Solar Panel Cost Guide in Lorain, OH (2023 Update)
- Lorain Solar Installation Cost: $12,687
- 25-Year Savings: $14,356
- Payback Period: 11.7 Years
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Updated May 04, 2023
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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 2.56 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 $18,142 before 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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
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.