Solar Panel Cost Guide in Wilmington, OH (2024 Update)
- Wilmington Solar Installation Cost: $17,684
- 25-Year Savings: $9,201
- Payback Period: 19.7 Years
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Average Cost of Solar Panels in Wilmington
We break down average solar pricing in Wilmington.
The average cost of a solar system in Wilmington is 3 per watt.Using this figure, a typical 7.4-kW system would cost about $17,684 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy consumption, the type of equipment you want to get, your solar contractor and more.Even with the significant initial cost, the average Wilmington homeowner can save around $12,000 on their energy bills over 20 years, which is one of the perks of solar.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Wilmington
| Year | Return on Investment |
|---|---|
| 1 years | $-16,665 |
| 3 years | $-14,629 |
| 5 years | $-12,592 |
| 7 years | $-10,556 |
| 9 years | $-8,519 |
| 11 years | $-6,482 |
| 13 years | $-4,446 |
| 15 years | $-2,409 |
| 17 years | $-373 |
| 19 years | $1,664 |
| 21 years | $3,701 |
| 23 years | $5,737 |
| 25 years | $7,774 |
Top Solar Installers in Wilmington
Installing solar panels yourself can be a stressful undertaking, which is why getting a solar installer is a good option for many homeowners. Companies can also offer access to quality options of the best solar panels and help you pick which one will be best for your home.
Working with a professional solar company can make going solar easier. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
See all of the solar companies in Wilmington
Factors that Affect Solar Panel Costs in Wilmington
There are a number of factors that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Wilmington, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy usage, which you can determine by looking at past energy bills. Your overall cost can increase by about $3,410 for each additional kilowatt you need.The model of solar panels and equipment you get is another factor that will considerably impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Furthermore, 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 into a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are a popular option because they cut back your upfront costs and let you pay for your system over five to seven years on average.When figuring out your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you get to install your solar panel system can play a part in determining your pricing. Wilmington’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $3,309 | 20.5 years |
| 8 kW | $3.48 | $19,478 | $4,794 | 20.1 years |
| 10 kW | $3.41 | $23,870 | $6,469 | 19.7 years |
| 12 kW | $3.34 | $28,071 | $8,336 | 19.3 years |
| 14 kW | $3.27 | $32,081 | $10,394 | 18.9 years |
| 16 kW | $3.21 | $35,900 | $12,643 | 18.5 years |
| 18 kW | $3.14 | $39,529 | $15,082 | 18.1 years |
| 20 kW | $3.07 | $42,966 | $17,713 | 17.7 years |
How to Save on Solar Panels
There are many companies available in Wilmington, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should secure and what the project timeline is.
- Contract: Look through the contract terms thoroughly to make sure you understand how much it will cost, completion timeline incentives and warranties.
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The brand of solar panel you’d like to get plays a role in which installer you should choose, since different companies provide different panels.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
EcoWatch's Wilmington, OH Solar Cost FAQs
What is the average cost of installing solar panels in Wilmington?
This is a tough question to answer exactly, because the cost depends on a variety of 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 more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Wilmington?
Leasing solar panels can be an appealing choice, as it typically 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 incentives and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase your home value?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don’t go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Wilmington?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can keep using 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.