Solar Panel Cost Guide in Lebanon, OH (2024 Update)
- Lebanon Solar Installation Cost: $17,751
- 25-Year Savings: $11,374
- Payback Period: 17.4 Years
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Average Cost of Solar Panels in Lebanon
Let’s have a look at the average cost of solar panels in Lebanon.
The national average cost of solar panels is $2.66 per watt, but in Lebanon it’s 3 per watt.To cover the typical energy usage of the average home in Lebanon, most homeowners require a 7.4-kilowatt system. Using the per-watt figure above, a solar installation costs about $17,751, or $25,384 before the federal solar tax credit of 0 is applied.
The actual price you pay can be higher or lower than the average in Lebanon depending on a variety of factors, such as the brand of solar panels you choose and the solar company you hire.But, once you've paid the initial cost of installation, the savings for most homeowners is typically good, with a net average savings of about $13,000 over 20 years on power bills.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lebanon
| Year | Return on Investment |
|---|---|
| 1 years | $-16,586 |
| 3 years | $-14,256 |
| 5 years | $-11,926 |
| 7 years | $-9,596 |
| 9 years | $-7,266 |
| 11 years | $-4,936 |
| 13 years | $-2,606 |
| 15 years | $-276 |
| 17 years | $2,054 |
| 19 years | $4,384 |
| 21 years | $6,714 |
| 23 years | $9,044 |
| 25 years | $11,374 |
Top Solar Installers in Lebanon
Although you can install solar panels yourself, it involves extra time and knowledge. That's one of the reasons the majority of homeowners choose to hire a solar panel installer. Solar warranties and repairs are ordinarily included in the cost of installation when you opt for a solar contractor as well, which can save you more money over time.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Lebanon:
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 Lebanon
Factors that Affect Solar Panel Costs in Lebanon
The cost of installing a solar system in Lebanon can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $3,410.The brand of solar panels and equipment you get is another factor that will greatly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to decide on 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
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are provided by most installers in Lebanon, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more affordable.However, the interest on solar loans also adds to your total costs, so it’s vital to include that in your estimate as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The last significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in Lebanon, you’ll have plenty of options to choose from, but each comes at various price points for labor and equipment.Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
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 | $5,726 | 18.1 years |
| 8 kW | $3.48 | $19,478 | $8,017 | 17.7 years |
| 10 kW | $3.41 | $23,870 | $10,498 | 17.4 years |
| 12 kW | $3.34 | $28,071 | $13,171 | 17.0 years |
| 14 kW | $3.27 | $32,081 | $16,034 | 16.7 years |
| 16 kW | $3.21 | $35,900 | $19,089 | 16.3 years |
| 18 kW | $3.14 | $39,529 | $22,334 | 16.0 years |
| 20 kW | $3.07 | $42,966 | $25,771 | 15.6 years |
How to Save on Solar Panels
The solar company you opt for will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, including:
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Contract: Before signing a contract with a solar company, make sure to look it over completely so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Lebanon, OH Solar Cost FAQs
How much does it cost to install solar panels in Lebanon?
This is a hard question to answer precisely, 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 cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Lebanon?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property 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 savings from going solar.
How much can I save on power bills after installing solar panels?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Lebanon, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Lebanon?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can decide 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.