Solar Panel Cost Guide in Salem, OH (Mar 2023)
- Salem Solar Installation Cost: $14,049
- 25-Year Savings: $12,388
- Payback Period: 13.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Salem
We break down average solar pricing in Salem.
The average cost of a solar system in Salem is 2.56 per watt. The average Salem homeowner needs a 7.8-kilowatt system, which would cost about $14,049 with the federal tax credit, or $20,090 before the 30% tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Salem homeowner. The price 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 adopting solar power is a solid investment. The average homeowner in Salem can save around $13,000 on their energy bills over 20 years.
To receive a free estimate from a highly rated solar installation company in Salem, you can click the button below.
Solar savings over time in Salem
| Year | Return on Investment |
|---|---|
| 1 years | $-12,992 |
| 3 years | $-10,877 |
| 5 years | $-8,762 |
| 7 years | $-6,647 |
| 9 years | $-4,532 |
| 11 years | $-2,417 |
| 13 years | $-302 |
| 15 years | $1,813 |
| 17 years | $3,928 |
| 19 years | $6,043 |
| 21 years | $8,158 |
| 23 years | $10,273 |
| 25 years | $12,388 |
Top Solar Installers in Salem
When switching to solar energy, many homeowners decide to use a solar installer since overseeing your solar installation yourself can be a difficult project. The expertise that solar companies provide can be valuable as well, especially if you aren't sure what type of solar equipment you need.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Salem
Factors that Affect Solar Panel Costs in Salem
For many Salem homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Salem, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to spend around $2,560 per kilowatt in Salem. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Salem, 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 a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That's why many Salem homeowners decide to finance their solar panel systems to offset upfront costs. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The last key cost factor you should take into consideration is the installer you choose. Given the growing popularity of clean energy solutions in Salem, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Salem know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 | $9,056 | 13.8 years |
| 8 kW | $2.61 | $14,623 | $12,362 | 13.5 years |
| 10 kW | $2.56 | $17,920 | $15,811 | 13.3 years |
| 12 kW | $2.51 | $21,074 | $19,403 | 13.0 years |
| 14 kW | $2.46 | $24,084 | $23,139 | 12.8 years |
| 16 kW | $2.41 | $26,952 | $27,018 | 12.5 years |
| 18 kW | $2.36 | $29,676 | $31,040 | 12.2 years |
| 20 kW | $2.30 | $32,256 | $35,206 | 12.0 years |
How to Save on Solar Panels
There are many 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:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can check your installer's reputation is by reading reviews.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Contract: Review the contract terms thoroughly to make sure you understand how much it will cost, project completion timeline incentives and warranties.
- Solar Panel Brands: Not all solar installers 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 go with.
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 Salem, OH Solar Cost FAQs
What is the average cost of installing solar panels in Salem?
The average cost of solar panels in Salem 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 like the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Salem?
Leasing solar panels can be an appealing choice, as it typically 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 making the switch to solar worth it?
Solar panels can be a beneficial investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.
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 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.