Solar Panel Cost Guide in Leroy, OH (Mar 2023)
- Leroy Solar Installation Cost: $13,978
- 25-Year Savings: $14,375
- Payback Period: 12.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Leroy
We go over average solar pricing in Leroy.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Leroy, the typical cost of solar panels is 2.56 per watt. The average solar panel system size in Leroy is around 7.8 kilowatts, meaning a cost of about $13,978 for a solar installation, or $19,989 before the 30% federal solar tax credit is applied.
These figures are just averages, and the cost of going solar for you will most likely differ based on the amount of energy your home requires and what company you choose to go with. Even with the large initial cost, the average Leroy homeowner can save about $14,000 on their electricity bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a vetted solar installer in your area for a personalized estimate.
Solar savings over time in Leroy
| Year | Return on Investment |
|---|---|
| 1 years | $-12,844 |
| 3 years | $-10,575 |
| 5 years | $-8,307 |
| 7 years | $-6,039 |
| 9 years | $-3,771 |
| 11 years | $-1,503 |
| 13 years | $766 |
| 15 years | $3,034 |
| 17 years | $5,302 |
| 19 years | $7,570 |
| 21 years | $9,838 |
| 23 years | $12,106 |
| 25 years | $14,375 |
Top Solar Installers in Leroy
Installing solar panels by yourself can be a time-consuming project, which is why hiring a solar installation company is a good option for many homeowners. Plus, if you're not certain what type of solar panels and equipment you may need, a solar company can help you find the right equipment for you after a site survey and consultation.
Working with a vetted solar company can make going solar easier. 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 Leroy
Factors that Affect Solar Panel Costs in Leroy
The cost of installing a solar system in Leroy can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. The type of solar panels and equipment you get is another factor that will largely affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions 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 researching a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Leroy to be too costly, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest. You'll have to consider the long-term cost of financing options, including the total 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 above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panel system can impact the cost. Leroy's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Leroy have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $10,618 | 12.8 years |
| 8 kW | $2.61 | $14,623 | $14,445 | 12.6 years |
| 10 kW | $2.56 | $17,920 | $18,414 | 12.3 years |
| 12 kW | $2.51 | $21,074 | $22,527 | 12.1 years |
| 14 kW | $2.46 | $24,084 | $26,783 | 11.8 years |
| 16 kW | $2.41 | $26,952 | $31,183 | 11.6 years |
| 18 kW | $2.36 | $29,676 | $35,726 | 11.3 years |
| 20 kW | $2.30 | $32,256 | $40,412 | 11.1 years |
How to Save on Solar Panels
The solar panel company you opt for 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:
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you go with.
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
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 Leroy, OH Solar Cost FAQs
How much does it cost to install solar panels in Leroy?
This is a tough question to answer precisely, because the cost depends on a variety of 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 other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Leroy?
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 can't take advantage of 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.
How will having solar panels impact my home value?
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 Leroy is currently $177,269, so you could be looking at a value of about $7,268 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Leroy is a fruitful investment.
How long do solar panels last in Leroy?
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.