Solar Panel Cost Guide in Urbana, OH (2024 Update)
- Urbana Solar Installation Cost: $17,866
- 25-Year Savings: $14,224
- Payback Period: 16.2 Years
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Average Cost of Solar Panels in Urbana
Find out what the average cost of installing solar panels is in Urbana.
The average cost of solar panels in Urbana is 3 per watt.The average Urbana homeowner needs a 7.5-kilowatt system, which would cost about $17,866 with the federal tax credit, or $25,548 before the 0 tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Urbana homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.But, after you've paid the upfront cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $14,000 over 20 years on electricity bills.
Click the button below to get connected to a highly rated solar company in Urbana for a personalized estimate.
Solar savings over time in Urbana
| Year | Return on Investment |
|---|---|
| 1 years | $-16,848 |
| 3 years | $-14,811 |
| 5 years | $-12,774 |
| 7 years | $-10,738 |
| 9 years | $-8,701 |
| 11 years | $-6,665 |
| 13 years | $-4,628 |
| 15 years | $-2,591 |
| 17 years | $-555 |
| 19 years | $1,482 |
| 21 years | $3,518 |
| 23 years | $5,555 |
| 25 years | $7,591 |
Top Solar Installers in Urbana
Although you can install solar panels yourself, it requires extra labor and handiness. That's one of the reasons most homeowners choose a solar panel installer. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
Working with a vetted solar installer 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 Urbana
Factors that Affect Solar Panel Costs in Urbana
For many Urbana homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Urbana, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you’ll pay, which we'll go over below.
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 with greater efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $3,410.There are a lot of different solar panel brands and the one you pick also affects the cost. Usually, the brands that are more efficient tend to also cost more. In addition, the type of equipment you choose can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are offered by most installers in Urbana, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of financing options, including the amount of 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 more than the original 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 company you go with to handle your switch to clean energy can play a part in your total costs. There are about 3 solar panel companies operating throughout Urbana, and each can charge varying amounts for labor and equipment.The company’s size sometimes plays the most significant 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 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 | $7,259 | 16.8 years |
| 8 kW | $3.48 | $19,478 | $10,061 | 16.5 years |
| 10 kW | $3.41 | $23,870 | $13,054 | 16.2 years |
| 12 kW | $3.34 | $28,071 | $16,237 | 15.8 years |
| 14 kW | $3.27 | $32,081 | $19,612 | 15.5 years |
| 16 kW | $3.21 | $35,900 | $23,177 | 15.2 years |
| 18 kW | $3.14 | $39,529 | $26,934 | 14.9 years |
| 20 kW | $3.07 | $42,966 | $30,881 | 14.5 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose considerably influences your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: It’s important to read your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The model of solar panel you’d like to get plays a part in which company you should choose, since different companies have different panels.
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 Urbana, OH Solar Cost FAQs
How much does it cost to install solar panels in Urbana?
This is a hard question to answer precisely, because the cost depends on many factors. Generally 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 be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to consider when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase how much your home is worth?
Solar panels can increase your home value significantly 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, the lifespan of solar panels is 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.