Solar Panel Cost Guide in Loveland, OH (Mar 2023)
- Loveland Solar Installation Cost: $13,261
- 25-Year Savings: $10,928
- Payback Period: 13.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Loveland
Let's take a look at the average cost of solar panels in Loveland.
While the national average of solar panels is $2.66 per watt, solar panels in Loveland generally cost about 2.56. Using this figure, a typical 7.4-kW system would cost about $13,261 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Loveland homeowners. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. But, after you've paid the upfront cost of installation, the savings for most homeowners is usually good, with a net average savings of about $12,000 over 20 years on utility bills.
You can click the button below to get connected with a vetted solar installer in Loveland for a quote for your home.
Solar savings over time in Loveland
| Year | Return on Investment |
|---|---|
| 1 years | $-12,293 |
| 3 years | $-10,358 |
| 5 years | $-8,423 |
| 7 years | $-6,488 |
| 9 years | $-4,553 |
| 11 years | $-2,618 |
| 13 years | $-683 |
| 15 years | $1,252 |
| 17 years | $3,187 |
| 19 years | $5,122 |
| 21 years | $7,058 |
| 23 years | $8,993 |
| 25 years | $10,928 |
Top Solar Installers in Loveland
When making the switch to solar, many homeowners prefer to hire a solar installation company since handling can be a time-consuming project. Local solar installation companies can also help you maximize your return on investment by assisting with any local incentives you can take advantage of and by offering warranties and repairs.
Working with a professional solar company can make going solar easier. Here are our recommendations:
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 Loveland
Factors that Affect Solar Panel Costs in Loveland
While the average cost of a solar system in Loveland is $13,261, your final cost may be higher or lower than that. There are quite a few factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. The kind of solar panels and equipment you choose is another factor that will significantly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Further, solar equipment is more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Loveland to be too costly, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in higher prices over time due to interest. 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 can only 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 interest rate could reduce your costs significantly.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in Loveland, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and find a company that provides the products, warranties and services you're looking for and also fits within your budget.
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 | $8,438 | 14.2 years |
| 8 kW | $2.61 | $14,623 | $11,537 | 14.0 years |
| 10 kW | $2.56 | $17,920 | $14,780 | 13.7 years |
| 12 kW | $2.51 | $21,074 | $18,166 | 13.4 years |
| 14 kW | $2.46 | $24,084 | $21,695 | 13.2 years |
| 16 kW | $2.41 | $26,952 | $25,368 | 12.9 years |
| 18 kW | $2.36 | $29,676 | $29,184 | 12.6 years |
| 20 kW | $2.30 | $32,256 | $33,144 | 12.3 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: When looking through your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Warranty: If you care about the durability of your solar panels, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Different companies will carry different brands and types of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can check your installer's reputation is by reading reviews.
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 Loveland, OH Solar Cost FAQs
What is the average cost of installing solar panels in Loveland?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally 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 usage. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Loveland?
Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The drawback 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Is it worth going solar in Loveland?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
How long do solar panels last in Loveland?
Even 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 the amount of energy they produce will have decreased significantly after that point. You can decide to 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.