Solar Panel Cost Guide in Parma, OH (2024 Update)
- Parma Solar Installation Cost: $18,803
- 25-Year Savings: $17,015
- Payback Period: 15.1 Years
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Average Cost of Solar Panels in Parma
Find out what the average cost of installing solar panels is in Parma.
The national average cost of solar panels is $2.66 per watt, but in Parma it’s 3 per watt.The average solar panel system size in Parma is around 7.9 kilowatts, meaning a cost of about $18,803 for a solar installation, or $26,888 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Parma homeowners. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.Despite the large initial cost, the average Parma homeowner can save about $15,000 on their power bills over 20 years, which is one of the benefits of solar.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Parma
| 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 Parma
Although it's possible to install solar panels on your own, it involves extra energy and handiness. That's why the majority of homeowners choose to hire a solar panel installer. Another great thing about choosing a reliable solar installer is that it'll usually provide warranties and free repairs, which help protect your solar system over time.
If you're on the hunt for a solar company in Parma, we've 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
See all of the solar companies in Parma
Factors that Affect Solar Panel Costs in Parma
Even though the average cost of a solar system in Parma is $18,803, your actual cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
When it comes to estimating the price of a solar energy system in Parma, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy usage, which you can gauge by looking at past energy bills. Your total cost can increase by about $3,410 for each additional kilowatt you need.The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price 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 can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Parma to be too steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in paying more over time due to interest.It’s a good idea to include 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 evaluate the cost of solar for your home or business in Parma is the company you hire to install your solar system. Similar to choosing a company to install new cabinets, for example, you’ll have no shortage of solar installers that provide a range of services at different price points.Additionally, some companies in Parma know more 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 help you save 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 | $8,817 | 15.7 years |
| 8 kW | $3.48 | $19,478 | $12,138 | 15.4 years |
| 10 kW | $3.41 | $23,870 | $15,650 | 15.1 years |
| 12 kW | $3.34 | $28,071 | $19,353 | 14.8 years |
| 14 kW | $3.27 | $32,081 | $23,247 | 14.5 years |
| 16 kW | $3.21 | $35,900 | $27,332 | 14.2 years |
| 18 kW | $3.14 | $39,529 | $31,608 | 13.9 years |
| 20 kW | $3.07 | $42,966 | $36,074 | 13.6 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 selecting a company can be difficult, we have some tips to help you, such as:
- Contract: Though reading through a contract can take a lot of time, it’s important to do it fully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Solar Panel Brands: Different companies have different brands and kinds of panels. If you want a specific brand, make sure the solar company you’re considering has it.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can verify your installer’s reputation is by reading reviews.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Parma, OH Solar Cost FAQs
How much does it cost to install solar panels in Parma?
This is a hard question to answer exactly, 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 usage. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Are solar panels free in Parma?
A solar panel system isn’t free in Parma, 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 help lower the cost.
Does Parma have a net metering program?
The majority of states have net metering programs of some kind. Through these, you can get paid for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can 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.