Solar Panel Cost Guide in Wickliffe, OH (2024 Update)
- Wickliffe Solar Installation Cost: $18,626
- 25-Year Savings: $13,397
- Payback Period: 17.0 Years
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Average Cost of Solar Panels in Wickliffe
Let’s have a look at the average cost of solar panels in Wickliffe.
The national average cost of solar panels is $2.66 per watt, but in Wickliffe it’s 3 per watt.To cover the typical energy usage of the average home in Wickliffe, most homeowners require a 7.8-kilowatt system. Using the per-watt figure above, a solar installation costs about $18,626, or $26,635 before the federal solar tax credit of 0 is applied.
These figures are only averages, and the cost of going solar for you may vary based on factors unique to your home and what company you want to go with.But, after you've paid the upfront cost of installation, the return on investment for most homeowners is usually rewarding, with a net average savings of about $13,000 over 20 years on electricity bills.
Click the button below to get connected to a highly rated solar installer in your area for a personalized quote.
Solar savings over time in Wickliffe
| Year | Return on Investment |
|---|---|
| 1 years | $-17,372 |
| 3 years | $-14,865 |
| 5 years | $-12,357 |
| 7 years | $-9,849 |
| 9 years | $-7,342 |
| 11 years | $-4,834 |
| 13 years | $-2,327 |
| 15 years | $181 |
| 17 years | $2,689 |
| 19 years | $5,196 |
| 21 years | $7,704 |
| 23 years | $10,211 |
| 25 years | $12,719 |
Top Solar Installers in Wickliffe
Although you can install solar panels on your own, it requires extra time and knowledge. That's why most homeowners choose to go with a solar panel installer. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and component replacements.
If you're looking for a solar installer in Wickliffe, the EcoWatch team has put together a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
See all of the solar companies in Wickliffe
Factors that Affect Solar Panel Costs in Wickliffe
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that determine your overall cost in Wickliffe: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. For that reason, it’s a priority to accurately ascertain 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 opt for 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 over time on your electric bills. In addition, extra products, like solar batteries, can bring your total well above the Wickliffe average.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That’s why many Wickliffe homeowners opt to finance their solar panel systems to make paying for solar more affordable.However, the interest on solar loans also adds to your total costs, so it’s important to include that in your estimate 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 solar panel installer you choose will play a role in your total cost to make the switch to solar . Different companies will charge different amounts for the equipment and labor.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and decide on the company that provides the products, warranties and services you’re looking for and also fits within your budget.
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 | $6,158 | 17.7 years |
| 8 kW | $3.48 | $19,478 | $8,593 | 17.3 years |
| 10 kW | $3.41 | $23,870 | $11,218 | 17.0 years |
| 12 kW | $3.34 | $28,071 | $14,035 | 16.7 years |
| 14 kW | $3.27 | $32,081 | $17,042 | 16.3 years |
| 16 kW | $3.21 | $35,900 | $20,240 | 16.0 years |
| 18 kW | $3.14 | $39,529 | $23,630 | 15.6 years |
| 20 kW | $3.07 | $42,966 | $27,210 | 15.3 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Although reading through a contract can be tedious, it’s important to do it fully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the completion timeline.
- Warranty: If you’re concerned about the endurance of your solar panel system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
EcoWatch's Wickliffe, OH Solar Cost FAQs
How much does it cost to install solar panels in Wickliffe?
This is a tough question to answer exactly, 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 needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Wickliffe?
Leasing solar panels can be an appealing choice, because 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
Is going solar worth it?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How long do solar panels last in Wickliffe?
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.