Solar Panel Cost Guide in Morgan, OH (2023 Update)
- Morgan Solar Installation Cost: $17,747
- 25-Year Savings: $18,706
- Payback Period: 13.9 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated October 25, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Morgan
We break down average solar pricing in Morgan.
The average cost of a solar panel system in Morgan is 3 per watt.Using this figure, a typical 7.4-kW system would cost about $17,747 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of making the switch to solar can vary quite a bit depending on multiple factors, such as what size system you need, your energy usage and what company you go with.But, after you've paid the upfront cost of installation, the payback for most homeowners is typically rewarding, with a net average savings of about $16,000 over 20 years on electricity bills.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Morgan
| Year | Return on Investment |
|---|---|
| 1 years | $-16,582 |
| 3 years | $-14,252 |
| 5 years | $-11,922 |
| 7 years | $-9,592 |
| 9 years | $-7,262 |
| 11 years | $-4,932 |
| 13 years | $-2,602 |
| 15 years | $-272 |
| 17 years | $2,058 |
| 19 years | $4,388 |
| 21 years | $6,718 |
| 23 years | $9,048 |
| 25 years | $11,378 |
Top Solar Installers in Morgan
Installing solar panels on your own can be a stressful project, which is why getting a solar installer is a good option for many homeowners. Plus, if you’d like to maximize your investment in solar energy, going with a solar installer can help with that too. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives, rebates and net metering programs.
If you’d like to switch to solar energy but still aren’t sure which solar company to go with, here are our recommendations for providers nearby:
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 Morgan
Factors that Affect Solar Panel Costs in Morgan
The cost of installing a solar system in Morgan can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay around $3,410 per kilowatt in Morgan.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your energy bills. In addition, extra products, such as solar batteries, can bring your total well above the Morgan average.
Solar Financing Terms
Most solar installers in Morgan offer solar loans, which reduce your upfront costs of installing a solar system.When considering your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Morgan is the company you get to install your PV system. As with choosing a company to build a deck or pool, for example, there are plenty of solar installers that offer a range of services for different budgets.Additionally, some companies in Morgan know more about local solar incentives and can help you take advantage of 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 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 | $10,953 | 14.4 years |
| 8 kW | $3.48 | $19,478 | $14,985 | 14.1 years |
| 10 kW | $3.41 | $23,870 | $19,209 | 13.9 years |
| 12 kW | $3.34 | $28,071 | $23,624 | 13.6 years |
| 14 kW | $3.27 | $32,081 | $28,229 | 13.3 years |
| 16 kW | $3.21 | $35,900 | $33,026 | 13.0 years |
| 18 kW | $3.14 | $39,529 | $38,014 | 12.7 years |
| 20 kW | $3.07 | $42,966 | $43,192 | 12.5 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because picking a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Different companies will have various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel installer you’re considering has it.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable 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 check your installer’s reputation is by reading reviews.
- Contract: It’s important to read through your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Morgan, OH Solar Cost FAQs
How much does it cost to install solar panels in Morgan?
This is a difficult question to answer precisely, 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 other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to consider when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels significantly reduce my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $861.58 per year.
How often do you have to replace solar panels?
On average, solar panels can last 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 level 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.