Solar Panel Cost Guide in Spencer, OH (Mar 2023)

  • Spencer Solar Installation Cost: $13,637
  • 25-Year Savings: $17,367
  • Payback Period: 11.0 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated March 14, 2023

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Spencer

Find out what the average cost of solar panels are in Spencer.

In Spencer, solar panels cost about 2.56 per watt on average. Since a 7.6-kW system is needed to cover the energy usage of a typical home in Spencer, the average price of going solar will be about $13,637 after claiming the federal solar tax credit of 30%.

Keep in mind that the figures above are only estimates based on the average Spencer homeowner. The cost 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. With average savings of about $15,000 on energy bills over 20 years, many homeowners in Spencer find going solar can pay off big.

To see your potential savings and connect with a local solar installer, click the button below.

Solar savings over time in Spencer

Year Return on Investment
1 years $-12,397
3 years $-9,917
5 years $-7,436
7 years $-4,956
9 years $-2,476
11 years $5
13 years $2,485
15 years $4,966
17 years $7,446
19 years $9,926
21 years $12,407
23 years $14,887
25 years $17,367

Top Solar Installers in Spencer

When making the switch to solar, many homeowners choose to hire a solar installation company since handling can be a difficult project. Also, companies with a high reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.

If you're searching for a solar installer in Spencer, the EcoWatch team has compiled a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Spencer

Factors that Affect Solar Panel Costs in Spencer

Though the average cost of a solar system in Spencer is $13,637, your final cost may be above or below the average. There are several 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

The size of the solar panel system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $2,560. The model of solar panels and equipment you get is another factor that will considerably affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Further, solar equipment is more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.

Solar Financing Terms

Solar panels can save you money on energy bills over time, but they can also be a significant investment. That's why many Spencer homeowners decide to finance their solar panel systems to make going solar more affordable. However, the interest on solar loans also adds to your overall costs, so it's crucial to consider that as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.

Solar Panel Installation Company

The solar installer you choose will affect your total cost to make the switch to solar energy. Different companies will charge different amounts for the equipment and labor. Additionally, some companies in Spencer know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 $13,278 11.4 years
8 kW $2.61 $14,623 $17,991 11.2 years
10 kW $2.56 $17,920 $22,847 11.0 years
12 kW $2.51 $21,074 $27,847 10.8 years
14 kW $2.46 $24,084 $32,989 10.5 years
16 kW $2.41 $26,952 $38,276 10.3 years
18 kW $2.36 $29,676 $43,705 10.1 years
20 kW $2.30 $32,256 $49,278 9.9 years

How to Save on Solar Panels

There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:

  • Warranty: If you're worried about the longevity of your solar system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
  • Reputation: Your solar installer should have a sound 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 that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
  • Solar Panel Brands: Different companies will have various brands and kinds of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
  • Contract: Review the contract terms closely to make sure you understand the cost breakdown, project completion timeline incentives and warranties.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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 Spencer, OH Solar Cost FAQs

How much does it cost to install solar panels in Spencer?

This is a tough question to answer exactly, because the cost depends on a variety of 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. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.

Are solar panels free in Spencer?

Solar panels aren't free in Spencer, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.

Can you sell solar power back to the grid in Spencer?

Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future utility bills.

How long do solar panels last in Spencer?

Though 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 opt to replace them after having them for that long or you can keep using 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.

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