Solar Panel Cost Guide in Troy, OH (2023 Update)
- Troy Solar Installation Cost: $13,439
- 25-Year Savings: $14,197
- Payback Period: 12.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Troy
Find out how much it might cost to make the switch to solar in Troy.
While the national average of solar panels is $2.66 per watt, solar panels in Troy generally cost around 2.56. Using this figure, a typical 7.5-kW system would cost about $13,440 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy use, the type of solar panels you want to get, your solar contractor and more. For most homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $14,000 in savings on utility bills over 20 years.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Troy
| Year | Return on Investment |
|---|---|
| 1 years | $-13,347 |
| 3 years | $-13,162 |
| 5 years | $-12,978 |
| 7 years | $-12,794 |
| 9 years | $-12,610 |
| 11 years | $-12,426 |
| 13 years | $-12,241 |
| 15 years | $-12,057 |
| 17 years | $-11,873 |
| 19 years | $-11,689 |
| 21 years | $-11,504 |
| 23 years | $-11,320 |
| 25 years | $-11,136 |
Top Solar Installers in Troy
Putting up solar panels on your own can be a challenging undertaking, which is why using a solar installation company is a good option for many homeowners. Companies can also offer access to various kinds of the best solar panels and help you choose which one will be best for you.
There are several 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
See all of the solar companies in Troy
Factors that Affect Solar Panel Costs in Troy
For many Troy homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Troy, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels 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 that have higher efficiency or power production 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 type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your electric bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Troy average.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a solid option because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years. 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're only able to 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 finding a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
Finally, the company you choose to install your solar system can play a role in determining how much it costs. Troy's solar companies all have different labor costs and add varying upcharges to 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 come with an above-average cost. It's best to do some research and choose a company that provides the products, warranties and services you're looking for and also is 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 | $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
Since the model of solar panels and the installer you choose significantly impacts your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: When making the switch to solar power, it's essential to keep an open line of communication with your solar panel company. See to it that you understand how the installation process works and the project completion timeline.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Troy, OH Solar Cost FAQs
How much does it cost to install 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 such as the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Troy?
Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase your home value?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
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 decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level 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.