Solar Panel Cost Guide in Minerva, OH (2024 Update)
- Minerva Solar Installation Cost: $18,600
- 25-Year Savings: $15,796
- Payback Period: 15.6 Years
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Average Cost of Solar Panels in Minerva
Find out what the average cost of solar panel installation is in Minerva.
While the national average of solar panels is $2.66 per watt, solar panels in Minerva generally cost about 3.To cover the typical energy usage of the average home in Minerva, most homeowners require a 7.8-kilowatt system. Using the figure above, a solar installation costs around $18,600, or $26,598 before the federal solar tax credit of 0 is applied.
Bear in mind that the figures above are only estimates based on the average Minerva homeowner. The price of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.Even with the large upfront cost, the average Minerva homeowner can save about $15,000 on their electricity bills over 20 years, which is one of the benefits of solar.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Minerva
| Year | Return on Investment |
|---|---|
| 1 years | $-17,379 |
| 3 years | $-14,939 |
| 5 years | $-12,498 |
| 7 years | $-10,058 |
| 9 years | $-7,618 |
| 11 years | $-5,177 |
| 13 years | $-2,737 |
| 15 years | $-296 |
| 17 years | $2,144 |
| 19 years | $4,585 |
| 21 years | $7,025 |
| 23 years | $9,466 |
| 25 years | $11,906 |
Top Solar Installers in Minerva
Installing solar panels yourself can be a stressful project, which is why hiring a solar installation company is a good option for many homeowners. A solar installer can also help save you money in the long run by offering warranties, repairs and component replacements.
If you’d like to start using solar energy but still aren’t certain which solar system installer to go with, here are our suggestions for providers nearby:
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
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Minerva
Factors that Affect Solar Panel Costs in Minerva
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few major factors that will push your cost above or below the average in Minerva: 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
The cost of solar panels varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,410.The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose 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, more efficient panels could save you more in the long run on your energy bills. In addition, add-on products, like solar batteries, can bump up your total well above the Minerva average.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That’s why many Minerva homeowners opt to finance their solar panel systems to make going solar more affordable.Although solar loans make going solar more accessible for Minerva homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you go with to handle your switch to solar energy can play a part in your total costs. There are about 3 solar panel companies operating throughout Minerva, and each can charge different amounts for labor and equipment.Additionally, some companies in Minerva are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 | $3.55 | $14,895 | $8,020 | 16.3 years |
| 8 kW | $3.48 | $19,478 | $11,075 | 15.9 years |
| 10 kW | $3.41 | $23,870 | $14,321 | 15.6 years |
| 12 kW | $3.34 | $28,071 | $17,758 | 15.3 years |
| 14 kW | $3.27 | $32,081 | $21,386 | 15.0 years |
| 16 kW | $3.21 | $35,900 | $25,206 | 14.7 years |
| 18 kW | $3.14 | $39,529 | $29,216 | 14.4 years |
| 20 kW | $3.07 | $42,966 | $33,417 | 14.1 years |
How to Save on Solar Panels
The solar company you choose will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, such as:
- Installation Process: When going solar, it’s essential to maintain an open line of communication with your solar installer. Make sure you understand how the installation process will go and the project timeline.
- 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 quality aftercare and customer support, such as part repairs and replacements.
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The model of solar panel you’d like plays a part in which company you should opt for, since different companies offer different panels.
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
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Minerva, OH Solar Cost FAQs
How much does it cost to install solar panels in Minerva?
This is a tough question to answer exactly, because the cost depends on many factors. Broadly 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 extra solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will solar panels impact how much my home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Minerva is currently $174,095, which means you can look forward to a value of about $7,138 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Minerva is a worthwhile investment.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and how much 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 install between 20 and 35 panels to account for 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.