Solar Panel Cost Guide in Olmsted, OH (2024 Update)
- Olmsted Solar Installation Cost: $18,803
- 25-Year Savings: $13,028
- Payback Period: 17.3 Years
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Average Cost of Solar Panels in Olmsted
Find out what the average cost of solar panel installation is in Olmsted.
Although the national average of solar panels is $2.66 per watt, solar panels in Olmsted generally cost about 3.To cover the typical energy needs of the average home in Olmsted, most homeowners require a 7.9-kilowatt system. Using the per-watt figure above, a solar installation costs about $18,803, or $26,888 before the federal solar tax credit of 0 is applied.
The actual price you pay can be above or below the average in Olmsted depending on several factors, such as the kind of solar panels you choose and the solar contractor you hire.Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Olmsted can save about $13,000 on their electricity bills over 20 years.
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Solar savings over time in Olmsted
| Year | Return on Investment |
|---|---|
| 1 years | $-17,549 |
| 3 years | $-15,041 |
| 5 years | $-12,534 |
| 7 years | $-10,026 |
| 9 years | $-7,518 |
| 11 years | $-5,011 |
| 13 years | $-2,503 |
| 15 years | $4 |
| 17 years | $2,512 |
| 19 years | $5,020 |
| 21 years | $7,527 |
| 23 years | $10,035 |
| 25 years | $12,542 |
Top Solar Installers in Olmsted
Many homeowners opt for a solar panel installer since installing solar panels on your own can be a lot of work. Companies can also provide access to a large variety of the best solar panels and help you decide which one will be best for your family.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that determine your overall cost in Olmsted: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $3,410. The type of solar panels and equipment you get is another factor that will largely affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, 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’s in your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are provided by most installers in Olmsted, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible.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 upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar panel installer you choose will play a role in your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Olmsted know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $3.55 | $14,895 | $5,781 | 18.0 years |
| 8 kW | $3.48 | $19,478 | $8,090 | 17.7 years |
| 10 kW | $3.41 | $23,870 | $10,589 | 17.3 years |
| 12 kW | $3.34 | $28,071 | $13,280 | 17.0 years |
| 14 kW | $3.27 | $32,081 | $16,162 | 16.6 years |
| 16 kW | $3.21 | $35,900 | $19,235 | 16.3 years |
| 18 kW | $3.14 | $39,529 | $22,498 | 15.9 years |
| 20 kW | $3.07 | $42,966 | $25,953 | 15.6 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose considerably influences your costs and your system’s durability and efficiency, 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 companies offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you choose.
- Contract: Before you sign a contract with a solar installer, make sure to read it through completely so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years most likely provide quality solar panel installation and expertise.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running smoothly and save you money on part replacement and repairs.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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
What is the average cost of installing solar panels in Olmsted?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $17,050 for a 5-kW system and $34,100 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
The upfront cost is a very important factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In cities 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.
How will solar panels impact how much my home is worth?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How many solar panels do I need to power my home?
To figure out what solar panel system size 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 usually produce about 250 to 400 watt-hours per hour, the average home 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.