Solar Panel Cost Guide in Lorain, OH (Jan 2023)

  • Lorain Solar Installation Cost: $12,687
  • 25-Year Savings: $14,356
  • Payback Period: 11.7 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Lorain

Let's have a look at the average cost of solar panels in Lorain.

The national average cost of solar panels is $2.66 per watt, but in Lorain it's $3 per watt. To account for the typical energy usage of the average home in Lorain, most homeowners require a 7.1-kilowatt system. Using the per-watt figure above, a solar installation costs around $12,687, or $9,388 after the federal solar tax credit of 30% is applied.

Keep in mind that the figures above are only estimates based on the average Lorain homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. But, after you've paid the upfront cost of installation, the ROI for most homeowners is quite fruitful, with a net average savings of about $15,000 over 20 years on power bills.

To receive a free quote from a vetted solar company in Lorain, you can click the button below.

Solar savings over time in Lorain

Year Return on Investment
1 years $-11,606
3 years $-9,442
5 years $-7,279
7 years $-5,115
9 years $-2,952
11 years $-788
13 years $1,375
15 years $3,539
17 years $5,702
19 years $7,866
21 years $10,029
23 years $12,193
25 years $14,356

Top Solar Installers in Lorain

Installing solar panels by yourself can be a dangerous task, which is why using a solar installation company is a good option for many homeowners. Another perk of using a solar company is that they can help you make the most of your investment by lowering your future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.

There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Lorain

Factors that Affect Solar Panel Costs in Lorain

The cost of installing a solar system in Lorain can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.

Solar Equipment

When it comes to estimating the price of solar panels in Lorain, 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 gauge by looking at past electricity bills. Your overall cost can increase by about $2,560 for each additional kilowatt you need. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Lorain, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.

Solar Financing Terms

Solar panels can save you money on power bills over time, but they can also be a significant investment. That's why many Lorain homeowners choose to finance their solar panel systems to make paying for solar more affordable. When estimating your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can lower the total interest paid over time.

Solar Panel Installation Company

The solar installer you go with to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Lorain, and each can charge different amounts for labor and equipment. Larger national companies usually have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on 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 $11,745 12.2 years
8 kW $2.61 $14,623 $15,947 12.0 years
10 kW $2.56 $17,920 $20,292 11.7 years
12 kW $2.51 $21,074 $24,780 11.5 years
14 kW $2.46 $24,084 $29,412 11.3 years
16 kW $2.41 $26,952 $34,187 11.0 years
18 kW $2.36 $29,676 $39,106 10.8 years
20 kW $2.30 $32,256 $44,168 10.6 years

How to Save on Solar Panels

The solar installer you opt for will affect not only your total 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 take into account, such as:

  • Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
  • Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. While there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to ask for their list of options before deciding.
  • Warranty: A comprehensive, 25-year warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.
  • Contract: When reading through 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 like a system part breaking or if the company goes out of business.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Lorain, OH Solar Cost FAQs

What is the average cost of installing solar panels in Lorain?

The average cost of solar panels in Lorain 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 certain factors like the type 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 Lorain?

Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.

Do solar panels increase the value of your home?

Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't opt for 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 Lorain?

On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.

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.

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