Solar Panel Cost Guide in Norwood, OH (Mar 2023)
- Norwood Solar Installation Cost: $13,243
- 25-Year Savings: $10,946
- Payback Period: 13.7 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated March 14, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Norwood
Find out what the average cost of solar panel installation is in Norwood.
The average cost of a solar system in Norwood is 2.56 per watt. The average Norwood homeowner needs a 7.4-kilowatt system, which would cost about $13,243 with the federal tax credit, or $18,937 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of installing solar panels can vary based on several factors, such as what size system you need, your energy usage and what solar installer you go with. With typical savings of about $12,000 on electricity bills over 20 years, many homeowners in Norwood find installing solar panels can be quite rewarding.
Click the button below to get connected to a top solar panel company in your area for a custom estimate.
Solar savings over time in Norwood
| Year | Return on Investment |
|---|---|
| 1 years | $-12,275 |
| 3 years | $-10,340 |
| 5 years | $-8,405 |
| 7 years | $-6,470 |
| 9 years | $-4,535 |
| 11 years | $-2,600 |
| 13 years | $-665 |
| 15 years | $1,270 |
| 17 years | $3,205 |
| 19 years | $5,140 |
| 21 years | $7,075 |
| 23 years | $9,011 |
| 25 years | $10,946 |
Top Solar Installers in Norwood
Installing solar panels by yourself can be a challenging project, which is why using a solar installer is a good option for many homeowners. Companies can also offer access to a large variety of the best solar panels and help you decide which one will be best for you.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Norwood
Factors that Affect Solar Panel Costs in Norwood
For many Norwood homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Norwood, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar system in Norwood, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy consumption, which you can determine by looking at past energy bills. Your overall cost can increase by about $2,560 for each additional kilowatt you need. The type of solar panels and equipment you want is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment consists of more than just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Norwood to be too steep, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you choose to handle your switch to clean energy can play a role in your total costs. There are about 3 solar panel companies in Norwood, and each can charge varying amounts for labor and equipment. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk equipment 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 | $8,461 | 14.2 years |
| 8 kW | $2.61 | $14,623 | $11,568 | 14.0 years |
| 10 kW | $2.56 | $17,920 | $14,818 | 13.7 years |
| 12 kW | $2.51 | $21,074 | $18,212 | 13.4 years |
| 14 kW | $2.46 | $24,084 | $21,749 | 13.1 years |
| 16 kW | $2.41 | $26,952 | $25,430 | 12.9 years |
| 18 kW | $2.36 | $29,676 | $29,253 | 12.6 years |
| 20 kW | $2.30 | $32,256 | $33,221 | 12.3 years |
How to Save on Solar Panels
The solar panel company you choose will affect not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, such as:
- Contract: Even though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years in most cases provide quality solar panel installation and expertise.
- Solar Panel Brands: Different companies carry various brands and types of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should acquire and how long the project will take.
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 Norwood, OH Solar Cost FAQs
How much does it cost to install solar panels in Norwood?
This is a hard question to answer precisely, because the cost depends on many 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. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is a key factor to consider, but whether it's the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Does Norwood have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.