Solar Panel Cost Guide in Lakewood, OH (2024 Update)
- Lakewood Solar Installation Cost: $18,803
- 25-Year Savings: $17,015
- Payback Period: 15.1 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Lakewood
Find out how much it might cost to go solar in Lakewood.
The national average cost of solar panels is $2.66 per watt, but in Lakewood it’s 3 per watt.Because a 7.9-kW system is needed to cover the energy usage of a typical home in Lakewood, the average price of going solar will be about $18,803 after claiming the federal solar tax credit of 0.
Remember that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy use, the type of equipment you choose, your solar contractor and more.Despite the large upfront cost, the average Lakewood homeowner can save about $15,000 on their electricity bills over 20 years, which is one of the perks of solar.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lakewood
Year | Return on Investment |
---|---|
1 years | $-17,549 |
3 years | $-15,041 |
5 years | $-12,534 |
7 years | $-10,026 |
9 years | $-7,518 |
11 years | $-5,011 |
13 years | $-2,503 |
15 years | $4 |
17 years | $2,512 |
19 years | $5,020 |
21 years | $7,527 |
23 years | $10,035 |
25 years | $12,542 |
Top Solar Installers in Lakewood
Although you can install solar panels on your own, it takes extra labor and handiness. That's why most homeowners choose to hire a solar panel installer. Plus, warranties and repairs from your solar panel installer can protect your investment and lower the cost of maintenance over the lifespan of your panels.
If you’d like to start using solar energy but still aren’t sure which solar installer to go with, here are our suggestions for providers nearby:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Lakewood
Factors that Affect Solar Panel Costs in Lakewood
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that affect your total cost in Lakewood: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $3,410. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Lakewood, where sunlight isn’t as abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a popular choice because they lower your upfront costs and allow you to pay for your system over five to seven years on average.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar company you hire to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies in Lakewood, and each can charge different amounts for labor and equipment.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and find a company that has the products, warranties and services you’re looking for and also fit into 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 | $3.55 | $14,895 | $8,817 | 15.7 years |
8 kW | $3.48 | $19,478 | $12,138 | 15.4 years |
10 kW | $3.41 | $23,870 | $15,650 | 15.1 years |
12 kW | $3.34 | $28,071 | $19,353 | 14.8 years |
14 kW | $3.27 | $32,081 | $23,247 | 14.5 years |
16 kW | $3.21 | $35,900 | $27,332 | 14.2 years |
18 kW | $3.14 | $39,529 | $31,608 | 13.9 years |
20 kW | $3.07 | $42,966 | $36,074 | 13.6 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Lakewood, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: It’s important to look over your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Reputation: Well-established companies likely have a good 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 National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Lakewood, OH Solar Cost FAQs
What is the average cost of installing solar panels in Lakewood?
The average cost of solar panels in Lakewood is about $17,050 for a 5-kW system and $34,100 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Lakewood?
Leasing solar panels can be an option if you are unable 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 bang for your buck from going solar.
Do solar panels increase the value of your home?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Lakewood?
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.