Solar Panel Cost Guide in Lakewood, OH (Mar 2023)
- Lakewood Solar Installation Cost: $14,121
- 25-Year Savings: $17,010
- Payback Period: 11.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lakewood
See how much it might cost to make the switch to solar in Lakewood.
The national average cost of solar panels is $2.66 per watt, but in Lakewood it's 2.56 per watt. Using this figure, a typical 7.9-kW system would cost about $14,121 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy needs, the type of equipment you want, your solar contractor and more. Many homeowners find going solar is a sound investment. The average homeowner in Lakewood can save about $15,000 on their power bills over 20 years.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lakewood
| Year | Return on Investment |
|---|---|
| 1 years | $-12,876 |
| 3 years | $-10,385 |
| 5 years | $-7,895 |
| 7 years | $-5,404 |
| 9 years | $-2,914 |
| 11 years | $-423 |
| 13 years | $2,067 |
| 15 years | $4,557 |
| 17 years | $7,048 |
| 19 years | $9,538 |
| 21 years | $12,029 |
| 23 years | $14,519 |
| 25 years | $17,010 |
Top Solar Installers in Lakewood
Many homeowners choose to use a solar panel installer since trying to put up solar panels by yourself can be challenging. Also, companies with a high reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Lakewood
Factors that Affect Solar Panel Costs in Lakewood
There are several criteria that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
When it comes to estimating the price of a solar system in Lakewood, one of the most crucial 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 consumption, which you can gauge by looking at past electricity bills. Your overall cost can increase by about $2,560 for each additional kilowatt you need. The 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. However, more efficient panels could save you more in the long run on your power bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Lakewood average.
Solar Financing Terms
Most solar companies in Lakewood offer solar loans, which reduce your upfront costs of installing solar panels. It's a good idea to include 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 the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Lakewood is the company you get to install your solar panel system. Similar to choosing a company to build a deck or pool, for instance, there are plenty of solar installers that offer a range of services at different price points. Additionally, some companies in Lakewood have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 | $2.66 | $11,182 | $12,530 | 11.8 years |
| 8 kW | $2.61 | $14,623 | $16,993 | 11.6 years |
| 10 kW | $2.56 | $17,920 | $21,600 | 11.3 years |
| 12 kW | $2.51 | $21,074 | $26,350 | 11.1 years |
| 14 kW | $2.46 | $24,084 | $31,244 | 10.9 years |
| 16 kW | $2.41 | $26,952 | $36,281 | 10.7 years |
| 18 kW | $2.36 | $29,676 | $41,461 | 10.4 years |
| 20 kW | $2.30 | $32,256 | $46,784 | 10.2 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Companies that have been operating for many years 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 quality aftercare and customer support, such as part repairs and replacements.
- Contract: Before you sign a contract with a solar installer, make sure to read it through fully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you opt for.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
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 Lakewood, OH Solar Cost FAQs
What is the average cost of installing solar panels in Lakewood?
This is a hard question to answer exactly, because the cost depends on a few different factors. Generally 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 additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Lakewood?
You can't get solar panels for free in Lakewood. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
Do solar panels increase the value of your home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lakewood is currently $126,841, so you could be looking at a value of about $5,200 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Lakewood is a worthwhile investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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.