Solar Panel Cost Guide in Lima, OH (2024 Update)
- Lima Solar Installation Cost: $18,154
- 25-Year Savings: $17,560
- Payback Period: 14.6 Years
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Average Cost of Solar Panels in Lima
We go over average solar pricing in Lima.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lima, the average cost of a solar system is 3 per watt.Using this figure, a typical 7.6-kW system would cost about $18,154 before the 0 federal solar tax credit is applied.
These figures are just estimates, and the cost of going solar for you will look different based on factors unique to your home and what company you want to go with.Even with the significant initial cost, the average Lima homeowner can save around $16,000 on their power bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a vetted solar installer in Lima for a quote for your home.
Solar savings over time in Lima
| Year | Return on Investment |
|---|---|
| 1 years | $-16,822 |
| 3 years | $-14,158 |
| 5 years | $-11,494 |
| 7 years | $-8,830 |
| 9 years | $-6,166 |
| 11 years | $-3,501 |
| 13 years | $-837 |
| 15 years | $1,827 |
| 17 years | $4,491 |
| 19 years | $7,155 |
| 21 years | $9,819 |
| 23 years | $12,483 |
| 25 years | $15,147 |
Top Solar Installers in Lima
Trying to install solar panels yourself can be a stressful task, which is why using a solar installer is a good option for many homeowners. The expertise that solar installers provide can be helpful as well, particularly if you aren’t sure what brand of solar equipment would be right for your home.
If you're looking for a solar installer in Lima, we've organized a list of our top suggestions here:
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 Lima
Factors that Affect Solar Panel Costs in Lima
Even though the average cost of a solar system in Lima is $18,154, your actual cost may be above or below the average. There are quite a few factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
When it comes to estimating the price of solar panels in Lima, 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 consumption, which you can gauge by looking at past electricity bills. Your total cost can increase by around $3,410 for each additional kilowatt you need.There are several different solar panel brands and the one you choose also affects the cost. In many cases, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you’re looking 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
Many homeowners find the average cost of solar in Lima to be too steep, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in paying more over time due to interest.It’s a good idea to factor 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
The last key cost factor you should take into consideration is the installer you choose. Given the booming popularity of green energy solutions in Lima, you’ll have a great number of options to choose from, but each comes at varying price points for labor and equipment.Additionally, some companies in Lima have more knowledge about local solar incentives and can help you take advantage 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 help you save 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 | $3.55 | $14,895 | $9,711 | 15.1 years |
| 8 kW | $3.48 | $19,478 | $13,329 | 14.8 years |
| 10 kW | $3.41 | $23,870 | $17,139 | 14.6 years |
| 12 kW | $3.34 | $28,071 | $21,140 | 14.3 years |
| 14 kW | $3.27 | $32,081 | $25,331 | 14.0 years |
| 16 kW | $3.21 | $35,900 | $29,714 | 13.7 years |
| 18 kW | $3.14 | $39,529 | $34,288 | 13.4 years |
| 20 kW | $3.07 | $42,966 | $39,052 | 13.1 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Contract: When reading through your solar company’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you go with.
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.
- Installation Process: When making the switch to solar, it’s necessary to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process works and the completion timeline.
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 Lima, OH Solar Cost FAQs
What is the average cost of installing solar panels in Lima?
The average cost of solar panels in Lima 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 certain factors like 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 Lima?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property 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 financial benefits from going solar.
How will installing solar panels impact how much my home is worth?
Solar panels can increase your property’s value significantly 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% after installing a solar system."
How long do solar panels last in Lima?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use 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.