Solar Panel Cost Guide in Vermilion, OH (2024 Update)
- Vermilion Solar Installation Cost: $16,743
- 25-Year Savings: $16,589
- Payback Period: 14.4 Years
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Average Cost of Solar Panels in Vermilion
Find out what the average cost of a solar system is in Vermilion.
The average cost of a solar system in Vermilion is 3 per watt.The average solar panel system size in Vermilion is around 7.0 kilowatts, meaning a cost of about $16,743 for a solar installation, or $23,942 before the 0 federal solar tax credit is applied.
The actual price you pay can go higher or lower than the average in Vermilion based on a few factors, such as the kind of solar panels you choose and the solar company you hire.For many homeowners, the upfront investment in solar is worth paying. On average homeowners in Vermilion see about $16,000 in savings on utility bills over 20 years.
To get a free quote from a highly rated solar company in Vermilion, you can click the button below.
Solar savings over time in Vermilion
| Year | Return on Investment |
|---|---|
| 1 years | $-15,523 |
| 3 years | $-13,082 |
| 5 years | $-10,642 |
| 7 years | $-8,201 |
| 9 years | $-5,761 |
| 11 years | $-3,320 |
| 13 years | $-880 |
| 15 years | $1,561 |
| 17 years | $4,001 |
| 19 years | $6,442 |
| 21 years | $8,882 |
| 23 years | $11,322 |
| 25 years | $13,763 |
Top Solar Installers in Vermilion
Many homeowners decide to hire a solar installer since trying to put up solar panels by yourself can be time-consuming. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
There are a number of licensed solar professionals that can take care of your solar installation project. 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 Vermilion
Factors that Affect Solar Panel Costs in Vermilion
For many Vermilion homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Vermilion, 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
When it comes to estimating the price of a solar energy system in Vermilion, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy usage, which you can figure out by looking at past electricity bills. Your total cost can increase by about $3,410 for each additional kilowatt you need.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Vermilion, where sunlight is relatively abundant, efficiency can quickly pay off. Also, 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
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That’s why many Vermilion homeowners opt to finance their solar panel systems to offset upfront costs.While solar loans make going solar more accessible for Vermilion homeowners, they can also increase 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 choose to install your solar panels can play a part in determining the cost. Vermilion’s solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and go with the company that has 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 | $3.55 | $14,895 | $10,047 | 14.9 years |
| 8 kW | $3.48 | $19,478 | $13,778 | 14.6 years |
| 10 kW | $3.41 | $23,870 | $17,700 | 14.4 years |
| 12 kW | $3.34 | $28,071 | $21,813 | 14.1 years |
| 14 kW | $3.27 | $32,081 | $26,117 | 13.8 years |
| 16 kW | $3.21 | $35,900 | $30,612 | 13.5 years |
| 18 kW | $3.14 | $39,529 | $35,298 | 13.2 years |
| 20 kW | $3.07 | $42,966 | $40,175 | 12.9 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Installation Process: When going solar, it’s essential to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process works and the completion timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations 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 be sure to take a look at their list of offerings before deciding.
- Warranty: Warranties that provide coverage for replacement parts and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one indication of a quality company.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to get the job done well. Another way you can research your installer’s reputation is by reading reviews.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Vermilion, OH Solar Cost FAQs
What is the average cost of installing solar panels in Vermilion?
This is a tough question to answer exactly, because the cost depends on many factors. Generally 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 cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Vermilion?
Leasing solar panels can be an appealing choice, because it usually 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.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to account for their typical energy usage.
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.