Solar Panel Cost Guide in Salem, OH (2024 Update)
- Salem Solar Installation Cost: $18,709
- 25-Year Savings: $12,392
- Payback Period: 17.7 Years
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Average Cost of Solar Panels in Salem
Find out what the average cost of solar panel installation is in Salem.
The average cost of a solar panel system in Salem is 3 per watt.To cover the typical energy usage of the average home in Salem, most homeowners require a 7.8-kilowatt system. Using the figure above, a solar installation costs about $18,709, or $26,754 before the federal solar tax credit of 0 is applied.
These figures are just averages, and the cost of going solar for you will vary based on your energy needs and what company you want to go with.Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Salem can save around $13,000 on their power bills over 20 years.
To get a free quote from a top solar company in Salem, you can 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
When switching to solar energy, many homeowners choose to go with a solar installer since handling can be a challenging project. Solar companies provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
If you’d like to go solar but still aren’t certain which solar panel 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
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 go solar depends on 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
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 crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.The type of solar panels and equipment you choose is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions about 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 falls within your budget.
Solar Financing Terms
Most solar installers in Salem have solar loans, which reduce your upfront costs of installing a solar system.You’ll have to consider the long-term cost of financing options, including the total interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The final significant 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 various price points for labor and equipment.Larger national companies typically have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to 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 | $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 type of solar panels and the company you choose considerably impacts your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: When reading through 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 like a system component breaking or if the company goes out of business.
- Installation Process: When making the switch to solar, it’s crucial to maintain an open line of communication with your solar panel company. Make sure you understand how the installation process will go and the completion timeline.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Warranty: Warranties that provide coverage for replacement parts and repairs over a couple decades are the best you can get in the business, and offering that kind of warranty is one indication of a good company.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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
How much does it cost to install solar panels in Salem?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $17,050 for a 5-kW system and $34,100 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, 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 attractive 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 get the most savings.
How will having solar panels impact my home value?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don’t opt for 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 solar panels."
How long do solar panels last in Salem?
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.