Solar Panel Cost Guide in Lincoln Village, OH (Mar 2023)
- Lincoln Village Solar Installation Cost: $13,530
- 25-Year Savings: $19,853
- Payback Period: 10.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lincoln Village
Here's how much it might cost to make the switch to solar in Lincoln Village.
Although the national average of solar panels is $2.66 per watt, solar panels in Lincoln Village generally cost around 2.56. To cover the typical energy usage of the average home in Lincoln Village, most homeowners require a 7.5-kilowatt system. Using the figure above, a solar installation costs around $13,530, or $19,348 before the federal solar tax credit of 30% is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Lincoln Village homeowners. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. But, once you've paid the initial cost of installation, the payback for most homeowners is typically good, with a net average savings of about $17,000 over 20 years on utility bills.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Lincoln Village
| Year | Return on Investment |
|---|---|
| 1 years | $-12,194 |
| 3 years | $-9,524 |
| 5 years | $-6,853 |
| 7 years | $-4,182 |
| 9 years | $-1,512 |
| 11 years | $1,159 |
| 13 years | $3,829 |
| 15 years | $6,500 |
| 17 years | $9,171 |
| 19 years | $11,841 |
| 21 years | $14,512 |
| 23 years | $17,183 |
| 25 years | $19,853 |
Top Solar Installers in Lincoln Village
Many homeowners opt for a solar installation company since trying to put up solar panels yourself can be time-consuming. Plus, if you aren't sure what brand of solar panels and equipment you need, a solar installer can help you figure that out after a site survey and consultation.
If you'd like to make the switch to solar but still aren't sure which solar installer to go with, here are our recommendations for providers in Lincoln Village:
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 Lincoln Village
Factors that Affect Solar Panel Costs in Lincoln Village
The cost of installing a solar system in Lincoln Village can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,560. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your energy bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Lincoln Village average.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are a solid option because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years. While solar loans make switching to solar energy more accessible for Lincoln Village homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Lincoln Village, you'll have many 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 undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra 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 | $15,359 | 10.5 years |
| 8 kW | $2.61 | $14,623 | $20,765 | 10.3 years |
| 10 kW | $2.56 | $17,920 | $26,314 | 10.1 years |
| 12 kW | $2.51 | $21,074 | $32,007 | 9.9 years |
| 14 kW | $2.46 | $24,084 | $37,844 | 9.7 years |
| 16 kW | $2.41 | $26,952 | $43,823 | 9.5 years |
| 18 kW | $2.36 | $29,676 | $49,946 | 9.3 years |
| 20 kW | $2.30 | $32,256 | $56,213 | 9.1 years |
How to Save on Solar Panels
The solar company you opt for will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should keep in mind, such as:
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years most likely offer quality solar panel installation and expertise.
- Warranty: Warranties that cover panel repairs and maintenance over around 25 years are the best you can get in the business, and offering that kind of warranty is one sign of a quality company.
- Contract: Even though reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- 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 big role in the company you go with.
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 Lincoln Village, OH Solar Cost FAQs
How much does it cost to install solar panels in Lincoln Village?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Broadly 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 other solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your home value?
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% with a solar installation."
How long do solar panels last in Lincoln Village?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely 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 once you've had 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.