Solar Panel Cost Guide in Troy, OH (2024 Update)
- Troy Solar Installation Cost: $17,901
- 25-Year Savings: $14,197
- Payback Period: 16.2 Years
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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 3 per watt.Because a 7.5-kW system is needed to cover the energy needs of a typical home in Troy, the average price of going solar will be about $17,901 after claiming the federal solar tax credit of 0.
Keep in mind 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 equipment you want, your solar contractor and more.Many homeowners find installing a solar panel system is a sound investment. The average homeowner in Troy can save about $14,000 on their power bills over 20 years.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Troy
| Year | Return on Investment |
|---|---|
| 1 years | $-16,883 |
| 3 years | $-14,846 |
| 5 years | $-12,809 |
| 7 years | $-10,773 |
| 9 years | $-8,736 |
| 11 years | $-6,700 |
| 13 years | $-4,663 |
| 15 years | $-2,627 |
| 17 years | $-590 |
| 19 years | $1,447 |
| 21 years | $3,483 |
| 23 years | $5,520 |
| 25 years | $7,556 |
Top Solar Installers in Troy
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Hiring an installer can make your switch to solar power much easier. Another good thing about choosing a vetted solar installer is that it'll provide warranties and free repairs, which help protect your solar investment.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some near you:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few major factors that determine your overall cost in Troy: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,410.The model of solar panels and equipment you choose is another factor that will substantially affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions about 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
Most solar companies in Troy provide solar loans, which reduce your upfront costs of installing solar panels.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 finding a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The remaining key cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Troy, you’ll have plenty of options to choose from, but each comes at varying price points for labor and equipment.Larger national companies typically have lower costs, but some local companies compete 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 car 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 | $3.55 | $14,895 | $7,216 | 16.8 years |
| 8 kW | $3.48 | $19,478 | $10,003 | 16.5 years |
| 10 kW | $3.41 | $23,870 | $12,981 | 16.2 years |
| 12 kW | $3.34 | $28,071 | $16,150 | 15.9 years |
| 14 kW | $3.27 | $32,081 | $19,510 | 15.5 years |
| 16 kW | $3.21 | $35,900 | $23,062 | 15.2 years |
| 18 kW | $3.14 | $39,529 | $26,804 | 14.9 years |
| 20 kW | $3.07 | $42,966 | $30,736 | 14.6 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should acquire and how long the project will take.
- Contract: Even though reading through a contract can be tedious, it’s important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Even though there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to ask for their list of offerings before making your decision.
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running smoothly and save you money on repairs and maintenance.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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
How much does it cost to install solar panels in Troy?
The average cost of solar panels in Troy is about $17,050 for a 5-kW system and $34,100 for a 10-kW system before the ITC, but the actual cost will depend on things such as 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?
You can’t get solar panels for free in Troy. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Does Troy have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Troy?
On average, solar panels can last 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.