Solar Panel Cost Guide in Parma, OH (2023 Update)
- Parma Solar Installation Cost: $14,121
- 25-Year Savings: $17,010
- Payback Period: 11.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Parma
Here's how much it might cost to go solar in Parma.
The national average cost of solar panels is $2.66 per watt, but in Parma it's 2.56 per watt. The average Parma homeowner needs a 7.9-kilowatt system, which would cost about $14,121 with the federal tax credit, or $20,193 before the 30% tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Parma homeowners. The cost 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. Many homeowners find installing solar panels is a fruitful investment. The average homeowner in Parma can save around $15,000 on their power bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Parma for a quote for your home.
Solar savings over time in Parma
| Year | Return on Investment |
|---|---|
| 1 years | $-12,876 |
| 3 years | $-10,385 |
| 5 years | $-7,895 |
| 7 years | $-5,404 |
| 9 years | $-2,914 |
| 11 years | $-423 |
| 13 years | $2,067 |
| 15 years | $4,557 |
| 17 years | $7,048 |
| 19 years | $9,538 |
| 21 years | $12,029 |
| 23 years | $14,519 |
| 25 years | $17,010 |
Top Solar Installers in Parma
Many homeowners decide to use a solar installation company since trying to install solar panels by yourself can be challenging. Some solar installers, particularly local ones, can help you take advantage of incentives in Parma, thereby optimizing your ROI.
If you'd like to make the switch to solar but still aren't sure which solar company to go with, here are our recommendations for providers in Parma:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Parma
Factors that Affect Solar Panel Costs in Parma
There are several factors that can affect your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The size of the solar energy system you need for your household, 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 about $2,560. The kind 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, more efficient panels could save you more over time on your electric bills. In addition, add-on products, such as solar batteries, can bring your total well above the Parma average.
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, almost every solar company in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest. However, the interest on solar loans also adds to your total costs, so it's vital to consider that as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
Finally, the company you choose to install your solar panel system can affect how much you pay. Parma's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Parma have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $12,530 | 11.8 years |
| 8 kW | $2.61 | $14,623 | $16,993 | 11.6 years |
| 10 kW | $2.56 | $17,920 | $21,600 | 11.3 years |
| 12 kW | $2.51 | $21,074 | $26,350 | 11.1 years |
| 14 kW | $2.46 | $24,084 | $31,244 | 10.9 years |
| 16 kW | $2.41 | $26,952 | $36,281 | 10.7 years |
| 18 kW | $2.36 | $29,676 | $41,461 | 10.4 years |
| 20 kW | $2.30 | $32,256 | $46,784 | 10.2 years |
How to Save on Solar Panels
The solar company you choose will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, such as:
- Warranty: Warranties that cover panel repairs and maintenance over a long period of time such as 25 years are the gold standard in the business, and offering that kind of warranty is one mark of a good company.
- Contract: Read the contract terms thoroughly to make sure you understand the cost breakdown, completion timeline rebates and warranties.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to install your solar system. Another way you can verify your installer's reputation is by reading reviews.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a considerable 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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Parma, OH Solar Cost FAQs
What is the average cost of installing solar panels in Parma?
The average cost of solar panels in Parma is about $12,800 for a 5-kW system and $25,600 for a 10-kW system before the ITC, but the actual cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Parma?
Solar panels aren't free in Parma, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you're located 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 $790.40 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage 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 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.