Solar Panel Cost Guide in Piqua, OH (2023 Update)
- Piqua Solar Installation Cost: $13,440
- 25-Year Savings: $16,112
- Payback Period: 11.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Piqua
We break down average solar pricing in Piqua.
The national average cost of solar panels is $2.66 per watt, but in Piqua it's 2.56 per watt. To account for the typical energy usage of the average home in Piqua, most homeowners require a 7.5-kilowatt system. Using the per-watt figure above, a solar installation costs around $13,440, or $19,219 before the federal solar tax credit of 30% is applied.
How much you pay can go above or below the average in Piqua based on a few factors, such as the kind of solar panels you choose and the solar company you hire. Despite the high upfront cost, the average Piqua homeowner can save about $15,000 on their energy bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a highly rated solar company in Piqua for a custom quote.
Solar savings over time in Piqua
| Year | Return on Investment |
|---|---|
| 1 years | $-12,258 |
| 3 years | $-9,894 |
| 5 years | $-7,530 |
| 7 years | $-5,165 |
| 9 years | $-2,801 |
| 11 years | $-437 |
| 13 years | $1,927 |
| 15 years | $4,292 |
| 17 years | $6,656 |
| 19 years | $9,020 |
| 21 years | $11,384 |
| 23 years | $13,748 |
| 25 years | $16,112 |
Top Solar Installers in Piqua
Although you can install solar panels on your own, it requires extra time and knowledge. Because of that, most people choose a solar panel installer. Another advantage of working with a solar company is that they can help you make the most of your return of investment by cutting back on future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.
If you'd like to make the switch to solar but still aren't certain which solar installer to go with, here are our recommendations for providers in Piqua:
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 Piqua
Factors that Affect Solar Panel Costs in Piqua
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that will push your cost above or below the average in Piqua: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,560. The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted 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 limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Piqua to be too costly, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in paying more over time due to interest. Though solar loans make adopting solar energy more accessible for Piqua homeowners, they can also raise the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar panel installation company you choose will affect your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor. Larger national companies generally have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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 | $12,462 | 11.8 years |
| 8 kW | $2.61 | $14,623 | $16,903 | 11.6 years |
| 10 kW | $2.56 | $17,920 | $21,487 | 11.4 years |
| 12 kW | $2.51 | $21,074 | $26,214 | 11.1 years |
| 14 kW | $2.46 | $24,084 | $31,085 | 10.9 years |
| 16 kW | $2.41 | $26,952 | $36,099 | 10.7 years |
| 18 kW | $2.36 | $29,676 | $41,256 | 10.5 years |
| 20 kW | $2.30 | $32,256 | $46,557 | 10.2 years |
How to Save on Solar Panels
There are many companies to choose from in Piqua, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Even though there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of options before deciding.
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Warranty: If you're concerned about the endurance of your solar panel system, ensuring your company 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 Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Piqua, OH Solar Cost FAQs
How much does it cost to install solar panels in Piqua?
This is a tough question to answer precisely, because the cost depends on a few different 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 extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Piqua?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Do solar panels increase how much your home is worth?
Solar panels can increase your property's value considerably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.