Solar Panel Cost Guide in McDonald, OH (2023 Update)
- McDonald Solar Installation Cost: $14,092
- 25-Year Savings: $12,345
- Payback Period: 13.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in McDonald
Find out what the average cost of a solar system is in McDonald.
The average cost of a solar system in McDonald is 2.56 per watt. Using this figure, a typical 7.9-kW system would cost about $14,085 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of going solar can vary quite a bit depending on a few factors, such as what size system you need, your energy usage and what installation company you go with. Despite the significant upfront cost, the average McDonald homeowner can save around $13,000 on their energy bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a reputable solar company in McDonald for a customized estimate.
Solar savings over time in McDonald
| Year | Return on Investment |
|---|---|
| 1 years | $-14,004 |
| 3 years | $-13,828 |
| 5 years | $-13,652 |
| 7 years | $-13,475 |
| 9 years | $-13,299 |
| 11 years | $-13,123 |
| 13 years | $-12,947 |
| 15 years | $-12,771 |
| 17 years | $-12,594 |
| 19 years | $-12,418 |
| 21 years | $-12,242 |
| 23 years | $-12,066 |
| 25 years | $-11,889 |
Top Solar Installers in McDonald
Installing solar panels by yourself can be a challenging task, which is why using a solar installation company is a good option for many homeowners. Plus, if you aren't sure what kind of solar panels and equipment you want, a solar installer can help you figure that out after a site survey and consultation.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some near you:
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 McDonald
Factors that Affect Solar Panel Costs in McDonald
The cost of installing a solar system in McDonald can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the cost of a solar energy system in McDonald, 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 usage, 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. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your power bills. In addition, add-on products, such as solar batteries, can bump up your total well above the McDonald average.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many McDonald homeowners decide to finance their solar panel systems to make paying for solar more affordable. However, the interest on solar loans also adds to your all-in costs, so it's important to keep that in mind 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 panel installation company you pick will affect your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $8,989 | 13.9 years |
| 8 kW | $2.61 | $14,623 | $12,272 | 13.6 years |
| 10 kW | $2.56 | $17,920 | $15,698 | 13.3 years |
| 12 kW | $2.51 | $21,074 | $19,268 | 13.1 years |
| 14 kW | $2.46 | $24,084 | $22,981 | 12.8 years |
| 16 kW | $2.41 | $26,952 | $26,837 | 12.5 years |
| 18 kW | $2.36 | $29,676 | $30,837 | 12.3 years |
| 20 kW | $2.30 | $32,256 | $34,980 | 12.0 years |
How to Save on Solar Panels
There are a large number of companies available in McDonald, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: Review the contract terms thoroughly to make sure you understand the cost breakdown, project completion timeline rebates and warranties.
- Solar Panel Brands: The model of solar panel you'd like to install plays a role in which installer you should choose, since different companies have access to different panels.
- Installation Process: When going solar, it's necessary to keep an open line of communication with your solar company. Make sure you understand how the installation process works and the completion timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's McDonald, OH Solar Cost FAQs
What is the average cost of installing solar panels in McDonald?
This is a difficult 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 cost more if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in McDonald?
Leasing solar panels can be an attractive choice, as it typically 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 option if you want to get the most savings.
Can solar panels completely eradicate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $672.36 per year.
How long do solar panels last in McDonald?
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 higher 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.