Solar Panel Cost Guide in Oxford, OH (2023 Update)
- Oxford Solar Installation Cost: $13,315
- 25-Year Savings: $15,314
- Payback Period: 11.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Oxford
Let's take a look at the average cost of solar panels in Oxford.
In Oxford, solar panels cost about 2.56 per watt on average. Since a 7.4-kW system is needed to cover the energy costs of a typical home in Oxford, the average price of going solar will be about $13,315 after claiming the federal solar tax credit of 30%.
The true cost of your system can go higher or lower than the average in Oxford based on a few factors, such as the model of solar panels you choose and the solar contractor you hire. With typical savings of about $15,000 on utility bills over 20 years, many homeowners in Oxford find investing in solar can pay off big.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Oxford
| Year | Return on Investment |
|---|---|
| 1 years | $-12,169 |
| 3 years | $-9,879 |
| 5 years | $-7,589 |
| 7 years | $-5,299 |
| 9 years | $-3,008 |
| 11 years | $-718 |
| 13 years | $1,572 |
| 15 years | $3,863 |
| 17 years | $6,153 |
| 19 years | $8,443 |
| 21 years | $10,734 |
| 23 years | $13,024 |
| 25 years | $15,314 |
Top Solar Installers in Oxford
Although you can install solar panels by yourself, it involves extra time and expertise. For that reason, most people choose to hire a solar panel installer. Another upside of using a solar installer is that they can help you make the most of your investment by lowering your future costs of repairs and replacements with the help of warranties and informing you of local incentives you can take advantage of.
If you're looking for a solar installer in Oxford, the EcoWatch team has organized a list of our top suggestions here:
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 Oxford
Factors that Affect Solar Panel Costs in Oxford
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that determine your overall cost in Oxford: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The size of the solar panel system you need for your home, 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 $2,560. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are a popular route because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years. When considering 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 installation company you choose will impact your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Oxford have more knowledge about local solar incentives and can help you make good use 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 | $2.66 | $11,182 | $11,921 | 12.1 years |
| 8 kW | $2.61 | $14,623 | $16,182 | 11.9 years |
| 10 kW | $2.56 | $17,920 | $20,586 | 11.6 years |
| 12 kW | $2.51 | $21,074 | $25,133 | 11.4 years |
| 14 kW | $2.46 | $24,084 | $29,823 | 11.2 years |
| 16 kW | $2.41 | $26,952 | $34,657 | 10.9 years |
| 18 kW | $2.36 | $29,676 | $39,635 | 10.7 years |
| 20 kW | $2.30 | $32,256 | $44,755 | 10.5 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: When looking through 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 if the company goes out of business.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years in most cases offer quality solar panel installation and expertise.
- 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 opt for.
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 Oxford, OH Solar Cost FAQs
How much does it cost to install solar panels in Oxford?
This is a difficult question to answer exactly, because the cost depends on many 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. It will cost more if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels completely eradicate my electricity bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Oxford, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily 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 get between 20 and 35 panels to account for 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.