Solar Panel Cost Guide in Waverly, OH (2023 Update)
- Waverly Solar Installation Cost: $13,266
- 25-Year Savings: $20,480
- Payback Period: 9.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Waverly
Find out how much it might cost to install solar panels in Waverly.
In Waverly, solar panels cost about 2.56 per watt on average. Because a 7.4-kW system is needed to cover the energy usage of a typical home in Waverly, the average price of going solar will be about $13,261 after claiming the federal solar tax credit of 30%.
These figures are only averages, and how much solar costs for you will most likely look different based on your energy needs and what company you want to go with. But, once you've paid the initial cost of installation, the return on investment for most homeowners is quite fruitful, with a net average savings of about $17,000 over 20 years on energy bills.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Waverly
| Year | Return on Investment |
|---|---|
| 1 years | $-13,153 |
| 3 years | $-12,928 |
| 5 years | $-12,703 |
| 7 years | $-12,478 |
| 9 years | $-12,253 |
| 11 years | $-12,028 |
| 13 years | $-11,803 |
| 15 years | $-11,578 |
| 17 years | $-11,354 |
| 19 years | $-11,129 |
| 21 years | $-10,904 |
| 23 years | $-10,679 |
| 25 years | $-10,454 |
Top Solar Installers in Waverly
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Going with a solar panel installer can make switching to solar power much easier. Another benefit of working with a solar installer is that they can help you optimize your investment by reducing your future costs of repairs and replacements because of warranties and giving you information on local incentives you can take advantage of.
If you're looking for a solar installer in Waverly, we've organized a list of our top suggestions here:
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 Waverly
Factors that Affect Solar Panel Costs in Waverly
There are many criteria that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. There are a lot of different solar panel brands and the one you pick also changes the cost. Typically, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Waverly to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest. However, the interest on solar loans also increases your total costs, so it's important to consider that as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Waverly is the company you choose to install your PV system. Similar to choosing a company to build a deck or pool, for instance, you'll have many options for solar installers that offer a range of services for different budgets. Companies that only sell products with high efficiency and therefore a higher price point — 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 choose a 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 | $2.66 | $11,182 | $16,169 | 10.2 years |
| 8 kW | $2.61 | $14,623 | $21,845 | 10.0 years |
| 10 kW | $2.56 | $17,920 | $27,665 | 9.8 years |
| 12 kW | $2.51 | $21,074 | $33,628 | 9.6 years |
| 14 kW | $2.46 | $24,084 | $39,734 | 9.4 years |
| 16 kW | $2.41 | $26,952 | $45,984 | 9.2 years |
| 18 kW | $2.36 | $29,676 | $52,377 | 9.0 years |
| 20 kW | $2.30 | $32,256 | $58,914 | 8.8 years |
How to Save on Solar Panels
The solar panel company you go with will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, including:
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. Two 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 satisfied reviews from previous customers.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Contract: It's important to read your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
- Warranty: Warranties that cover replacement parts and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one sign of a good company.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Waverly, OH Solar Cost FAQs
What is the average cost of installing solar panels in Waverly?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $12,800 for a 5-kW system and $25,600 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Waverly?
Leasing solar panels can be an appealing choice, as 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Is it worth going solar in Waverly?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
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 uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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.