Solar Panel Cost Guide in Lorain, OH (2024 Update)
- Lorain Solar Installation Cost: $16,893
- 25-Year Savings: $14,361
- Payback Period: 15.6 Years
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Average Cost of Solar Panels in Lorain
Find out how much it might cost to switch to solar power in Lorain.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lorain, the typical cost of a solar system is 3 per watt.The average solar panel system size in Lorain is around 7.1 kilowatts, meaning a cost of about $16,893 for a solar installation, or $24,157 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy needs, the type of equipment you want, your solar contractor and more.For many homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $15,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Lorain that can help you get a more accurate cost estimate for your home.
Solar savings over time in Lorain
Year | Return on Investment |
---|---|
1 years | $-15,673 |
3 years | $-13,233 |
5 years | $-10,792 |
7 years | $-8,352 |
9 years | $-5,911 |
11 years | $-3,471 |
13 years | $-1,030 |
15 years | $1,410 |
17 years | $3,851 |
19 years | $6,291 |
21 years | $8,732 |
23 years | $11,172 |
25 years | $13,612 |
Top Solar Installers in Lorain
Many homeowners opt for a solar panel installer since trying to install solar panels yourself can be a labor-intensive endeavor. In addition, if you’d like to maximize your investment in solar energy, using a solar company can help with that too. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives.
If you're searching for a solar company in Lorain, we've compiled a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Lorain
Factors that Affect Solar Panel Costs in Lorain
Though the average cost of a solar system in Lorain is $16,893, your final cost may be higher or lower than that. There are many factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
When it comes to estimating the price of a solar system 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 mainly 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 a lot of different solar panel brands and the one you choose also changes the cost. In general, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you choose 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
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are provided by most installers in Lorain, which can lower, or in some cases totally eliminate, your upfront costs to make solar more affordable.You’ll have to consider the long-term cost of financing options, including the total 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 securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Lorain is the company you hire to install your solar system. As with choosing a company to install new cabinets, for example, there are plenty of solar installers that provide a range of services at different price points.Larger national companies usually have lower costs, but some local companies keep up 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 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 | $8,032 | 16.2 years |
8 kW | $3.48 | $19,478 | $11,092 | 15.9 years |
10 kW | $3.41 | $23,870 | $14,342 | 15.6 years |
12 kW | $3.34 | $28,071 | $17,783 | 15.3 years |
14 kW | $3.27 | $32,081 | $21,415 | 15.0 years |
16 kW | $3.21 | $35,900 | $25,238 | 14.7 years |
18 kW | $3.14 | $39,529 | $29,253 | 14.4 years |
20 kW | $3.07 | $42,966 | $33,458 | 14.1 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Different companies will offer different brands and types of panels. If you prefer a specific brand, make sure the solar panel installer you’re considering has it.
- Warranty: Warranties that cover defective panels and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
- Installation Process: Make sure you’re aligned with the installer regarding how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Lorain, OH Solar Cost FAQs
How much does it cost to install solar panels in Lorain?
The average cost of solar panels in Lorain is about $17,050 for a 5-kW system and $34,100 for a 10-kW system before the ITC, but the actual cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Lorain?
You can’t get solar panels for free in Lorain. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Lorain?
Solar panels can be a good investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.