Solar Panel Cost Guide in Ravenna, OH (2023 Update)
- Ravenna Solar Installation Cost: $13,960
- 25-Year Savings: $12,478
- Payback Period: 13.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Ravenna
Let's take a look at the average cost of solar in Ravenna.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Ravenna, the typical cost of a solar system is 2.56 per watt. Since a 7.8-kW system is needed to cover the energy costs of a typical home in Ravenna, the average price of going solar will be about $13,960 after claiming the federal solar tax credit of 30%.
Keep in mind that the figures above are only estimates based on the average Ravenna homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. But, after you've paid the upfront cost of installation, the return on investment for most homeowners is quite good, with a net average savings of about $13,000 over 20 years on energy bills.
Click the button below to get connected to a highly rated solar installer in Ravenna for a customized estimate.
Solar savings over time in Ravenna
| Year | Return on Investment |
|---|---|
| 1 years | $-12,902 |
| 3 years | $-10,787 |
| 5 years | $-8,672 |
| 7 years | $-6,557 |
| 9 years | $-4,442 |
| 11 years | $-2,327 |
| 13 years | $-212 |
| 15 years | $1,903 |
| 17 years | $4,018 |
| 19 years | $6,133 |
| 21 years | $8,248 |
| 23 years | $10,363 |
| 25 years | $12,478 |
Top Solar Installers in Ravenna
Although you can install solar panels yourself, it requires extra time and expertise. For that reason, most homeowners choose a solar panel installer. Also, companies with a high reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
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 Ravenna:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Ravenna
Factors that Affect Solar Panel Costs in Ravenna
Even though the average cost of a solar system in Ravenna is $13,960, your actual cost may be higher or lower than that. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. Because of that, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Ravenna, where sunlight isn't as abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a popular choice because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also adds to your all-in costs, so it's vital to include that in your estimate as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Ravenna is the company you get to install your solar panel system. As with choosing a company to install new cabinets, for example, you'll have no shortage of solar installers that provide a range of services for different budgets. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on 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 | $9,179 | 13.7 years |
| 8 kW | $2.61 | $14,623 | $12,525 | 13.5 years |
| 10 kW | $2.56 | $17,920 | $16,015 | 13.2 years |
| 12 kW | $2.51 | $21,074 | $19,648 | 12.9 years |
| 14 kW | $2.46 | $24,084 | $23,425 | 12.7 years |
| 16 kW | $2.41 | $26,952 | $27,345 | 12.4 years |
| 18 kW | $2.36 | $29,676 | $31,408 | 12.1 years |
| 20 kW | $2.30 | $32,256 | $35,614 | 11.9 years |
How to Save on Solar Panels
The solar panel company you choose will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, including:
- Contract: Before you sign a contract with a solar company, make sure you look it over fully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
- Warranty: If you care about the longevity of your solar panel system, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
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 Ravenna, OH Solar Cost FAQs
How much does it cost to install solar panels in Ravenna?
The average cost of solar panels in Ravenna is about $12,800 for a 5-kW system and $25,600 for a 10-kW system before the ITC, but the real cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Ravenna?
Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The downside 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
How much can I save on electricity 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 $678.70 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 needs and how much 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.