Solar Panel Cost Guide in Licking, OH (2023 Update)
- Licking Solar Installation Cost: $13,601
- 25-Year Savings: $18,542
- Payback Period: 10.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Licking
Find out what the average cost of solar panel installation is in Licking.
The average cost of a solar panel system in Licking is 2.56 per watt. Using this figure, a typical 7.6-kW system would cost about $13,601 before the 30% federal solar tax credit is applied.
These figures are just averages, and how much solar costs for you may differ based on the amount of energy your home requires and what company you choose to go with. But, after you've paid the initial cost of installation, the return on investment for most homeowners is quite good, with a net average savings of about $16,000 over 20 years on electricity bills.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Licking
| Year | Return on Investment |
|---|---|
| 1 years | $-12,316 |
| 3 years | $-9,744 |
| 5 years | $-7,173 |
| 7 years | $-4,601 |
| 9 years | $-2,030 |
| 11 years | $542 |
| 13 years | $3,113 |
| 15 years | $5,685 |
| 17 years | $8,256 |
| 19 years | $10,827 |
| 21 years | $13,399 |
| 23 years | $15,970 |
| 25 years | $18,542 |
Top Solar Installers in Licking
Although it's possible to install solar panels on your own, it involves extra effort and expertise. Because of that, most homeowners choose a solar panel installer. Plus, if you're unsure what type of solar panels and equipment you want, a solar installer can help you find the right equipment for you after a site survey and consultation.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some in Licking:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Licking
Factors that Affect Solar Panel Costs in Licking
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that will push your cost above or below the average in Licking: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar panel system in Licking, one of the most crucial 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 consumption, which you can figure out by looking at past electricity bills. Your total cost can increase by around $2,560 for each additional kilowatt you need. There are several different solar panel brands and the one you choose also affects the cost. Generally, the brands that have better efficiency tend to also cost more. Additionally, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are offered by most installers in Licking, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also increases your total costs, so it's crucial to include that in your estimate as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you hire to handle your switch to solar energy can play a part in your total costs. There are about 3 solar panel companies operating in Licking, and each can charge varying amounts for labor and equipment. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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 | $14,223 | 11.0 years |
| 8 kW | $2.61 | $14,623 | $19,250 | 10.8 years |
| 10 kW | $2.56 | $17,920 | $24,421 | 10.6 years |
| 12 kW | $2.51 | $21,074 | $29,736 | 10.4 years |
| 14 kW | $2.46 | $24,084 | $35,193 | 10.2 years |
| 16 kW | $2.41 | $26,952 | $40,794 | 9.9 years |
| 18 kW | $2.36 | $29,676 | $46,539 | 9.7 years |
| 20 kW | $2.30 | $32,256 | $52,427 | 9.5 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose considerably impacts your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can check your installer's reputation is by reading reviews.
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
- Solar Panel Brands: The brand of solar panel you want to get plays a part in which company you should choose, since different companies provide different panels.
- 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 you can expect about the installation process.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Licking, OH Solar Cost FAQs
What is the average cost of installing solar panels in Licking?
This is a tough question to answer exactly, because the cost depends on many 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. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
What other factors should I consider aside from cost when buying solar panels?
The upfront cost is a key factor to consider, but whether it's the most important for you depends on why you decided to go solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Do solar panels increase your home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Licking is currently $164,155, so you can look forward to a value of about $6,730 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Licking is a worthwhile investment.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can keep using them at a lower efficiency.
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.