Solar Panel Cost Guide in Sheffield Lake, OH (Mar 2023)
- Sheffield Lake Solar Installation Cost: $12,687
- 25-Year Savings: $14,221
- Payback Period: 11.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Sheffield Lake
Find out what the average cost of installing solar panels is in Sheffield Lake.
While the national average of solar panels is $2.66 per watt, solar panels in Sheffield Lake typically cost about 2.56. 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 estimates, and your own solar costs will most likely look different based on your specific situation and what company you want to go with. Even with the large upfront cost, the average Sheffield Lake homeowner can save about $14,000 on their electricity bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a highly rated solar installer in your area for a personalized quote.
Solar savings over time in Sheffield Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-11,611 |
| 3 years | $-9,458 |
| 5 years | $-7,306 |
| 7 years | $-5,153 |
| 9 years | $-3,000 |
| 11 years | $-848 |
| 13 years | $1,305 |
| 15 years | $3,458 |
| 17 years | $5,611 |
| 19 years | $7,763 |
| 21 years | $9,916 |
| 23 years | $12,069 |
| 25 years | $14,221 |
Top Solar Installers in Sheffield Lake
Many homeowners choose to use a solar installation company since trying to install solar panels by yourself can be time-consuming. Plus, if you're unsure what brand of solar panels and equipment you may need, a solar installer can help you find the right equipment for you after a site survey and consultation.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
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 Sheffield Lake
Factors that Affect Solar Panel Costs in Sheffield Lake
While the average cost of a solar system in Sheffield Lake is $12,687, your final cost may be above or below the average. There are quite a few factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Sheffield Lake, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can gauge by looking at past electricity bills. Your total cost can increase by around $2,560 for each additional kilowatt you need. The brand and type of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many Sheffield Lake homeowners decide to finance their solar panel systems to make paying for solar more affordable. 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 can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar panel installation company you choose will impact your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Companies that only sell high-quality, high-efficiency and high-price products — 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 decide on the company that has the products, warranties and services you're looking for and also fit into 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
The solar company you choose will affect not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, including:
- Solar Panel Brands: Different companies have different brands and kinds of panels. If you know you want a specific brand, make sure the solar installer you're considering has it.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Before signing a contract with a solar installer, make sure to read it through carefully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
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 Sheffield Lake, OH Solar Cost FAQs
What is the average cost of installing solar panels in Sheffield Lake?
This is a difficult question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $12,800 for a 5-kW system and $25,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to think about when buying solar panels?
Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on electricity bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $760.43 per year.
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 should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them after having 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.