Solar Panel Cost Guide in New Albany, OH (Mar 2023)
- New Albany Solar Installation Cost: $13,565
- 25-Year Savings: $20,253
- Payback Period: 10.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in New Albany
Let's have a look at the average cost of solar panels in New Albany.
The national average cost of solar panels is $2.66 per watt, but in New Albany it's 2.56 per watt. To account for the typical energy usage of the average home in New Albany, most homeowners require a 7.6-kilowatt system. Using the per-watt figure above, a solar installation costs about $13,565, or $19,398 before the federal solar tax credit of 30% is applied.
The true price you pay can be higher or lower than the average in New Albany depending on a variety of factors, such as the brand of solar panels you choose and the solar installer you hire. For many homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $17,000 in savings on energy bills over 20 years.
To get a free quote from a top solar company in New Albany, you can click the button below.
Solar savings over time in New Albany
| Year | Return on Investment |
|---|---|
| 1 years | $-12,213 |
| 3 years | $-9,507 |
| 5 years | $-6,802 |
| 7 years | $-4,096 |
| 9 years | $-1,391 |
| 11 years | $1,314 |
| 13 years | $4,020 |
| 15 years | $6,725 |
| 17 years | $9,431 |
| 19 years | $12,136 |
| 21 years | $14,842 |
| 23 years | $17,547 |
| 25 years | $20,253 |
Top Solar Installers in New Albany
When switching to solar energy, many homeowners choose to use a solar installation company since handling can be a difficult project. Local solar installers can also help you maximize your return on investment by assisting with any local incentives you can benefit from and by offering warranties and repairs.
If you're searching for a solar company in New Albany, the EcoWatch team has organized 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 (coming 2022)
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 New Albany
Factors that Affect Solar Panel Costs in New Albany
The cost of installing a solar system in New Albany can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. Because of that, it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. There are a lot of different solar panel brands and the one you choose also affects the cost. In many cases, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That's why many New Albany homeowners choose to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar panel installation company you pick will influence your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor. You may see national solar installers that have lower prices because of their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $15,626 | 10.4 years |
| 8 kW | $2.61 | $14,623 | $21,121 | 10.2 years |
| 10 kW | $2.56 | $17,920 | $26,759 | 10.0 years |
| 12 kW | $2.51 | $21,074 | $32,541 | 9.8 years |
| 14 kW | $2.46 | $24,084 | $38,467 | 9.6 years |
| 16 kW | $2.41 | $26,952 | $44,535 | 9.4 years |
| 18 kW | $2.36 | $29,676 | $50,748 | 9.2 years |
| 20 kW | $2.30 | $32,256 | $57,103 | 9.0 years |
How to Save on Solar Panels
There are numerous companies to choose from in New Albany, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Contract: Before you sign a contract with a solar company, be sure to look it over carefully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Solar Panel Brands: The kind of solar panel you want to get plays a part in which company you should choose, since different companies have access to different panels.
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for years to come and save you money on part replacement and repairs.
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated 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.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 New Albany, OH Solar Cost FAQs
What is the average cost of installing solar panels in New Albany?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally 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 be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
The initial cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Do solar panels increase the value of your home?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't go 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?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.