Solar Panel Cost Guide in Waterford, OH (2024 Update)
- Waterford Solar Installation Cost: $18,162
- 25-Year Savings: $22,790
- Payback Period: 12.5 Years
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Average Cost of Solar Panels in Waterford
Find out how much it might cost to install solar panels in Waterford.
The average cost of a solar system in Waterford is 3 per watt.The average solar panel system size in Waterford is around 7.6 kilowatts, meaning a cost of about $18,162 for a solar installation, or $25,972 before the 0 federal solar tax credit is applied.
The true cost of your system can be above or below the average in Waterford based on a variety of factors, such as the kind of solar panels you choose and the solar contractor you hire.With average savings of about $18,000 on electricity bills over 20 years, many homeowners in Waterford find installing solar panels can pay off big.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Waterford
| Year | Return on Investment |
|---|---|
| 1 years | $-16,830 |
| 3 years | $-14,166 |
| 5 years | $-11,502 |
| 7 years | $-8,838 |
| 9 years | $-6,174 |
| 11 years | $-3,510 |
| 13 years | $-846 |
| 15 years | $1,818 |
| 17 years | $4,482 |
| 19 years | $7,146 |
| 21 years | $9,810 |
| 23 years | $12,474 |
| 25 years | $15,138 |
Top Solar Installers in Waterford
Trying to put up solar panels yourself can be a time-consuming task, which is why getting a solar installation company is a good option for many homeowners. Because solar panels are exposed to temperature swings and extreme weather, 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 vetted solar company can help your solar project go smoothly. 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 Waterford
Factors that Affect Solar Panel Costs in Waterford
For many Waterford homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Waterford, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That’s why it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your electric bills. Additionally, extra products, such as solar batteries, can bring your total well above the Waterford average.
Solar Financing Terms
Most solar companies in Waterford have solar loans, which reduce the initial cost of installing solar.However, the interest on solar loans also increases your all-in costs, so it’s crucial to consider that as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The last key cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in Waterford, you’ll have a great number of options to choose from, but each comes at different price points for labor and equipment.The size of the company can sometimes play the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of 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 promotion can bring their pricing lower 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 | $13,828 | 13.0 years |
| 8 kW | $3.48 | $19,478 | $18,819 | 12.7 years |
| 10 kW | $3.41 | $23,870 | $24,001 | 12.5 years |
| 12 kW | $3.34 | $28,071 | $29,374 | 12.2 years |
| 14 kW | $3.27 | $32,081 | $34,938 | 12.0 years |
| 16 kW | $3.21 | $35,900 | $40,693 | 11.7 years |
| 18 kW | $3.14 | $39,529 | $46,639 | 11.5 years |
| 20 kW | $3.07 | $42,966 | $52,776 | 11.2 years |
How to Save on Solar Panels
The solar company you opt for will affect not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, such as:
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can check your installer’s reputation is by reading reviews.
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The brand of solar panel you need plays a role in which installer you should opt for, since different companies provide 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 Waterford, OH Solar Cost FAQs
How much does it cost to install solar panels in Waterford?
This is a hard question to answer exactly, because the cost depends on a variety of 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 needs. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Waterford?
Leasing solar panels can be an attractive choice, as it often comes with low or $0 upfront payments. The downside 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Does Waterford have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future electricity bills.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.