Solar Panel Cost Guide in Olmsted, OH (2023 Update)
- Olmsted Solar Installation Cost: $14,121
- 25-Year Savings: $13,023
- Payback Period: 13.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Olmsted
Find out what the average cost of solar panel installation is in Olmsted.
The national average cost of solar panels is $2.66 per watt, but in Olmsted it's 2.56 per watt. Using this figure, a typical 7.9-kW system would cost about $14,121 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The true cost of installing solar panels can vary based on a few factors, such as what size system you need, your energy usage and what installation company you go with. For many homeowners, the upfront investment in solar is worth paying. On average Olmsted homeowners see about $13,000 in savings on electricity bills over 20 years.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Olmsted
| Year | Return on Investment |
|---|---|
| 1 years | $-13,035 |
| 3 years | $-10,864 |
| 5 years | $-8,692 |
| 7 years | $-6,521 |
| 9 years | $-4,349 |
| 11 years | $-2,177 |
| 13 years | $-6 |
| 15 years | $2,166 |
| 17 years | $4,337 |
| 19 years | $6,509 |
| 21 years | $8,680 |
| 23 years | $10,852 |
| 25 years | $13,023 |
Top Solar Installers in Olmsted
Although it's possible to install solar panels by yourself, it involves extra energy and knowledge. Because of that, the majority of homeowners choose to go with a solar panel installer. The expertise that solar companies provide can be invaluable as well, particularly if you don't quite know what type of solar equipment would be right for your home.
If you'd like to go solar but still aren't certain which solar panel installer to go with, here are our recommendations for providers near you:
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 Olmsted
Factors that Affect Solar Panel Costs in Olmsted
For many Olmsted homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Olmsted, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your power bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Olmsted average.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Olmsted homeowners decide to finance their solar panel systems to offset upfront costs. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Olmsted is the company you get to install your solar panel system. As with choosing a company to renovate your kitchen, for example, you'll have no shortage of solar installers that provide a range of services for different budgets. You may come across national solar installers that have lower prices due to their larger brand name and access to bulk prices, 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 | $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 type of solar panels and the company you choose significantly impacts your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Before signing a contract with a solar installer, be sure to read it through completely so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you go with.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable 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 satisfied 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 Olmsted, OH Solar Cost FAQs
How much does it cost to install solar panels in Olmsted?
This is a difficult question to answer precisely, because the cost depends on a few different 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 cost 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 opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Olmsted?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase how much your home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Olmsted is currently $154,258, which means you could be looking at a value of about $6,325 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Olmsted is a worthwhile investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.