Solar Panel Cost Guide in Mentor-on-the-Lake, OH (2024 Update)
- Mentor-on-the-Lake Solar Installation Cost: $18,626
- 25-Year Savings: $13,397
- Payback Period: 17.0 Years
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Average Cost of Solar Panels in Mentor-on-the-Lake
Find out how much it might cost to install solar panels in Mentor-on-the-Lake.
The national average cost of solar panels is $2.66 per watt, but in Mentor-on-the-Lake it’s 3 per watt.Using this figure, a typical 7.8-kW system would cost about $18,626 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy use, the type of solar system you choose, your solar contractor and more.With typical savings of about $13,000 on power bills over 20 years, many homeowners in Mentor-on-the-Lake find installing solar panels has a decent ROI.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Mentor-on-the-Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-17,372 |
| 3 years | $-14,865 |
| 5 years | $-12,357 |
| 7 years | $-9,849 |
| 9 years | $-7,342 |
| 11 years | $-4,834 |
| 13 years | $-2,327 |
| 15 years | $181 |
| 17 years | $2,689 |
| 19 years | $5,196 |
| 21 years | $7,704 |
| 23 years | $10,211 |
| 25 years | $12,719 |
Top Solar Installers in Mentor-on-the-Lake
Installing solar panels on your own can be a challenging task, which is why getting a solar installation company is a good option for many homeowners. A solar company can also help save you money over time by offering warranties, repairs and part replacements.
If you're looking for a solar company in Mentor-on-the-Lake, we've organized a list of our top suggestions here:
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 Mentor-on-the-Lake
Factors that Affect Solar Panel Costs in Mentor-on-the-Lake
Although the average cost of a solar system in Mentor-on-the-Lake is $18,626, your actual cost may be higher or lower than that. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
When it comes to estimating the price of a solar system in Mentor-on-the-Lake, one of the most crucial 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 gauge by looking at past electricity bills. Your overall cost can increase by around $3,410 for each additional kilowatt you need.The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar companies in Mentor-on-the-Lake offer solar loans, which reduce your upfront costs of installing solar panels.However, the interest on solar loans also increases your overall costs, so it’s vital to consider that as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Mentor-on-the-Lake is the company you choose to install your PV system. As with 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.You may see 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 | $3.55 | $14,895 | $6,158 | 17.7 years |
| 8 kW | $3.48 | $19,478 | $8,593 | 17.3 years |
| 10 kW | $3.41 | $23,870 | $11,218 | 17.0 years |
| 12 kW | $3.34 | $28,071 | $14,035 | 16.7 years |
| 14 kW | $3.27 | $32,081 | $17,042 | 16.3 years |
| 16 kW | $3.21 | $35,900 | $20,240 | 16.0 years |
| 18 kW | $3.14 | $39,529 | $23,630 | 15.6 years |
| 20 kW | $3.07 | $42,966 | $27,210 | 15.3 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Reputation: Long-running companies likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
- Contract: When reading over 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 the company going out of business.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
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 Mentor-on-the-Lake, OH Solar Cost FAQs
What is the average cost of installing solar panels in Mentor-on-the-Lake?
This is a tough question to answer precisely, because the cost depends on a variety of 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 additional 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 less efficient solar panels.
Should I lease or buy solar panels in Mentor-on-the-Lake?
Leasing solar panels can be an option if you are unable to pay upfront or secure 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 financial benefits from going solar.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose 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.