Solar Panel Cost Guide in Olmsted, OH (2023 Update)
- Olmsted Solar Installation Cost: $14,116
- 25-Year Savings: $13,028
- Payback Period: 13.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Olmsted
See how much it might cost to make the switch to solar in Olmsted.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Olmsted, the typical cost of solar panels is 2.56 per watt. Because a 7.9-kW system is needed to cover the energy costs of a typical home in Olmsted, the average price of going solar will be about $14,121 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of making the switch to solar can vary quite a bit based on several factors, such as what size system you need, your energy consumption and what company you go with. With average savings of about $13,000 on energy bills over 20 years, many homeowners in Olmsted find installing solar panels has a decent ROI.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Olmsted
| Year | Return on Investment |
|---|---|
| 1 years | $-12,862 |
| 3 years | $-10,354 |
| 5 years | $-7,847 |
| 7 years | $-5,339 |
| 9 years | $-2,832 |
| 11 years | $-324 |
| 13 years | $2,184 |
| 15 years | $4,691 |
| 17 years | $7,199 |
| 19 years | $9,707 |
| 21 years | $12,214 |
| 23 years | $14,722 |
| 25 years | $17,229 |
Top Solar Installers in Olmsted
Installing solar panels by yourself can be a difficult project, which is why hiring a solar installation company is a good option for many homeowners. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and part replacements.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some near you:
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 Olmsted
Factors that Affect Solar Panel Costs in Olmsted
The cost of installing a solar system in Olmsted can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,560. There are a lot of different solar panel brands and the one you pick also changes the cost. In many cases, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are available from most installers in Olmsted, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible. While solar loans make switching to solar energy more accessible for Olmsted homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Olmsted is the company you choose to install your PV system. Similar to choosing a company to build a deck or pool, for example, there's no shortage of solar installers that offer a range of services for different budgets. The size of the company can sometimes play the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and better 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 | $2.66 | $11,182 | $9,494 | 13.5 years |
| 8 kW | $2.61 | $14,623 | $12,945 | 13.3 years |
| 10 kW | $2.56 | $17,920 | $16,539 | 13.0 years |
| 12 kW | $2.51 | $21,074 | $20,277 | 12.7 years |
| 14 kW | $2.46 | $24,084 | $24,159 | 12.5 years |
| 16 kW | $2.41 | $26,952 | $28,183 | 12.2 years |
| 18 kW | $2.36 | $29,676 | $32,351 | 12.0 years |
| 20 kW | $2.30 | $32,256 | $36,663 | 11.7 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation company you choose considerably affects your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you hire.
- Contract: Though reading through a contract can be tedious, it's important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years likely provide good-quality solar panel installation and expertise.
- Installation Process: When going solar, it's necessary to maintain an open line of communication with your solar company. Confirm that you understand how the installation process will go and the project timeline.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Olmsted, OH Solar Cost FAQs
How much does it cost to install solar panels in Olmsted?
The average cost of solar panels in Olmsted is about $12,800 for a 5-kW system and $25,600 for a 10-kW system before the ITC, but the real cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Olmsted?
Solar panels aren't free in Olmsted, 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 it worth going solar in Olmsted?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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 higher amount 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.