Solar Panel Cost Guide in Northwood, OH (2024 Update)
- Northwood Solar Installation Cost: $18,271
- 25-Year Savings: $14,415
- Payback Period: 16.2 Years
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Average Cost of Solar Panels in Northwood
See how much it might cost to switch to solar power in Northwood.
The average cost of a solar system in Northwood is 3 per watt.The average solar panel system size in Northwood is around 7.7 kilowatts, meaning a cost of about $18,271 for a solar installation, or $26,128 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of installing solar panels can vary quite a bit based on several factors, such as what size system you need, your energy consumption and what installation company you go with.Many homeowners find going solar is a solid investment. The average homeowner in Northwood can save around $14,000 on their electricity bills over 20 years.
To receive a free quote from a vetted solar installation company in Northwood, you can click the button below.
Solar savings over time in Northwood
| Year | Return on Investment |
|---|---|
| 1 years | $-16,973 |
| 3 years | $-14,379 |
| 5 years | $-11,784 |
| 7 years | $-9,190 |
| 9 years | $-6,595 |
| 11 years | $-4,000 |
| 13 years | $-1,406 |
| 15 years | $1,189 |
| 17 years | $3,783 |
| 19 years | $6,378 |
| 21 years | $8,972 |
| 23 years | $11,567 |
| 25 years | $14,162 |
Top Solar Installers in Northwood
Many homeowners decide to hire a solar installer since figuring out how to install solar panels on your own can be hard. Plus, if you’d like to maximize your investment in solar power, using a solar company can help with that as well. Different providers can offer repairs, expertise on solar panel installation and sometimes even information on local incentives and net metering programs.
If you're looking for a solar installer in Northwood, 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
See all of the solar companies in Northwood
Factors that Affect Solar Panel Costs in Northwood
The cost of installing a solar system in Northwood can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $3,410. The type of solar panels and equipment you want is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Most solar installers in Northwood have solar loans, which reduce the initial cost of installing solar panels.When estimating your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can influence the cost. Northwood’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company sometimes plays the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $7,156 | 16.9 years |
| 8 kW | $3.48 | $19,478 | $9,924 | 16.6 years |
| 10 kW | $3.41 | $23,870 | $12,882 | 16.2 years |
| 12 kW | $3.34 | $28,071 | $16,031 | 15.9 years |
| 14 kW | $3.27 | $32,081 | $19,371 | 15.6 years |
| 16 kW | $3.21 | $35,900 | $22,903 | 15.3 years |
| 18 kW | $3.14 | $39,529 | $26,625 | 14.9 years |
| 20 kW | $3.07 | $42,966 | $30,538 | 14.6 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Contract: Look through the contract terms carefully to make sure you understand the total cost, project completion timeline rebates and warranties.
- Installation Process: When going solar, it’s necessary to keep an open line of communication with your solar panel installer. Confirm that you understand how the installation process works and the project timeline.
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely provide high-quality solar panel installation and expertise.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Northwood, OH Solar Cost FAQs
How much does it cost to install solar panels in Northwood?
The average cost of solar panels in Northwood is about $17,050 for a 5-kW system and $34,100 for a 10-kW system before the ITC, but the actual cost will depend on things like the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Northwood?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Do solar panels increase your property value?
Solar panels can increase the value of your home considerably 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% after installing solar panels."
How long do solar panels last in Northwood?
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.