Solar Panel Cost Guide in Loveland, OH (2024 Update)
- Loveland Solar Installation Cost: $17,657
- 25-Year Savings: $10,933
- Payback Period: 18.2 Years
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Average Cost of Solar Panels in Loveland
Find out what the average cost of a solar system is in Loveland.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Loveland, the typical cost of a solar system is 3 per watt.The average Loveland homeowner needs a 7.4-kilowatt system, which would cost about $17,657 with the federal tax credit, or $25,250 before the 0 tax credit is applied.
The true cost of your system can go higher or lower than the average in Loveland based on a variety of factors, such as the kind of solar panels you choose and the solar installer you hire.Many homeowners find going solar is a solid investment. The average homeowner in Loveland can save around $12,000 on their energy bills over 20 years.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Loveland
| Year | Return on Investment |
|---|---|
| 1 years | $-16,492 |
| 3 years | $-14,162 |
| 5 years | $-11,832 |
| 7 years | $-9,502 |
| 9 years | $-7,172 |
| 11 years | $-4,842 |
| 13 years | $-2,512 |
| 15 years | $-182 |
| 17 years | $2,148 |
| 19 years | $4,478 |
| 21 years | $6,808 |
| 23 years | $9,138 |
| 25 years | $11,468 |
Top Solar Installers in Loveland
Many homeowners opt for a solar installer since trying to install solar panels yourself can be a lot of work. Since solar panels are exposed to the elements every day, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
Working with a licensed 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 Loveland
Factors that Affect Solar Panel Costs in Loveland
The cost of installing a solar system in Loveland can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is the size of the system you need, and other factors include the equipment you choose, 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 key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation use 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.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Loveland, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are offered by most installers in Loveland, which can lower, or in some cases completely eliminate, your upfront costs to make solar more accessible.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar installer you hire to handle your switch to green energy can play a part in your total costs. There are about 3 solar panel companies in Loveland, and each can charge different amounts for labor and equipment.Additionally, some companies in Loveland are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.
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 | $4,725 | 19.0 years |
| 8 kW | $3.48 | $19,478 | $6,682 | 18.6 years |
| 10 kW | $3.41 | $23,870 | $8,830 | 18.2 years |
| 12 kW | $3.34 | $28,071 | $11,169 | 17.9 years |
| 14 kW | $3.27 | $32,081 | $13,698 | 17.5 years |
| 16 kW | $3.21 | $35,900 | $16,419 | 17.2 years |
| 18 kW | $3.14 | $39,529 | $19,331 | 16.8 years |
| 20 kW | $3.07 | $42,966 | $22,434 | 16.4 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- Reputation: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Different companies offer various brands and kinds of panels. If you know you want a specific brand, make sure the solar panel company you’re considering has it.
- Contract: When looking through your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
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 Loveland, OH Solar Cost FAQs
What is the average cost of installing solar panels in Loveland?
The average cost of solar panels in Loveland 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 certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Loveland?
You can’t get solar panels for free in Loveland. However, you may still be able to install 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.
Do solar panels increase how much your home is worth?
Solar panels can increase your property’s value considerably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.