system is needed to cover the energy costs of a typical home in Lakemore, the average price of going solar will be about $13,996 after claiming the federal solar tax credit of 30%.
The true cost of your system can be above or below the average in Lakemore based on a few factors, such as the model of solar panels you choose and the solar installer you hire. For most homeowners, the upfront investment in solar power is worth paying. On average homeowners in Lakemore see about $13,000 in savings on utility bills over 20 years.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Lakemore
| Year | Return on Investment |
|---|---|
| 1 years | $-12,938 |
| 3 years | $-10,823 |
| 5 years | $-8,708 |
| 7 years | $-6,593 |
| 9 years | $-4,478 |
| 11 years | $-2,363 |
| 13 years | $-248 |
| 15 years | $1,867 |
| 17 years | $3,982 |
| 19 years | $6,097 |
| 21 years | $8,212 |
| 23 years | $10,327 |
| 25 years | $12,442 |
Top Solar Installers in Lakemore
When going solar, many homeowners choose to go with a solar company since putting up solar panels yourself can be a time-consuming project. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
Working with a vetted solar company can help you make the most of your investment in solar. 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 Lakemore
Factors that Affect Solar Panel Costs in Lakemore
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that will push your cost above or below the average in Lakemore: 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 price of a solar system in Lakemore, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can figure out by looking at past energy bills. Your total cost can increase by around $2,560 for each additional kilowatt you need. 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 Lakemore average.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Lakemore homeowners opt to finance their solar panel systems to offset upfront costs. Although solar loans make going solar more accessible for Lakemore homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The final significant cost factor you should consider is the installer you choose. Given the growing popularity of renewable energy solutions in Lakemore, 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 pricing because of 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 lower 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 | $9,120 | 13.8 years |
| 8 kW | $2.61 | $14,623 | $12,447 | 13.5 years |
| 10 kW | $2.56 | $17,920 | $15,917 | 13.2 years |
| 12 kW | $2.51 | $21,074 | $19,531 | 13.0 years |
| 14 kW | $2.46 | $24,084 | $23,288 | 12.7 years |
| 16 kW | $2.41 | $26,952 | $27,188 | 12.4 years |
| 18 kW | $2.36 | $29,676 | $31,231 | 12.2 years |
| 20 kW | $2.30 | $32,256 | $35,418 | 11.9 years |
How to Save on Solar Panels
The solar panel company you go with will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, such as:
- Contract: Although reading through a contract can be tedious, it's important to do it thoroughly so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should secure and how long the project will take.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: Companies that have been operating for many years likely have a high 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.
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 Lakemore, OH Solar Cost FAQs
What is the average cost of installing solar panels in Lakemore?
This is a tough question to answer exactly, because the cost depends on many 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. It will cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Does Lakemore have a net metering program?
The majority of states offer 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.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know 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 home 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.