Solar Panel Cost Guide in Oakwood, OH (2023 Update)
- Oakwood Solar Installation Cost: $13,458
- 25-Year Savings: $9,019
- Payback Period: 15.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Oakwood
Here's how much it might cost to install solar panels in Oakwood.
While the national average of solar panels is $2.66 per watt, solar panels in Oakwood typically cost about 2.56. Because a 7.5-kW system is needed to cover the energy usage of a typical home in Oakwood, the average price of going solar will be about $13,458 after claiming the federal solar tax credit of 30%.
How much you pay can be higher or lower than the average in Oakwood depending on a variety of factors, such as the type of solar panels you choose and the solar company you hire. With average savings of about $11,000 on electricity bills over 20 years, many homeowners in Oakwood find installing solar panels can pay off big.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Oakwood
| Year | Return on Investment |
|---|---|
| 1 years | $-12,559 |
| 3 years | $-10,761 |
| 5 years | $-8,963 |
| 7 years | $-7,164 |
| 9 years | $-5,366 |
| 11 years | $-3,568 |
| 13 years | $-1,770 |
| 15 years | $28 |
| 17 years | $1,826 |
| 19 years | $3,624 |
| 21 years | $5,422 |
| 23 years | $7,220 |
| 25 years | $9,019 |
Top Solar Installers in Oakwood
DIY solar panel installation is a possibility, but it's an undertaking that can be a pain. Hiring an installer can make converting to solar power much easier. Plus, warranties and repairs from your solar panel installer can protect your investment and lower the cost of maintenance over the lifespan of your panels.
Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Oakwood
Factors that Affect Solar Panel Costs in Oakwood
The cost of installing a solar system in Oakwood can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant 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 system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,560. There are several different solar panel brands and the one you choose also changes the cost. In many cases, the brands that have better efficiency tend to also be more expensive. In addition, the type of equipment you're looking to get 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
Many homeowners find the average cost of solar in Oakwood to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in paying more over time because of interest. When estimating your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Oakwood is the company you get to install your solar system. Similar to choosing a company to install new cabinets, for instance, there's no shortage of solar installers that offer a range of services for different budgets. Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and find a company that has the products, warranties and services you're looking for and also is within your budget.
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 | $6,787 | 15.6 years |
| 8 kW | $2.61 | $14,623 | $9,336 | 15.3 years |
| 10 kW | $2.56 | $17,920 | $12,028 | 15.0 years |
| 12 kW | $2.51 | $21,074 | $14,864 | 14.7 years |
| 14 kW | $2.46 | $24,084 | $17,843 | 14.4 years |
| 16 kW | $2.41 | $26,952 | $20,965 | 14.1 years |
| 18 kW | $2.36 | $29,676 | $24,231 | 13.8 years |
| 20 kW | $2.30 | $32,256 | $27,640 | 13.5 years |
How to Save on Solar Panels
There are numerous companies to choose from in Oakwood, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Contract: When looking through your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project timeline.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you opt for.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Oakwood, OH Solar Cost FAQs
How much does it cost to install solar panels in Oakwood?
This is a hard question to answer exactly, because the cost depends on many factors. Broadly 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 extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Are solar panels free in Oakwood?
A solar panel system isn't free in Oakwood, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is going solar worth it?
Solar panels can be a great investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How long do solar panels last in Oakwood?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.