Solar Panel Cost Guide in Toledo, OH (2023 Update)
- Toledo Solar Installation Cost: $13,715
- 25-Year Savings: $14,416
- Payback Period: 12.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Toledo
Find out how much it might cost to install solar panels in Toledo.
In Toledo, solar panels cost about 2.56 per watt on average. Because a 7.7-kW system is needed to cover the energy usage of a typical home in Toledo, the average price of going solar will be about $13,709 after claiming the federal solar tax credit of 30%.
Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy needs, the type of solar panels you want, your solar contractor and more. But, once you've paid the initial cost of installation, the savings for most homeowners is quite fruitful, with a net average savings of about $14,000 over 20 years on utility bills.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Toledo
| Year | Return on Investment |
|---|---|
| 1 years | $-13,621 |
| 3 years | $-13,434 |
| 5 years | $-13,246 |
| 7 years | $-13,059 |
| 9 years | $-12,871 |
| 11 years | $-12,684 |
| 13 years | $-12,496 |
| 15 years | $-12,308 |
| 17 years | $-12,121 |
| 19 years | $-11,933 |
| 21 years | $-11,746 |
| 23 years | $-11,558 |
| 25 years | $-11,371 |
Top Solar Installers in Toledo
Trying to install solar panels on your own can be a time-consuming project, which is why hiring a solar installation company is a good option for many homeowners. A solar company can also help save you money over time by offering warranties, repairs and component replacements.
Working with a vetted solar installer can help you make the most of your investment in solar. 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 Toledo
Factors that Affect Solar Panel Costs in Toledo
For many Toledo homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Toledo, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,560. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive 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 will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar installers in Toledo provide solar loans, which reduce your upfront costs of installing a solar system. When figuring out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar installation company you pick will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor. The size of the company can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
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 | $10,871 | 12.7 years |
| 8 kW | $2.61 | $14,623 | $14,782 | 12.4 years |
| 10 kW | $2.56 | $17,920 | $18,836 | 12.2 years |
| 12 kW | $2.51 | $21,074 | $23,033 | 11.9 years |
| 14 kW | $2.46 | $24,084 | $27,373 | 11.7 years |
| 16 kW | $2.41 | $26,952 | $31,857 | 11.5 years |
| 18 kW | $2.36 | $29,676 | $36,485 | 11.2 years |
| 20 kW | $2.30 | $32,256 | $41,255 | 11.0 years |
How to Save on Solar Panels
The solar panel company you opt for will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should consider, such as:
- Installation Process: Make sure you're on the same page with the installer with regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most 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.
- 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 choose.
- Contract: Before you sign a contract with a solar company, make sure you look it over completely so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Toledo, OH Solar Cost FAQs
How much does it cost to install solar panels in Toledo?
This is a tough question to answer precisely, because the cost depends on a few different 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 extra solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Toledo?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property 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.
Is switching to solar power worth it?
Solar panels can be a good investment for lots of 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.
How often do you have to replace solar panels?
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 higher 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.