Solar Panel Cost Guide in Oil City, PA (2023 Update)
- Oil City Solar Installation Cost: $12,709
- 25-Year Savings: $19,055
- Payback Period: 10.0 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Oil City
Let's have a look at the average cost of solar panels in Oil City.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Oil City, the typical cost of a solar system is 2.55 per watt. Since a 7.1-kW system is needed to cover the energy usage of a typical home in Oil City, the average price of going solar will be about $12,709 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 Oil City homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. But, after you've paid the upfront 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 see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Oil City
| Year | Return on Investment |
|---|---|
| 1 years | $-11,439 |
| 3 years | $-8,898 |
| 5 years | $-6,356 |
| 7 years | $-3,815 |
| 9 years | $-1,274 |
| 11 years | $1,267 |
| 13 years | $3,808 |
| 15 years | $6,349 |
| 17 years | $8,890 |
| 19 years | $11,431 |
| 21 years | $13,973 |
| 23 years | $16,514 |
| 25 years | $19,055 |
Top Solar Installers in Oil City
Many homeowners decide to use a solar installation company since trying to put up solar panels by yourself can be a labor-intensive endeavor. Plus, if you're unsure what brand of solar panels and equipment you want, a solar company can help you figure that out after a site survey and consultation.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some in Oil City:
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
See all of the solar companies in Oil City
Factors that Affect Solar Panel Costs in Oil City
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few primary factors that will push your cost above or below the average in Oil City: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That's why it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. The kind of solar panels and equipment you choose is another factor that will largely affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions 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 searching for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Oil City homeowners decide to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar panel installer you select will impact your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.65 | $11,138 | $15,612 | 10.4 years |
| 8 kW | $2.60 | $14,566 | $21,101 | 10.2 years |
| 10 kW | $2.55 | $17,850 | $26,734 | 10.0 years |
| 12 kW | $2.50 | $20,992 | $32,509 | 9.8 years |
| 14 kW | $2.45 | $23,990 | $38,427 | 9.6 years |
| 16 kW | $2.40 | $26,846 | $44,487 | 9.4 years |
| 18 kW | $2.35 | $29,560 | $50,691 | 9.2 years |
| 20 kW | $2.29 | $32,130 | $57,037 | 9.0 years |
How to Save on Solar Panels
The solar panel company you go with will affect 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 take into account, including:
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Although there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of options before making your decision.
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: Make sure you're on the same page with the company in regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as updating your electrical system or roof.
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Oil City, PA Solar Cost FAQs
How much does it cost to install solar panels in Oil City?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $12,750 for a 5-kW system and $25,500 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Are solar panels free in Oil City?
You can't get solar panels for free in Oil City. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
How will solar panels impact how much my home is worth?
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 Oil City is currently $71,100, so you can look forward to a value of about $2,915 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Oil City is a worthwhile investment.
How long do solar panels last in Oil City?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.