The Cost of Solar Panels: Is It Worth It?

If you’re a homeowner, you have likely heard that solar panels offer benefits like increased home value, low carbon footprints, and low electricity bills. The thought of paying less each month for your household energy costs is tempting. That is, until you look at the installation costs associated with solar panels in Ohio.

The costs and gains vary widely from one homeowner to the next. So, before you think about installing a solar system, it’s good to ask yourself whether the benefits will outweigh the costs. 

What’s the Cost of Installing a Solar Panel?

The cost of installing Cincinnati solar panels depends on several factors, including but not limited to: 

  • Location
  • Energy needs
  • Components of the system
  • Labor costs
  • Local permit costs

Your location for example, affects your electricity bills, with the average rate being $0.14 per kWh. So, before you jump into solar panel installation, learn more about your electricity billing rates. 

According to the Center for Sustainable Energy, the average cost can be anywhere between $15,000 and $25,000. Solar companies in Ohio will be able to give you a more accurate quote depending on the factors we mentioned above.

In the meantime, here are some things to consider that will help you determine whether solar Ohio is for you. 

1. Consider Your Monthly Electricity Bill

How much will you save? These panels can reduce your monthly power bill by a large percentage, depending on your location. The higher your monthly bills, the more you’ll benefit from the panels. 

Remember that electricity bills fluctuate, and so will the amount you can save. If the saving is too small, you should reconsider installing the panels. But, don’t do so until you consider the other factors mentioned here. 

2. Sunlight Exposure

Solar panels largely depend on sunlight. With no sunlight, they’ll be useless. If you live in a region with no or minimal sunlight, you may not need the panels. Fortunately, Cincinnati receives significant sunlight that makes solar energy reliable. 

3. Estimate the Installation Costs

It’s prudent to estimate how much you need for installation. You must estimate the cost of the panels and the installation cost. These costs will depend on the system you choose and the Ohio solar company carrying out the installation. 

The system you choose will also depend on your power needs. On average, you can spend between $3 and $5 per watt on a 5 kW-sized system. To know how much you’ll spend, consider your current power needs. You can compare the charges of different companies and choose one that you can afford. 

And remember, lower prices may mean poor quality. Therefore, you’ll have to balance cost and quality.

4. Solar Ohio Incentives

The initial installation cost may seem high. However, consider incentives offered by federal, local, and state governments. 

For example, the residential FTC (federal tax credit) allows you to claim 26 percent of your installation costs if you install your system in 2022. Other incentives you can enjoy include expedited permits, waived fees, exemption from property tax, and cash backs. All these incentives will lower your installation costs.

Are Solar Panels in Ohio Worth It?

Whether or not to install a solar system depends on the result of your calculations. If you can make good savings, this is something you should consider. When you consider solar Ohio incentives and energy savings, most homeowners come to the conclusion solar panels are a good investment. 

Get in touch with an Ohio solar company to learn more.