Solar Panel Cost Guide in Lima, OH (Mar 2023)
- Lima Solar Installation Cost: $13,637
- 25-Year Savings: $17,551
- Payback Period: 10.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lima
Find out how much it might cost to switch to solar power in Lima.
The national average cost of solar panels is $2.66 per watt, but in Lima it's 2.56 per watt. The average solar panel system size in Lima is around 7.6 kilowatts, meaning a cost of about $13,637 for a solar installation, or $19,501 before the 30% federal solar tax credit is applied.
These figures are just estimates, and your own solar costs may differ based on factors unique to your home and what company you want to go with. Despite the large initial cost, the average Lima homeowner can save around $16,000 on their energy bills over 20 years, which is one of the perks of solar.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Lima
| Year | Return on Investment |
|---|---|
| 1 years | $-12,390 |
| 3 years | $-9,894 |
| 5 years | $-7,399 |
| 7 years | $-4,904 |
| 9 years | $-2,409 |
| 11 years | $86 |
| 13 years | $2,581 |
| 15 years | $5,076 |
| 17 years | $7,571 |
| 19 years | $10,066 |
| 21 years | $12,561 |
| 23 years | $15,056 |
| 25 years | $17,551 |
Top Solar Installers in Lima
DIY solar panel installation is a possibility, but it's an undertaking that can be a headache. Hiring a solar company can make your swap to solar power much easier. Companies can also provide access to quality options of the best solar panels and help you decide which one will be best for your home.
There are a number of licensed solar professionals that can take care of your solar installation project. 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 Lima
Factors that Affect Solar Panel Costs in Lima
For many Lima homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Lima, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That's why it's important to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. There are many different solar panel brands and the one you choose also affects the cost. Generally speaking, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you're looking to get can affect your total cost. If you just 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 financially overwhelming. Solar loans are available from most installers in Lima, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you're only able to 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 finding a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The remaining key cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Lima, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in Lima have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $2.66 | $11,182 | $13,423 | 11.4 years |
| 8 kW | $2.61 | $14,623 | $18,185 | 11.1 years |
| 10 kW | $2.56 | $17,920 | $23,089 | 10.9 years |
| 12 kW | $2.51 | $21,074 | $28,137 | 10.7 years |
| 14 kW | $2.46 | $24,084 | $33,328 | 10.5 years |
| 16 kW | $2.41 | $26,952 | $38,663 | 10.3 years |
| 18 kW | $2.36 | $29,676 | $44,141 | 10.1 years |
| 20 kW | $2.30 | $32,256 | $49,762 | 9.8 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 picking a company can be a challenge, we have some tips to help you, such as:
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- 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 big 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.
- Contract: Before you sign a contract with a solar company, make sure to read it through carefully so you understand the terms. Also, ask questions if you're unsure 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.
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 Lima, OH Solar Cost FAQs
How much does it cost to install solar panels in Lima?
The average cost of solar panels in Lima is about $12,800 for a 5-kW system and $25,600 for a 10-kW system before the ITC, but the real cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Lima?
You can't get solar panels for free in Lima. However, you may still be able to afford 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.
Can solar panels significantly reduce my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $820.18 per year.
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 should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them once you've had 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.