Solar Panel Cost Guide in New Albany, OH (2024 Update)
- New Albany Solar Installation Cost: $18,067
- 25-Year Savings: $20,254
- Payback Period: 13.4 Years
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Average Cost of Solar Panels in New Albany
We go over average solar pricing in New Albany.
Currently, the national average cost of solar panels is $2.66 per watt. However, in New Albany, the average cost of a solar system is 3 per watt.The average New Albany homeowner needs a 7.6-kilowatt system, which would cost about $18,067 with the federal tax credit, or $25,836 before the 0 tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of New Albany homeowners. 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.For most homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $17,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a vetted solar installer in New Albany that can help you get a more accurate cost estimate for your home.
Solar savings over time in New Albany
| Year | Return on Investment |
|---|---|
| 1 years | $-16,804 |
| 3 years | $-14,278 |
| 5 years | $-11,751 |
| 7 years | $-9,225 |
| 9 years | $-6,699 |
| 11 years | $-4,173 |
| 13 years | $-1,646 |
| 15 years | $880 |
| 17 years | $3,406 |
| 19 years | $5,933 |
| 21 years | $8,459 |
| 23 years | $10,985 |
| 25 years | $13,511 |
Top Solar Installers in New Albany
Trying to put up solar panels yourself can be a stressful project, which is why using a solar installer is a good option for many homeowners. Another good thing about using a reliable solar installer is that it'll usually provide warranties and free repairs, which help protect your solar investment.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some near you:
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 New Albany
Factors that Affect Solar Panel Costs in New Albany
There are many criteria that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend about $3,410 per kilowatt in New Albany.Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like New Albany, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are available from most installers in New Albany, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible.However, the interest on solar loans also increases your overall costs, so it’s crucial to consider that as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
Finally, the company you opt for to install your solar system can impact your pricing. New Albany’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
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 | $11,913 | 13.9 years |
| 8 kW | $3.48 | $19,478 | $16,266 | 13.6 years |
| 10 kW | $3.41 | $23,870 | $20,809 | 13.4 years |
| 12 kW | $3.34 | $28,071 | $25,544 | 13.1 years |
| 14 kW | $3.27 | $32,081 | $30,470 | 12.8 years |
| 16 kW | $3.21 | $35,900 | $35,587 | 12.6 years |
| 18 kW | $3.14 | $39,529 | $40,894 | 12.3 years |
| 20 kW | $3.07 | $42,966 | $46,393 | 12.0 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a tough decision, we have some tips to help you, such as:
- Contract: Read the contract terms closely to make sure you understand the total cost, project timeline rebates and warranties.
- Installation Process: When making the switch to solar power, it’s necessary to maintain an open line of communication with your solar panel company. Make sure you understand how the installation process works and the project completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Although there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of options before deciding.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running for years to come and save you money on part replacement and repairs.
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 New Albany, OH Solar Cost FAQs
What is the average cost of installing solar panels in New Albany?
The average cost of solar panels in New Albany is about $17,050 for a 5-kW system and $34,100 for a 10-kW system before the ITC, but the real cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider apart from cost when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will having solar panels impact the value of my home?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
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 average daily sunlight your roof gets. You can take a 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 get 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.