Solar Panel Cost Guide in Sheffield Lake, OH (2023 Update)
- Sheffield Lake Solar Installation Cost: $12,682
- 25-Year Savings: $14,226
- Payback Period: 11.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Sheffield Lake
Let's have a look at the average cost of solar in Sheffield Lake.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Sheffield Lake, the typical cost of solar panels is 2.56 per watt. The average Sheffield Lake homeowner needs a 7.1-kilowatt system, which would cost about $12,687 with the federal tax credit, or $18,142 before the 30% tax credit is applied.
These figures are just averages, and the cost of going solar for you may look different based on the amount of energy your home requires and what company you go with. Even with the high upfront cost, the average Sheffield Lake homeowner can save about $14,000 on their electricity bills over 20 years, which is one of the benefits of solar.
You can click the button below to get connected with a vetted solar company in Sheffield Lake that can help you get a more accurate cost estimate for your home.
Solar savings over time in Sheffield Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-11,429 |
| 3 years | $-8,921 |
| 5 years | $-6,413 |
| 7 years | $-3,906 |
| 9 years | $-1,398 |
| 11 years | $1,110 |
| 13 years | $3,617 |
| 15 years | $6,125 |
| 17 years | $8,632 |
| 19 years | $11,140 |
| 21 years | $13,648 |
| 23 years | $16,155 |
| 25 years | $18,663 |
Top Solar Installers in Sheffield Lake
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Hiring a solar panel installer can make converting to solar power much easier. The expertise that solar companies offer can be useful as well, particularly if you don't quite know what kind of solar equipment would be right for your home.
Working with a professional solar company can make going solar easier. Here are our recommendations:
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 Sheffield Lake
Factors that Affect Solar Panel Costs in Sheffield Lake
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that will push your cost above or below the average in Sheffield Lake: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That's why it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. There are many different solar panel brands and the one you choose also affects the cost. Usually, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That's why many Sheffield Lake homeowners choose to finance their solar panel systems to make going solar more affordable. You'll have to consider the long-term cost of loans, 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 considerably.
Solar Panel Installation Company
The last key cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Sheffield Lake, you'll have plenty of options to choose from, but each comes at various price points for labor and equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and choose a company that provides the products, warranties and services you want and also fits within your budget.
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 | $11,631 | 12.3 years |
| 8 kW | $2.61 | $14,623 | $15,794 | 12.0 years |
| 10 kW | $2.56 | $17,920 | $20,101 | 11.8 years |
| 12 kW | $2.51 | $21,074 | $24,552 | 11.5 years |
| 14 kW | $2.46 | $24,084 | $29,146 | 11.3 years |
| 16 kW | $2.41 | $26,952 | $33,883 | 11.1 years |
| 18 kW | $2.36 | $29,676 | $38,763 | 10.8 years |
| 20 kW | $2.30 | $32,256 | $43,787 | 10.6 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
- Contract: When reading over 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 such as a system part breaking or the company going out of business.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Your solar installer should have a solid 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 good reviews from past customers.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Sheffield Lake, OH Solar Cost FAQs
How much does it cost to install solar panels in Sheffield Lake?
The average cost of solar panels in Sheffield Lake 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 use.
Should I lease or buy solar panels in Sheffield Lake?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of 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 the value of your home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Sheffield Lake is currently $129,300, so you can expect a value of about $5,301 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Sheffield Lake is a fruitful investment.
How long do solar panels last in Sheffield Lake?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use 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.