Solar Panel Cost Guide in Mad River, OH (2023 Update)
- Mad River Solar Installation Cost: $13,350
- 25-Year Savings: $12,324
- Payback Period: 13.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Mad River
Find out what the average cost of a solar system is in Mad River.
Although the national average of solar panels is $2.66 per watt, solar panels in Mad River generally cost around 2.56. Using this figure, a typical 7.5-kW system would cost about $13,350 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy use, the type of solar panels you want, your solar contractor and more. Despite the significant upfront cost, the average Mad River homeowner can save about $13,000 on their electricity bills over 20 years, which is one of the advantages of solar.
To receive a free estimate from a pre-vetted solar installer in Mad River, you can click the button below.
Solar savings over time in Mad River
| Year | Return on Investment |
|---|---|
| 1 years | $-12,323 |
| 3 years | $-10,269 |
| 5 years | $-8,216 |
| 7 years | $-6,162 |
| 9 years | $-4,108 |
| 11 years | $-2,054 |
| 13 years | $0 |
| 15 years | $2,054 |
| 17 years | $4,108 |
| 19 years | $6,162 |
| 21 years | $8,216 |
| 23 years | $10,270 |
| 25 years | $12,324 |
Top Solar Installers in Mad River
Many homeowners opt for a solar panel installer since trying to install solar panels by yourself can be a labor-intensive endeavor. Some solar installers, especially local ones, can help you take advantage of incentives in Mad River, optimizing your ROI.
Working with a professional solar company can help your solar project go smoothly. Here are our recommendations:
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 Mad River
Factors that Affect Solar Panel Costs in Mad River
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few primary factors that determine your overall cost in Mad River: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That's why it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Mad River, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That's why many Mad River homeowners opt to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of loans, including the total 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 considerably.
Solar Panel Installation Company
The solar installation company you pick will affect your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor. 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 access to specific equipment options like Tesla Powerwall batteries or additional 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 | $9,498 | 13.5 years |
| 8 kW | $2.61 | $14,623 | $12,951 | 13.3 years |
| 10 kW | $2.56 | $17,920 | $16,548 | 13.0 years |
| 12 kW | $2.51 | $21,074 | $20,287 | 12.7 years |
| 14 kW | $2.46 | $24,084 | $24,170 | 12.5 years |
| 16 kW | $2.41 | $26,952 | $28,196 | 12.2 years |
| 18 kW | $2.36 | $29,676 | $32,366 | 12.0 years |
| 20 kW | $2.30 | $32,256 | $36,679 | 11.7 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Mad River, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Before you sign a contract with a solar installer, make sure you look it over completely so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: The brand of solar panel you'd like to install plays a role in which company you should choose, since different companies have different panels.
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 Mad River, OH Solar Cost FAQs
What is the average cost of installing solar panels in Mad River?
This is a hard question to answer exactly, because the cost depends on a few different 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 cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Mad River?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Is going solar worth it?
Solar panels can be a beneficial investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount 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.