Solar Panel Cost Guide in Urbana, OH (2024 Update)
- Urbana Solar Installation Cost: $17,866
- 25-Year Savings: $14,224
- Payback Period: 16.2 Years
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Average Cost of Solar Panels in Urbana
Find out what the average cost of installing solar panels is in Urbana.
In Urbana, solar panels cost about 3 per watt on average.The average solar panel system size in Urbana is around 7.5 kilowatts, meaning a cost of about $17,866 for a solar installation, or $25,548 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of installing solar panels can vary based on several factors, such as how many panels you need, your energy consumption and what installation company you go with.With average savings of about $14,000 on power bills over 20 years, many homeowners in Urbana find going solar can be quite rewarding.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Urbana
| Year | Return on Investment |
|---|---|
| 1 years | $-16,848 |
| 3 years | $-14,811 |
| 5 years | $-12,774 |
| 7 years | $-10,738 |
| 9 years | $-8,701 |
| 11 years | $-6,665 |
| 13 years | $-4,628 |
| 15 years | $-2,591 |
| 17 years | $-555 |
| 19 years | $1,482 |
| 21 years | $3,518 |
| 23 years | $5,555 |
| 25 years | $7,591 |
Top Solar Installers in Urbana
Although you can install solar panels yourself, it takes extra effort and knowledge. That's one of the reasons the majority of homeowners choose to hire a solar panel installer. Plus, if you’re unsure what brand of solar panels and equipment you want, a solar installer can help you find the right equipment for you after a site survey and consultation.
If you’d like to switch to solar energy but still aren’t certain which solar panel installer to go with, here are our recommendations for providers in Urbana:
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 Urbana
Factors that Affect Solar Panel Costs in Urbana
The cost of installing a solar system in Urbana can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to pay about $3,410 per kilowatt in Urbana.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Urbana, where sunlight is relatively abundant, efficiency can quickly pay off. Also, 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
Solar panels can save you money on power bills over time, but they can also be a big investment. That’s why many Urbana homeowners decide to finance their solar panel systems to make paying for solar more affordable.Although solar loans make switching to 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 put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can impact your pricing. Urbana’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Urbana know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $7,259 | 16.8 years |
| 8 kW | $3.48 | $19,478 | $10,061 | 16.5 years |
| 10 kW | $3.41 | $23,870 | $13,054 | 16.2 years |
| 12 kW | $3.34 | $28,071 | $16,237 | 15.8 years |
| 14 kW | $3.27 | $32,081 | $19,612 | 15.5 years |
| 16 kW | $3.21 | $35,900 | $23,177 | 15.2 years |
| 18 kW | $3.14 | $39,529 | $26,934 | 14.9 years |
| 20 kW | $3.07 | $42,966 | $30,881 | 14.5 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Contract: When looking through your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. While there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of offerings before deciding.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Urbana, OH Solar Cost FAQs
How much does it cost to install solar panels in Urbana?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $17,050 for a 5-kW system and $34,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase how much your home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Urbana is currently $176,094, so you could be looking at a value of about $7,220 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Urbana is a rewarding investment.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them once you've had 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.