Solar Panel Cost Guide in Lorain, OH (2024 Update)
- Lorain Solar Installation Cost: $16,893
- 25-Year Savings: $14,361
- Payback Period: 15.6 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Lorain
Find out how much it might cost to switch to solar power in Lorain.
The national average cost of solar panels is $2.66 per watt, but in Lorain it’s 3 per watt.The average solar panel system size in Lorain is around 7.1 kilowatts, meaning a cost of about $16,893 for a solar installation, or $24,157 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy use, the type of solar system you choose, your solar contractor and more.With average savings of about $15,000 on energy bills over 20 years, many homeowners in Lorain find investing in solar has a decent ROI.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Lorain
| Year | Return on Investment |
|---|---|
| 1 years | $-15,673 |
| 3 years | $-13,233 |
| 5 years | $-10,792 |
| 7 years | $-8,352 |
| 9 years | $-5,911 |
| 11 years | $-3,471 |
| 13 years | $-1,030 |
| 15 years | $1,410 |
| 17 years | $3,851 |
| 19 years | $6,291 |
| 21 years | $8,732 |
| 23 years | $11,172 |
| 25 years | $13,612 |
Top Solar Installers in Lorain
DIY solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Going with a solar company can make your switch to solar power much easier. Local solar installers can also help you optimize your return on investment by assisting with any local incentives and by providing warranties and repairs.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Lorain
Factors that Affect Solar Panel Costs in Lorain
The cost of installing a solar system in Lorain can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have 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 kind of solar panels and equipment you choose is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Further, solar equipment consists of more than 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’s in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are offered by most installers in Lorain, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more accessible.However, the interest on solar loans also increases your overall costs, so it’s vital to consider that as well. You can always lower the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the booming popularity of renewable energy solutions in Lorain, you’ll have many options to choose from, but each comes at different price points for labor and equipment.The size of the company sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down 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 | $8,032 | 16.2 years |
| 8 kW | $3.48 | $19,478 | $11,092 | 15.9 years |
| 10 kW | $3.41 | $23,870 | $14,342 | 15.6 years |
| 12 kW | $3.34 | $28,071 | $17,783 | 15.3 years |
| 14 kW | $3.27 | $32,081 | $21,415 | 15.0 years |
| 16 kW | $3.21 | $35,900 | $25,238 | 14.7 years |
| 18 kW | $3.14 | $39,529 | $29,253 | 14.4 years |
| 20 kW | $3.07 | $42,966 | $33,458 | 14.1 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose greatly impacts your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. While there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you ask for their list of offerings before making your decision.
- Warranty: If you’re worried about the durability of your solar system, ensuring your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should acquire and how long the project will take.
- 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 good reviews from past customers.
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 Lorain, OH Solar Cost FAQs
What is the average cost of installing solar panels in Lorain?
The average cost of solar panels in Lorain is about $17,050 for a 5-kW system and $34,100 for a 10-kW system before the ITC, but the actual cost will depend on things like the model of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Lorain?
You can’t get solar panels for free in Lorain. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Is switching to solar power worth it?
Solar panels can be a good investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.