Solar Panel Cost Guide in Pike, OH (2023 Update)
- Pike Solar Installation Cost: $13,476
- 25-Year Savings: $17,225
- Payback Period: 11.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Pike
Find out what the average cost of a solar system is in Pike.
The average cost of solar panels in Pike is 2.56 per watt. Since a 7.5-kW system is needed to cover the energy needs of a typical home in Pike, the average price of going solar will be about $13,476 after claiming the federal solar tax credit of 30%.
The actual price you pay can be higher or lower than the average in Pike depending on a few factors, such as the brand of solar panels you choose and the solar contractor you hire. For many homeowners, the upfront cost of solar panels is worth paying. On average homeowners in Pike see about $16,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Pike that can help you get a more accurate cost estimate for your home.
Solar savings over time in Pike
| Year | Return on Investment |
|---|---|
| 1 years | $-12,248 |
| 3 years | $-9,792 |
| 5 years | $-7,336 |
| 7 years | $-4,879 |
| 9 years | $-2,423 |
| 11 years | $33 |
| 13 years | $2,489 |
| 15 years | $4,945 |
| 17 years | $7,401 |
| 19 years | $9,857 |
| 21 years | $12,313 |
| 23 years | $14,769 |
| 25 years | $17,225 |
Top Solar Installers in Pike
When making the switch to solar, many homeowners choose to go with a solar company since installing a solar system yourself can be a difficult project. Plus, if you're not certain what brand of solar panels and equipment you need, a solar company can help you figure that out after a site survey and consultation.
If you'd like to start using solar energy but still aren't certain which solar company to go with, here are our recommendations for providers nearby:
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 Pike
Factors that Affect Solar Panel Costs in Pike
For many Pike homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Pike, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,560. The brand of solar panels and equipment you want is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that's in your budget.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a solid route because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. It's a good idea to include 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 off the loan.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Pike is the company you hire to install your solar system. Similar to choosing a company to install new cabinets, for instance, you'll have no shortage of solar installers that provide a range of services for different budgets. Additionally, some companies in Pike 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 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 | $13,298 | 11.4 years |
| 8 kW | $2.61 | $14,623 | $18,018 | 11.2 years |
| 10 kW | $2.56 | $17,920 | $22,881 | 11.0 years |
| 12 kW | $2.51 | $21,074 | $27,887 | 10.8 years |
| 14 kW | $2.46 | $24,084 | $33,037 | 10.5 years |
| 16 kW | $2.41 | $26,952 | $38,329 | 10.3 years |
| 18 kW | $2.36 | $29,676 | $43,766 | 10.1 years |
| 20 kW | $2.30 | $32,256 | $49,345 | 9.9 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: When looking over your solar installer'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 part breaking or if the company goes out of business.
- Installation Process: One of the most important things to understand when adopting solar energy is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should acquire and what the project timeline is.
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one sign of a quality company.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
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 Pike, OH Solar Cost FAQs
What is the average cost of installing solar panels in Pike?
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 be more expensive if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is cost the most important consideration when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Does Pike have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future power bills.
How long do solar panels last in Pike?
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.