Solar Panel Cost Guide in Moraine, OH (2023 Update)
- Moraine Solar Installation Cost: $13,449
- 25-Year Savings: $9,455
- Payback Period: 14.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Moraine
Here's how much it might cost to make the switch to solar in Moraine.
The national average cost of solar panels is $2.66 per watt, but in Moraine it's 2.56 per watt. Using this figure, a typical 7.5-kW system would cost about $13,458 before the 30% federal solar tax credit is applied.
How much you pay can go above or below the average in Moraine depending on a few factors, such as the brand of solar panels you choose and the solar company you hire. With average savings of about $12,000 on power bills over 20 years, many homeowners in Moraine find going solar can pay off big.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Moraine
| Year | Return on Investment |
|---|---|
| 1 years | $-13,373 |
| 3 years | $-13,220 |
| 5 years | $-13,068 |
| 7 years | $-12,915 |
| 9 years | $-12,762 |
| 11 years | $-12,609 |
| 13 years | $-12,457 |
| 15 years | $-12,304 |
| 17 years | $-12,151 |
| 19 years | $-11,999 |
| 21 years | $-11,846 |
| 23 years | $-11,693 |
| 25 years | $-11,541 |
Top Solar Installers in Moraine
Although it's possible to install solar panels on your own, it requires extra energy and expertise. That's one of the reasons almost all homeowners choose a solar panel installer. Companies can also provide access to various kinds of the best solar panels and help you decide which one will be right for your home.
If you're searching for a solar company in Moraine, the EcoWatch team has put together 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 Moraine
Factors that Affect Solar Panel Costs in Moraine
Even though the average cost of a solar system in Moraine is $13,458, your actual cost may differ. 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 consider.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,560. There are several different solar panel brands and the one you choose also changes the cost. In general, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Moraine to be prohibitively costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The final key cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in Moraine, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and find a company that has the products, warranties and services you want and also fits 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 | $7,129 | 15.3 years |
| 8 kW | $2.61 | $14,623 | $9,792 | 15.0 years |
| 10 kW | $2.56 | $17,920 | $12,598 | 14.7 years |
| 12 kW | $2.51 | $21,074 | $15,548 | 14.4 years |
| 14 kW | $2.46 | $24,084 | $18,641 | 14.1 years |
| 16 kW | $2.41 | $26,952 | $21,877 | 13.8 years |
| 18 kW | $2.36 | $29,676 | $25,257 | 13.5 years |
| 20 kW | $2.30 | $32,256 | $28,780 | 13.2 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Contract: Read the contract terms thoroughly to make sure you understand how much it will cost, project completion timeline rebates and warranties.
- Solar Panel Brands: Different companies carry various brands and kinds of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Moraine, OH Solar Cost FAQs
How much does it cost to install solar panels in Moraine?
This is a tough question to answer exactly, because the cost depends on many factors. Broadly 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 other solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Moraine?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to 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 bang for your buck from going solar.
Can solar panels significantly reduce my power 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 $610.36 per year.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.