You may have seen those reflective, rectangle-shaped panels lining the roofs of homes in your neighborhood and thought, ‘Why don’t I have some of those?’
For those looking to learn more about solar panels and ways to integrate them into your home, the best things to understand are their benefits and the particulars of financing them.
Cost of solar energy systems
KangeStudio/iStock
On average, solar panels cost between $15,000 and $30,000, including installation and maintenance.
Of these, installation is often the most expensive. The cost to install a single solar panel can reach $3,800, according to data from a 2021 study by the National Renewable Energy Laboratory.
In Ohio, the average per-watt cost of solar panels is between $2.50 and $2.75, depending on the size of the system, but homeowners who install them keep their eyes on future savings.
The average 25-year savings on electric bills for an Ohio resident is $46,331. Dublin homeowner and co-founder of Gold Path Solar Jake Trubiano, for example, worried about the cost of installing and the upkeep of solar panels, but saw a return on his investment when his family’s monthly electric bill went from $250 to $5.
How to make them work in your home
KangeStudio/iStock
Roof type, location and electricity use are just some of the factors that can affect the cost of a solar panel system.
For one thing, because cost per unit goes down when buying at high volume, many homeowners opt for larger systems.
Homeowners with south-facing roofs and higher sun exposure tend to need far fewer panels. These roofs make solar panel energy much more effective, especially if they have a 30-degree angle to accommodate the angle of the sun’s rays.
Roofs with skylights or multiple planes have a harder time accommodating solar panels. The cost of installation tends to be higher for homeowners with these roofs, since they may need to reshape their yards or roofs to fit the panels.
The external work needed in order to accommodate solar panels is largely based on a homeowner’s location, but can range anywhere from $300 to $1,000 to remove trees or other obstacles to the sun’s rays.
Tax and community benefits
Ohio homeowners with solar panels that provide up to 250 kW of energy can qualify for a tax exemption. Materials for solar panel installation – including the panels themselves, as well as inverters and batteries – are exempt from state sales taxes, saving homeowners roughly 5.75 percent.
The City of Columbus also partners with Solar United Neighbors for the Go Solar Columbus initiative, which offers incentives such as group plans for individuals who live in apartments or shared complexes.
Sandhya Kannan is an editorial assistant at CityScene Media Group. Feedback welcome at feedback@cityscenemediagroup.com.
