Solar Panel Cost Guide in Mentor-on-the-Lake, OH (2023 Update)
- Mentor-on-the-Lake Solar Installation Cost: $13,983
- 25-Year Savings: $13,397
- Payback Period: 12.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Mentor-on-the-Lake
Let's take a look at the average cost of solar 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 2.56 per watt. The average Mentor-on-the-Lake homeowner needs a 7.8-kilowatt system, which would cost about $13,978 with the federal tax credit, or $19,989 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of going solar can vary quite a bit based on several factors, such as how many panels you need, your energy usage and what solar installer you go with. But, once you've paid the initial cost of installation, the ROI for most homeowners is usually fruitful, with a net average savings of about $13,000 over 20 years on power bills.
To see your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Mentor-on-the-Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-13,892 |
| 3 years | $-13,709 |
| 5 years | $-13,527 |
| 7 years | $-13,344 |
| 9 years | $-13,162 |
| 11 years | $-12,979 |
| 13 years | $-12,797 |
| 15 years | $-12,614 |
| 17 years | $-12,432 |
| 19 years | $-12,249 |
| 21 years | $-12,067 |
| 23 years | $-11,884 |
| 25 years | $-11,702 |
Top Solar Installers in Mentor-on-the-Lake
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Going with an installer can make switching to solar power much easier. The expertise that solar installers offer can be invaluable as well, especially if you don't quite know what kind of solar equipment would be right for your home.
There are a number of licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 Mentor-on-the-Lake
Factors that Affect Solar Panel Costs in Mentor-on-the-Lake
For many Mentor-on-the-Lake homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Mentor-on-the-Lake, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. The brand and type of equipment you want 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 come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in Mentor-on-the-Lake, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. When figuring out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The remaining major cost factor you should consider is the installer you choose. Given the growing popularity of green energy solutions in Mentor-on-the-Lake, you'll have lots of options to choose from, but each comes at varying price points for labor and equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and find a company that offers the products, warranties and services you're looking for and also is within your budget.
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 | $9,871 | 13.3 years |
| 8 kW | $2.61 | $14,623 | $13,448 | 13.0 years |
| 10 kW | $2.56 | $17,920 | $17,168 | 12.8 years |
| 12 kW | $2.51 | $21,074 | $21,032 | 12.5 years |
| 14 kW | $2.46 | $24,084 | $25,039 | 12.3 years |
| 16 kW | $2.41 | $26,952 | $29,189 | 12.0 years |
| 18 kW | $2.36 | $29,676 | $33,483 | 11.7 years |
| 20 kW | $2.30 | $32,256 | $37,920 | 11.5 years |
How to Save on Solar Panels
The solar panel company you opt for will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, including:
- Reputation: Companies that have been operating for many years likely have a high 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.
- Contract: Before you sign a contract with a solar company, make sure you read it through carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- 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 kind 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 deciding.
- Warranty: Warranties that cover panel repairs and maintenance over a couple decades are the best you can get in the business, and offering such a warranty is one mark of a good company.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Mentor-on-the-Lake, OH Solar Cost FAQs
How much does it cost to install solar panels in Mentor-on-the-Lake?
The average cost of solar panels in Mentor-on-the-Lake 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 certain factors such as the type of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Mentor-on-the-Lake?
You can't get solar panels for free in Mentor-on-the-Lake. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
How will installing solar panels impact my home value?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Mentor-on-the-Lake is currently $170,600, which means you can expect a value of about $6,995 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Mentor-on-the-Lake is a rewarding investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.