Solar Panel Cost Guide in Olive, OH (2023 Update)
- Olive Solar Installation Cost: $13,745
- 25-Year Savings: $26,880
- Payback Period: 8.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Olive
Here's how much it might cost to go solar in Olive.
In Olive, solar panels cost about 2.56 per watt on average. The average Olive homeowner needs a 7.7-kilowatt system, which would cost about $13,745 with the federal tax credit, or $19,655 before the 30% tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy needs, the type of solar system you choose, your solar contractor and more. Many homeowners find adopting solar power is a sound investment. The average homeowner in Olive can save about $20,000 on their power bills over 20 years.
To receive a free quote from a highly rated solar installation company in Olive, you can click the button below.
Solar savings over time in Olive
| Year | Return on Investment |
|---|---|
| 1 years | $-12,120 |
| 3 years | $-8,870 |
| 5 years | $-5,620 |
| 7 years | $-2,370 |
| 9 years | $880 |
| 11 years | $4,130 |
| 13 years | $7,380 |
| 15 years | $10,630 |
| 17 years | $13,880 |
| 19 years | $17,130 |
| 21 years | $20,380 |
| 23 years | $23,630 |
| 25 years | $26,880 |
Top Solar Installers in Olive
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Hiring a solar company can make your switch to solar power much easier. Plus, if you're not certain what type of solar panels and equipment you may need, a solar company can help you figure that out after a site survey and consultation.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
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 Olive
Factors that Affect Solar Panel Costs in Olive
For many Olive homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Olive, with typical prices between $20,000 to $40,000. There are a few factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,560. The model of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. 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 searching for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That's why many Olive homeowners opt to finance their solar panel systems to make paying for solar more affordable. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar panel installer you pick will impact your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Olive are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $20,597 | 8.8 years |
| 8 kW | $2.61 | $14,623 | $27,749 | 8.6 years |
| 10 kW | $2.56 | $17,920 | $35,045 | 8.5 years |
| 12 kW | $2.51 | $21,074 | $42,484 | 8.3 years |
| 14 kW | $2.46 | $24,084 | $50,066 | 8.1 years |
| 16 kW | $2.41 | $26,952 | $57,792 | 8.0 years |
| 18 kW | $2.36 | $29,676 | $65,661 | 7.8 years |
| 20 kW | $2.30 | $32,256 | $73,673 | 7.6 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: When reading over your solar company's contract, ask questions 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.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. While there are many options for which type 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 peruse their list of offerings before deciding.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: Make sure you're on the same page with the installer in regard to how the installation process will go and what needs to be done before your solar system is installed, such as updating your electrical system or roof.
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 Olive, OH Solar Cost FAQs
What is the average cost of installing solar panels in Olive?
This is a hard 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. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Olive?
Solar panels aren't free in Olive, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Can you sell solar power back to the grid in Olive?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future energy bills.
How long do solar panels last in Olive?
Although 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 after having them for that long or you can continue to use 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.