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.The average solar panel system size in Lima is around 7.6 kilowatts, meaning a cost of about $18,154 for a solar installation, or $25,960 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of installing solar panels can vary based on several factors, such as how many panels you need, your energy usage and what installation company you go with.Many homeowners find going solar is a solid investment. The average homeowner in Lima can save around $16,000 on their power bills over 20 years.
Click the button below to get connected to a highly rated solar panel company in Lima for a custom quote.
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
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Hiring an installer can make swapping over to solar power much easier. A solar installer can also help save you money in the long run by providing warranties, repairs and component replacements.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Lima
Factors that Affect Solar Panel Costs in Lima
There are many factors 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 installs your solar panels.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend about $3,410 per kilowatt in Lima.The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are provided by most installers in Lima, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable.When considering your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The last key cost factor you should consider is the installer you choose. Given the booming popularity of sustainable energy solutions in Lima, you’ll have plenty of options to choose from, but each comes at various price points for labor and equipment.Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle 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 | $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
The solar company you choose will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, including:
- Contract: When reading over your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you hire.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: When going solar, it’s important to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process works and the project timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 Lima, OH Solar Cost FAQs
What is the average cost of installing solar panels in Lima?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $17,050 for a 5-kW system and $34,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I 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 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 financial benefits from going solar.
How will having solar panels impact how much my home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lima is currently $130,702, so you could be looking at a value of about $5,359 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Lima is a fruitful investment.
How often do you have to replace solar panels?
Though 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 how much energy they produce will have decreased significantly after that point. You can opt to 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.