Solar Panel Cost Guide in Loveland, OH (2024 Update)
- Loveland Solar Installation Cost: $17,657
- 25-Year Savings: $10,933
- Payback Period: 18.2 Years
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Average Cost of Solar Panels in Loveland
Find out what the average cost of a solar system is in Loveland.
In Loveland, solar panels cost about 3 per watt on average.The average Loveland homeowner needs a 7.4-kilowatt system, which would cost about $17,657 with the federal tax credit, or $25,250 before the 0 tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Loveland homeowner. 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 return on investment for most homeowners is typically good, with a net average savings of about $12,000 over 20 years on utility bills.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Loveland
| Year | Return on Investment |
|---|---|
| 1 years | $-16,492 |
| 3 years | $-14,162 |
| 5 years | $-11,832 |
| 7 years | $-9,502 |
| 9 years | $-7,172 |
| 11 years | $-4,842 |
| 13 years | $-2,512 |
| 15 years | $-182 |
| 17 years | $2,148 |
| 19 years | $4,478 |
| 21 years | $6,808 |
| 23 years | $9,138 |
| 25 years | $11,468 |
Top Solar Installers in Loveland
Although you can install solar panels on your own, it involves extra effort and handiness. For that reason, the majority of homeowners choose to hire a solar panel installer. Solar installers offer key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best National Provider
SunPower
- 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
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Loveland
Factors that Affect Solar Panel Costs in Loveland
There are several criteria that can influence your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,410.The type of solar panels and equipment you choose is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment consists of more than just the solar panels themselves. You’ll also need to consider 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
Most solar companies in Loveland provide solar loans, which reduce your upfront costs of installing solar.However, the interest on solar loans also adds to your total costs, so it’s crucial to consider that as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you go with to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies in Loveland, and each can charge different amounts for labor and equipment.The size of the company can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger companies.
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 | $4,725 | 19.0 years |
| 8 kW | $3.48 | $19,478 | $6,682 | 18.6 years |
| 10 kW | $3.41 | $23,870 | $8,830 | 18.2 years |
| 12 kW | $3.34 | $28,071 | $11,169 | 17.9 years |
| 14 kW | $3.27 | $32,081 | $13,698 | 17.5 years |
| 16 kW | $3.21 | $35,900 | $16,419 | 17.2 years |
| 18 kW | $3.14 | $39,529 | $19,331 | 16.8 years |
| 20 kW | $3.07 | $42,966 | $22,434 | 16.4 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose significantly affects your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Make sure your solar system installer 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 EcoWatch.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you opt for.
- Contract: Before signing a contract with a solar installer, make sure you read it through completely so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
Best National Provider
SunPower
- 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
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Loveland, OH Solar Cost FAQs
How much does it cost to install solar panels in Loveland?
This is a tough question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $17,050 for a 5-kW system and $34,100 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Are solar panels free in Loveland?
Solar panels aren’t free in Loveland, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Do solar panels increase the value of your home?
Solar panels can increase the value of your home 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 Loveland?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production 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.