Solar Panel Cost Guide in Northwood, OH (Mar 2023)
- Northwood Solar Installation Cost: $13,709
- 25-Year Savings: $14,422
- Payback Period: 12.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Northwood
Let's have a look at the average cost of solar panels in Northwood.
The national average cost of solar panels is $2.66 per watt, but in Northwood it's 2.56 per watt. The average Northwood homeowner needs a 7.7-kilowatt system, which would cost about $13,709 with the federal tax credit, or $19,604 before the 30% 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 exact cost of making the switch to solar can vary based on several factors, such as what size system you need, your energy usage and what company you go with. For most homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Northwood see about $14,000 in savings on utility bills over 20 years.
To get a free estimate from a vetted solar company in Northwood, you can click the button below.
Solar savings over time in Northwood
| Year | Return on Investment |
|---|---|
| 1 years | $-12,584 |
| 3 years | $-10,333 |
| 5 years | $-8,083 |
| 7 years | $-5,832 |
| 9 years | $-3,582 |
| 11 years | $-1,331 |
| 13 years | $919 |
| 15 years | $3,170 |
| 17 years | $5,420 |
| 19 years | $7,671 |
| 21 years | $9,921 |
| 23 years | $12,172 |
| 25 years | $14,422 |
Top Solar Installers in Northwood
Although you can install solar panels on your own, it takes extra time and know-how. For that reason, the majority of homeowners choose to hire a solar panel installer. Companies can also provide access to quality options of the best solar panels and help you decide which one will be right for you.
If you'd like to start using solar energy but still aren't sure which solar panel installer 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 (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 Northwood
Factors that Affect Solar Panel Costs in Northwood
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that will push your cost above or below the average in Northwood: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
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 spend around $2,560 per kilowatt in Northwood. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in Northwood, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also adds to your all-in costs, so it's important to take that into consideration as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar panel installation company you select will play a role in your total cost to go solar. Different companies will charge different amounts for the equipment and labor. You may see national solar installers that have lower prices due to 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 larger companies.
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 | $10,869 | 12.7 years |
| 8 kW | $2.61 | $14,623 | $14,779 | 12.4 years |
| 10 kW | $2.56 | $17,920 | $18,832 | 12.2 years |
| 12 kW | $2.51 | $21,074 | $23,028 | 11.9 years |
| 14 kW | $2.46 | $24,084 | $27,368 | 11.7 years |
| 16 kW | $2.41 | $26,952 | $31,851 | 11.5 years |
| 18 kW | $2.36 | $29,676 | $36,478 | 11.2 years |
| 20 kW | $2.30 | $32,256 | $41,248 | 11.0 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose significantly influences your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels based 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 access to the exact one you may want or need, so be sure to take a look at their list of offerings before making your decision.
- Contract: When reading over your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Installation Process: When making the switch to solar power, it's essential to maintain an open line of communication with your solar panel company. Make sure you understand how the installation process will go and the project timeline.
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. Two 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 positive reviews from previous 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 Northwood, OH Solar Cost FAQs
What is the average cost of installing solar panels in Northwood?
The average cost of solar panels in Northwood is about $12,800 for a 5-kW system and $25,600 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider apart from cost 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.
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 choose 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 a solar system."
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 goes down 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.