Solar Panel Cost Guide in Salem, OH (2023 Update)
- Salem Solar Installation Cost: $18,709
- 25-Year Savings: $12,392
- Payback Period: 17.7 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Salem
We go over average solar pricing in Salem.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Salem, the average cost of a solar system is 2.56 per watt.Because a 7.8-kW system is needed to cover the energy needs of a typical home in Salem, the average price of going solar will be about $14,049 after claiming the federal solar tax credit of 30%.
Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy use, the type of solar system you choose, your solar contractor and more.But, once you've paid the initial cost of installation, the ROI for most homeowners is quite fruitful, with a net average savings of about $13,000 over 20 years on electricity bills.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Salem
| Year | Return on Investment |
|---|---|
| 1 years | $-17,488 |
| 3 years | $-15,048 |
| 5 years | $-12,607 |
| 7 years | $-10,167 |
| 9 years | $-7,726 |
| 11 years | $-5,286 |
| 13 years | $-2,846 |
| 15 years | $-405 |
| 17 years | $2,035 |
| 19 years | $4,476 |
| 21 years | $6,916 |
| 23 years | $9,357 |
| 25 years | $11,797 |
Top Solar Installers in Salem
DIY solar panel installation is a possibility, but it's an undertaking that can be a pain. Going with a solar panel installer can make switching to solar power much easier. A solar company can also help save you money over time by providing warranties, repairs and part replacements.
If you'd like to go solar but still aren't sure which solar installer to go with, here are our suggestions for providers in Salem:
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 Salem
Factors that Affect Solar Panel Costs in Salem
Though the average cost of a solar system in Salem is $14,049, your final cost may be above or below the average. There are quite a few factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. Because of that, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your electric bills. In addition, add-on products, like solar batteries, can bump up your total well above the Salem average.
Solar Financing Terms
Many homeowners find the average cost of solar in Salem to be too expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in paying more over time due to interest.It's wise to add 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 how long it'll take to pay off the loan.
Solar Panel Installation Company
The last significant cost factor you should keep in mind is the installer you choose. Given the growing popularity of clean energy solutions in Salem, you'll have lots of options to choose from, but each comes at various price points for labor and equipment.The company's size can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger companies.
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 | $5,344 | 18.4 years |
| 8 kW | $3.48 | $19,478 | $7,507 | 18.0 years |
| 10 kW | $3.41 | $23,870 | $9,861 | 17.7 years |
| 12 kW | $3.34 | $28,071 | $12,406 | 17.3 years |
| 14 kW | $3.27 | $32,081 | $15,142 | 17.0 years |
| 16 kW | $3.21 | $35,900 | $18,069 | 16.6 years |
| 18 kW | $3.14 | $39,529 | $21,187 | 16.3 years |
| 20 kW | $3.07 | $42,966 | $24,496 | 15.9 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose considerably impacts your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Although there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of options before deciding.
- Installation Process: Make sure you're aligned with the company in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. A couple of 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 good reviews from previous customers.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Salem, OH Solar Cost FAQs
What is the average cost of installing solar panels in Salem?
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 other solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Salem?
Leasing solar panels can be an appealing choice, because it often 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Is it worth going solar in Salem?
Solar panels can be a great investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already fairly low, solar panels might not be for you.
How often do you have to replace solar panels?
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 amount 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.