Solar Panel Cost Guide in Waterford, OH (2023 Update)
- Waterford Solar Installation Cost: $13,637
- 25-Year Savings: $22,787
- Payback Period: 9.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Waterford
Here's how much it might cost to make the switch to solar in Waterford.
In Waterford, solar panels cost about 2.56 per watt on average. Because a 7.6-kW system is needed to cover the energy costs of a typical home in Waterford, the average price of going solar will be about $13,637 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average energy use of Waterford homeowners. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Despite the high upfront cost, the average Waterford homeowner can save about $18,000 on their electricity bills over 20 years, which is one of the positives of solar.
To receive a free estimate from a top solar company in Waterford, you can click the button below.
Solar savings over time in Waterford
| Year | Return on Investment |
|---|---|
| 1 years | $-12,180 |
| 3 years | $-9,266 |
| 5 years | $-6,352 |
| 7 years | $-3,438 |
| 9 years | $-524 |
| 11 years | $2,390 |
| 13 years | $5,304 |
| 15 years | $8,218 |
| 17 years | $11,132 |
| 19 years | $14,045 |
| 21 years | $16,959 |
| 23 years | $19,873 |
| 25 years | $22,787 |
Top Solar Installers in Waterford
When making the switch to solar, many homeowners choose to hire a solar installation company since installing a solar system yourself can be a challenging project. Plus, if you'd like to maximize your investment in solar energy, going with a solar company can help with that too. Different providers can offer repairs, expertise on installation and sometimes even information on local incentives.
There are various 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
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 Waterford
Factors that Affect Solar Panel Costs in Waterford
Although the average cost of a solar system in Waterford is $13,637, your final cost may differ. There are quite a few factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Waterford, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy usage, which you can gauge by looking at past power bills. Your total cost can increase by about $2,560 for each additional kilowatt you need. The brand of solar panels and equipment you get is another factor that will largely impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to think 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 looking for a solar system that's in your budget.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a solid route because they cut back your upfront costs and allow you to pay for your system over five to seven years on average. However, the interest on solar loans also adds to your all-in costs, so it's crucial to take that into consideration as well. You can always lower the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Waterford is the company you hire to install your solar panel system. As with choosing a company to build a deck or pool, for example, there are plenty of solar installers that offer a range of services at different costs. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those larger 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 | $17,541 | 9.7 years |
| 8 kW | $2.61 | $14,623 | $23,674 | 9.5 years |
| 10 kW | $2.56 | $17,920 | $29,951 | 9.4 years |
| 12 kW | $2.51 | $21,074 | $36,371 | 9.2 years |
| 14 kW | $2.46 | $24,084 | $42,935 | 9.0 years |
| 16 kW | $2.41 | $26,952 | $49,642 | 8.8 years |
| 18 kW | $2.36 | $29,676 | $56,492 | 8.6 years |
| 20 kW | $2.30 | $32,256 | $63,486 | 8.4 years |
How to Save on Solar Panels
Since the type of solar panels and the installer you choose considerably impacts your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like EcoWatch.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or the company going out of business.
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 Waterford, OH Solar Cost FAQs
How much does it cost to install solar panels in Waterford?
The average cost of solar panels in Waterford 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 such as the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Waterford?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How will having solar panels impact the value of my home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Waterford is currently $117,773, so you can look forward to a value of about $4,829 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Waterford is a fruitful investment.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher 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.