Solar Panel Cost Guide in Medina, OH (2023 Update)
- Medina Solar Installation Cost: $13,614
- 25-Year Savings: $16,344
- Payback Period: 11.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Medina
Let's take a look at the average cost of solar in Medina.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Medina, the typical cost of a solar system is 2.56 per watt. The average Medina homeowner needs a 7.6-kilowatt system, which would cost about $13,619 with the federal tax credit, or $19,475 before the 30% tax credit is applied.
The true cost of your system can be higher or lower than the average in Medina based on a variety of factors, such as the type of solar panels you choose and the solar installer you hire. For most homeowners, the upfront cost of solar is worth paying. On average homeowners in Medina see about $15,000 in savings on energy bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Medina
| Year | Return on Investment |
|---|---|
| 1 years | $-12,394 |
| 3 years | $-9,953 |
| 5 years | $-7,513 |
| 7 years | $-5,072 |
| 9 years | $-2,632 |
| 11 years | $-191 |
| 13 years | $2,249 |
| 15 years | $4,690 |
| 17 years | $7,130 |
| 19 years | $9,571 |
| 21 years | $12,011 |
| 23 years | $14,452 |
| 25 years | $16,892 |
Top Solar Installers in Medina
Many homeowners opt for a solar panel company since figuring out how to install solar panels on your own can be time-consuming. Also, companies with a high reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
If you're on the hunt for a solar company in Medina, we've compiled a list of our top suggestions here:
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 Medina
Factors that Affect Solar Panel Costs in Medina
There are a number of factors that can determine your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Medina, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can determine by looking at past energy 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 Medina, where sunlight is relatively abundant, efficiency can quickly pay off. Also, 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
If paying for a solar system out of pocket is difficult, solar loans are a solid choice because they cut back your upfront costs and allow you to pay for your system over five to seven years on average. You'll have to consider the long-term cost of financing options, 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 more than the principal cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Medina is the company you choose to install your solar panel system. Similar to choosing a company to renovate your kitchen, for example, there's no shortage of solar installers that offer a range of services for different budgets. Additionally, some companies in Medina know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $12,478 | 11.8 years |
| 8 kW | $2.61 | $14,623 | $16,924 | 11.6 years |
| 10 kW | $2.56 | $17,920 | $21,514 | 11.4 years |
| 12 kW | $2.51 | $21,074 | $26,247 | 11.1 years |
| 14 kW | $2.46 | $24,084 | $31,123 | 10.9 years |
| 16 kW | $2.41 | $26,952 | $36,143 | 10.7 years |
| 18 kW | $2.36 | $29,676 | $41,306 | 10.5 years |
| 20 kW | $2.30 | $32,256 | $46,612 | 10.2 years |
How to Save on Solar Panels
The solar company you opt for will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, including:
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be completed and how long it will take.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Although there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you peruse their list of options before deciding.
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can verify 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
EcoWatch's Medina, OH Solar Cost FAQs
What is the average cost of installing solar panels in Medina?
The average cost of solar panels in Medina 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 stuff like the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Medina?
Leasing solar panels can be an attractive 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 get the most savings.
Can solar panels significantly reduce my electricity bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Medina, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Medina?
On average, the lifespan of solar panels is 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 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.