Solar Panel Cost Guide in Troy, OH (Mar 2023)
- Troy Solar Installation Cost: $13,440
- 25-Year Savings: $14,196
- Payback Period: 12.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Troy
Find out what the average cost of solar panel installation is in Troy.
The average cost of a solar system in Troy is 2.56 per watt. The average Troy homeowner needs a 7.5-kilowatt system, which would cost about $13,440 with the federal tax credit, or $19,219 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of installing solar panels can vary based on a few factors, such as how many panels you need, your energy consumption and what installation company you go with. Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Troy can save around $14,000 on their electricity bills over 20 years.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Troy
| Year | Return on Investment |
|---|---|
| 1 years | $-12,335 |
| 3 years | $-10,124 |
| 5 years | $-7,913 |
| 7 years | $-5,702 |
| 9 years | $-3,491 |
| 11 years | $-1,280 |
| 13 years | $931 |
| 15 years | $3,142 |
| 17 years | $5,353 |
| 19 years | $7,564 |
| 21 years | $9,774 |
| 23 years | $11,985 |
| 25 years | $14,196 |
Top Solar Installers in Troy
Although you can install solar panels yourself, it takes extra effort and know-how. Because of that, most homeowners choose a solar panel installer. Plus, if you're unsure what type of solar panels and equipment you may need, a solar expert can help you find the right equipment for you after a site survey and consultation.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Troy
Factors that Affect Solar Panel Costs in Troy
The cost of installing a solar system in Troy can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of solar panels in Troy, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can gauge by looking at past energy bills. Your total cost can increase by around $2,560 for each additional kilowatt you need. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Troy, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Troy provide solar loans, which reduce the initial cost of installing solar. However, the interest on solar loans also increases your all-in costs, so it's important to take that into consideration as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar company you go with to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies operating in Troy, and each can charge different amounts for labor and equipment. Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle 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 | $2.66 | $11,182 | $10,929 | 12.6 years |
| 8 kW | $2.61 | $14,623 | $14,858 | 12.4 years |
| 10 kW | $2.56 | $17,920 | $18,931 | 12.2 years |
| 12 kW | $2.51 | $21,074 | $23,148 | 11.9 years |
| 14 kW | $2.46 | $24,084 | $27,507 | 11.7 years |
| 16 kW | $2.41 | $26,952 | $32,010 | 11.4 years |
| 18 kW | $2.36 | $29,676 | $36,657 | 11.2 years |
| 20 kW | $2.30 | $32,256 | $41,446 | 10.9 years |
How to Save on Solar Panels
The solar installer you choose will impact 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 take into account, such as:
- Reputation: Well-established companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: The kind of solar panel you need to get plays a role in which company you should opt for, since different companies offer different panels.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Contract: It's important to look over your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
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 Troy, OH Solar Cost FAQs
What is the average cost of installing solar panels in Troy?
The average cost of solar panels in Troy 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 certain factors like the type of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Troy?
Solar panels aren't free in Troy, 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.
How much can I save on power bills after switching to solar?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Troy, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Troy?
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 the amount of energy they produce will have decreased significantly after that point. You can decide to 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.