Solar Panel Cost Guide in Northwood, OH (2024 Update)
- Northwood Solar Installation Cost: $18,271
- 25-Year Savings: $14,415
- Payback Period: 16.2 Years
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Average Cost of Solar Panels in Northwood
See how much it might cost to switch to solar power in Northwood.
Although the national average of solar panels is $2.66 per watt, solar panels in Northwood generally cost about 3.The average Northwood homeowner needs a 7.7-kilowatt system, which would cost about $18,271 with the federal tax credit, or $26,128 before the 0 tax credit is applied.
These figures are just averages, and how much solar costs for you will most likely vary based on your specific situation and what company you choose to go with.With average savings of about $14,000 on power bills over 20 years, many homeowners in Northwood find going solar has a decent ROI.
Click the button below to get connected to a highly rated solar panel company in Northwood for a personalized estimate.
Solar savings over time in Northwood
| Year | Return on Investment |
|---|---|
| 1 years | $-16,973 |
| 3 years | $-14,379 |
| 5 years | $-11,784 |
| 7 years | $-9,190 |
| 9 years | $-6,595 |
| 11 years | $-4,000 |
| 13 years | $-1,406 |
| 15 years | $1,189 |
| 17 years | $3,783 |
| 19 years | $6,378 |
| 21 years | $8,972 |
| 23 years | $11,567 |
| 25 years | $14,162 |
Top Solar Installers in Northwood
Many homeowners choose to use a solar installer since figuring out how to install solar panels on your own can be a labor-intensive endeavor. Another advantage of utilizing a solar company is that they can help you make the most of your investment by reducing your future costs of repairs and replacements with the help of warranties and giving you information on local incentives you can take advantage of.
If you’d like to make the switch to solar but still aren’t sure which solar panel company to go with, here are our recommendations for providers in Northwood:
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 Northwood
Factors that Affect Solar Panel Costs in Northwood
For many Northwood homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Northwood, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That’s why it’s crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.The model of solar panels and equipment you choose is another factor that will largely influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Moreover, solar equipment consists of more than 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 looking for a solar system that falls within your budget.
Solar Financing Terms
Most solar companies in Northwood provide solar loans, which reduce your upfront costs of installing a solar system.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’re only able to 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 installation company you pick will affect your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor.Additionally, some companies in Northwood are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, 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 | $7,156 | 16.9 years |
| 8 kW | $3.48 | $19,478 | $9,924 | 16.6 years |
| 10 kW | $3.41 | $23,870 | $12,882 | 16.2 years |
| 12 kW | $3.34 | $28,071 | $16,031 | 15.9 years |
| 14 kW | $3.27 | $32,081 | $19,371 | 15.6 years |
| 16 kW | $3.21 | $35,900 | $22,903 | 15.3 years |
| 18 kW | $3.14 | $39,529 | $26,625 | 14.9 years |
| 20 kW | $3.07 | $42,966 | $30,538 | 14.6 years |
How to Save on Solar Panels
The company that does your solar panel 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 a tough decision, we have some tips to help you, such as:
- Contract: Review the contract terms thoroughly to make sure you understand the total cost, project completion timeline rebates and warranties.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should secure and what the project timeline is.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to install your solar system. Another way you can look into your installer’s reputation is by reading reviews.
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 Northwood, OH Solar Cost FAQs
What is the average cost of installing solar panels in Northwood?
This is a difficult 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. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Northwood?
Leasing solar panels can be an attractive choice, because it commonly comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
How will installing solar panels impact my property value?
Solar panels can increase your property’s value significantly as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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.