Solar Panel Cost Guide in Urbana, OH (2023 Update)
- Urbana Solar Installation Cost: $13,404
- 25-Year Savings: $14,232
- Payback Period: 12.1 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Urbana
Find out how much it might cost to go solar in Urbana.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Urbana, the typical cost of solar panels is 2.56 per watt. The average Urbana homeowner needs a 7.5-kilowatt system, which would cost about $13,404 with the federal tax credit, or $19,168 before the 30% tax credit is applied.
These figures are only averages, and your own solar costs will most likely differ based on factors unique to your home and what company you go with. Even with the high initial cost, the average Urbana homeowner can save around $14,000 on their electricity bills over 20 years, which is one of the perks of solar.
To receive a free quote from a vetted solar installer in Urbana, you can click the button below.
Solar savings over time in Urbana
| Year | Return on Investment |
|---|---|
| 1 years | $-12,299 |
| 3 years | $-10,088 |
| 5 years | $-7,877 |
| 7 years | $-5,666 |
| 9 years | $-3,455 |
| 11 years | $-1,244 |
| 13 years | $967 |
| 15 years | $3,178 |
| 17 years | $5,388 |
| 19 years | $7,599 |
| 21 years | $9,810 |
| 23 years | $12,021 |
| 25 years | $14,232 |
Top Solar Installers in Urbana
Many homeowners choose to hire a solar installer since trying to put up solar panels on your own can be a labor-intensive endeavor. 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.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost 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 Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
See all of the solar companies in Urbana
Factors that Affect Solar Panel Costs in Urbana
While the average cost of a solar system in Urbana is $13,404, your actual cost may be higher or lower than that. There are quite a few factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Urbana, where sunlight is relatively abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are available from most installers in Urbana, which can lower, or in some cases eliminate, your upfront costs to make solar more affordable. Even though solar loans make adopting solar energy more accessible for Urbana homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can affect your pricing. Urbana's solar companies all have different labor costs and add varying upcharges to equipment. The company's size sometimes plays the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes 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 | $10,972 | 12.6 years |
| 8 kW | $2.61 | $14,623 | $14,916 | 12.4 years |
| 10 kW | $2.56 | $17,920 | $19,004 | 12.1 years |
| 12 kW | $2.51 | $21,074 | $23,234 | 11.9 years |
| 14 kW | $2.46 | $24,084 | $27,609 | 11.6 years |
| 16 kW | $2.41 | $26,952 | $32,126 | 11.4 years |
| 18 kW | $2.36 | $29,676 | $36,787 | 11.2 years |
| 20 kW | $2.30 | $32,256 | $41,591 | 10.9 years |
How to Save on Solar Panels
The solar company you choose will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, such as:
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. A couple of 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.
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- 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 big role in the company you go with.
- Contract: Before you sign a contract with a solar installer, be sure to read it through carefully so you understand the terms. Also, ask questions if you're not sure 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
Best Warranty Coverage
Sunpro Solar
- Industry-leading warranty coverage
- Expansive service area
- Some reported communication issues
- No leases or PPAs
EcoWatch's Urbana, OH Solar Cost FAQs
What is the average cost of installing solar panels in Urbana?
The average cost of solar panels in Urbana 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 stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Urbana?
Leasing solar panels can be an appealing choice, because it typically comes with low or $0 upfront payments. The downside 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
How much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $738.47 per year.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.