Solar Panel Cost Guide in Newark, OH (2024 Update)
- Newark Solar Installation Cost: $18,121
- 25-Year Savings: $19,711
- Payback Period: 13.6 Years
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Average Cost of Solar Panels in Newark
Here’s how much it might cost to make the switch to solar in Newark.
Although the national average of solar panels is $2.66 per watt, solar panels in Newark generally cost around 3.To account for the typical energy usage of the average home in Newark, most homeowners require a 7.6-kilowatt system. Using the per-watt figure above, a solar installation costs about $18,121, or $25,913 before the federal solar tax credit of 0 is applied.
These figures are just estimates, and how much solar costs for you may look different based on the amount of energy your home requires and what company you want to go with.But, once you've paid the upfront cost of installation, the savings for most homeowners is usually fruitful, with a net average savings of about $17,000 over 20 years on energy bills.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Newark
| Year | Return on Investment |
|---|---|
| 1 years | $-16,789 |
| 3 years | $-14,125 |
| 5 years | $-11,460 |
| 7 years | $-8,796 |
| 9 years | $-6,132 |
| 11 years | $-3,468 |
| 13 years | $-804 |
| 15 years | $1,860 |
| 17 years | $4,524 |
| 19 years | $7,188 |
| 21 years | $9,852 |
| 23 years | $12,516 |
| 25 years | $15,180 |
Top Solar Installers in Newark
Although you can install solar panels on your own, it takes extra time and know-how. Because of that, most people choose a solar panel installer. The expertise that solar installers provide can be valuable as well, particularly if you don’t quite know what type of solar equipment you need.
If you’d like to make the switch to solar but still aren’t certain which solar system company to go with, here are our suggestions for providers in Newark:
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 Newark
Factors that Affect Solar Panel Costs in Newark
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few key factors that determine your overall cost in Newark: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar system in Newark, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can figure out by looking at past power bills. Your total cost can increase by about $3,410 for each additional kilowatt you need.The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That’s why many Newark homeowners decide to finance their solar panel systems to make going solar more affordable.Though solar loans make adopting solar energy more accessible for Newark homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in Newark, you’ll have many options to choose from, but each comes at different price points for labor and equipment.You may come across national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $11,436 | 14.1 years |
| 8 kW | $3.48 | $19,478 | $15,629 | 13.9 years |
| 10 kW | $3.41 | $23,870 | $20,014 | 13.6 years |
| 12 kW | $3.34 | $28,071 | $24,590 | 13.3 years |
| 14 kW | $3.27 | $32,081 | $29,357 | 13.1 years |
| 16 kW | $3.21 | $35,900 | $34,314 | 12.8 years |
| 18 kW | $3.14 | $39,529 | $39,463 | 12.5 years |
| 20 kW | $3.07 | $42,966 | $44,802 | 12.2 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because picking a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
- Installation Process: When going solar, it’s important to keep an open line of communication with your solar panel company. Confirm that you understand how the installation process works and the project timeline.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
- Reputation: Your solar installer should have a solid reputation as a company and have proven 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 previous 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 Newark, OH Solar Cost FAQs
How much does it cost to install solar panels in Newark?
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 other solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Are solar panels free in Newark?
You can’t get solar panels for free in Newark. 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 rather own your solar panels, you can finance them with a solar loan.
Does Newark have a net metering program?
Most states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Newark?
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 larger 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.