Benefits of Solar Energy
Solar energy offers multiple benefits. Let's look at a few of them.
- Reduced carbon footprint: Using solar is a surefire way to minimize your carbon footprint and home fossil fuel dependency.
- Better energy independence: Solar panels can keep your home running through emergencies and blackouts. You can use your solar energy anytime with an optional battery storage system.
- Lowered energy bills: You can dodge the premium cost of grid-tied power by creating some electricity at home.
What Solar Incentives Are Available to Elyria Homeowners?
Ohio's public agencies and power companies offer a variety of solar incentives to help offset your solar system costs. Here's a breakdown of available solar programs where you live.
Incentive Type: PACE Financing
Low-interest, 30-year loan
Incentive Type: Loan ProgramWebsite: tos.ohio.gov
Rate reduction available for up to $50,000 and 7 years of the bank loan
Incentive Type: Solar Renewable Energy Credit ProgramWebsite: puco.ohio.gov
SREC prices vary based on market conditions
Incentive Type: Personal Tax CreditWebsite: ecowatch.com
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Elyria
The more comprehensive your provider search is, the better your photovoltaic system will ultimately work. Here are some essential aspects to remember while shopping for a solar installer.
Licensing and Training
Ohio may require a solar company to hold a state contractors' license, but only for commercial work. For home solar panel installations, cities can establish their own licensing or regulatory requirements. Check a company's website for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), one of the solar industry's most credible trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Elyria
Your photovoltaic panels' model will affect how much energy you can produce. Monocrystalline panels cost the most but perform the best. Polycrystalline panels offer you a budget panel with a traditional design, but at the cost of less power generation. Thin-film panels are excellent for non-traditional roof shapes and cost the least, but don't work well for large residential installations.
If you want to charge an electric car or use your solar power in dark weather, you can pay extra for add-ons. By selecting the right components, you can make your panel array more productive and user-friendly. Not all solar providers include these extras, so look for a provider that installs them if it's crucial for you.
If you're a resident of Elyria and want a five-kilowatt solar energy system, you could plan to spend about $17,050 for parts and installation. See more information on specific component and panel costs in the table.
|Solar Panel Cost
|Solar Home EV Charger
Financing Solar Energy in Elyria
Solar contractors offer multiple different financing options to increase your savings and lower your costs. Though some providers offer unique payment plans, the most common are power purchase agreements (PPAs), solar leases, cash payments and solar loans. Though it requires a large up-front payment, cash is the most affordable choice because it qualifies you for solar incentives and doesn't accrue interest. Solar loans are the second most effective option. As with a car loan or mortgage, you'll pay a monthly rate towards system ownership, including interest. You can still apply for money-saving solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases involve paying a set monthly rate to use rooftop panels. A PPA (Power Purchase Agreement) permits you to pay a monthly rate determined by the energy you use, like an electric bill. We typically don’t recommend these two choices because you won't own the panels and cannot use solar incentives. Ask each company you're evaluating about the payment plans it offers. A staff member can help you determine the best option for your financial situation.
The table below lists the average payback periods for different capacities of solar systems in Elyria.
The IRS allows you to claim a 26% federal tax credit on the full cost of the solar system, so long as you purchase it before 2032. Local governments and utilities might also offer their own incentives, financing programs, and rebates that could save you more money.
|Solar System Capacity
|Estimated Payback period
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Frequently Asked Questions About Solar in Elyria
How much money could I save by going solar in Elyria?
How popular is solar energy in Elyria?
Should I expect a property value increase after switching to solar energy?
What can I do to calculate my home's solar potential?
How long does the solar installation process last?
What's the average solar system size in Elyria?
How are traditional solar loans and PPAs different?
You might look into a PPA if you don’t want to be responsible for maintenance and don’t want to invest in a system, but keep in mind you won’t be paying toward ownership or be able to access any cost-saving solar incentives. Many solar experts don’t recommend PPAs. Our guide covers other payment options above.
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