Solar Panel Cost Guide in Oxford, OH (2024 Update)
- Oxford Solar Installation Cost: $17,747
- 25-Year Savings: $15,305
- Payback Period: 15.5 Years
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Average Cost of Solar Panels in Oxford
We break down average solar pricing in Oxford.
In Oxford, solar panels cost about 3 per watt on average.Using this figure, a typical 7.4-kW system would cost about $17,747 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy needs, the type of solar panels you choose, your solar contractor and more.With average savings of about $15,000 on electricity bills over 20 years, many homeowners in Oxford find installing solar panels has a decent ROI.
To get a free estimate from a highly rated solar company in Oxford, you can click the button below.
Solar savings over time in Oxford
| Year | Return on Investment |
|---|---|
| 1 years | $-16,560 |
| 3 years | $-14,185 |
| 5 years | $-11,811 |
| 7 years | $-9,436 |
| 9 years | $-7,062 |
| 11 years | $-4,688 |
| 13 years | $-2,313 |
| 15 years | $61 |
| 17 years | $2,436 |
| 19 years | $4,810 |
| 21 years | $7,185 |
| 23 years | $9,559 |
| 25 years | $11,934 |
Top Solar Installers in Oxford
Putting up solar panels yourself can be a dangerous project, which is why hiring a solar installation company is a good option for many homeowners. Some solar installers, particularly local ones, can help you take advantage of incentives in Oxford, thereby optimizing your ROI.
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 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
For many Oxford homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Oxford, 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
When it comes to estimating the cost of a solar panel system in Oxford, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can figure out by looking at past power bills. Your total cost can increase by about $3,410 for each additional kilowatt you need.There are several different solar panel brands and the one you choose also affects the cost. In general, 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 much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are an affordable choice because they reduce your upfront costs and allow you to pay for your system over five to seven years on average.It’s a good idea to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
The solar panel installation company you pick will play a role in your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor.The size of the company can sometimes play the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes 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 | $3.55 | $14,895 | $8,209 | 16.1 years |
| 8 kW | $3.48 | $19,478 | $11,327 | 15.8 years |
| 10 kW | $3.41 | $23,870 | $14,636 | 15.5 years |
| 12 kW | $3.34 | $28,071 | $18,136 | 15.2 years |
| 14 kW | $3.27 | $32,081 | $21,827 | 14.9 years |
| 16 kW | $3.21 | $35,900 | $25,709 | 14.6 years |
| 18 kW | $3.14 | $39,529 | $29,781 | 14.3 years |
| 20 kW | $3.07 | $42,966 | $34,045 | 13.9 years |
How to Save on Solar Panels
Since the kind 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 select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Different companies carry different brands and kinds of panels. If you prefer a specific brand, make sure the solar panel installer you’re considering has it.
- Contract: When reading through your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases offer high-quality solar panel installation and expertise.
- Warranty: If you care about the endurance of your solar panel system, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
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 Oxford, OH Solar Cost FAQs
How much does it cost to install solar panels in Oxford?
This is a tough question to answer precisely, because the cost depends on a few different factors. Generally 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 be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Oxford?
Leasing solar panels can be an attractive choice, as it typically 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 maximize your savings.
Can solar panels completely eradicate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $770.11 per year.
How long do solar panels last in Oxford?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level 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.