Benefits of Solar Energy
Solar energy offers multiple benefits. Let's look at a few of them.
- Lowered energy bills: With a solar array, you produce power without paying the tacked-on costs of grid-connected power. You can eliminate your bills completely if you go off-grid.
- Better energy independence: Photovoltaic systems with battery backups operate through blackouts and emergencies, and you won't have to depend on the power grid for your safety and comfort.
- Reduced carbon footprint: The sun is the universe's most abundant clean energy source, meaning you can lower or beat your home's dependence on fossil fuels.
What Solar Incentives Are Available to Lorain Homeowners?
Governments and utility companies often reward homeowners for embracing solar. Here are some of the tax credits, rebates, or other programs you could qualify for.
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 Lorain
The cost and efficiency of solar panels often rely on the provider that installed them. Make your choice based on the following crucial aspects.
Licensing and Training
Ohio may require a solar installer 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), among the solar industry's most reputed trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Lorain
Different solar panel types look and perform differently. Monocrystalline panels offer the best energy production but cost more than other options. Polycrystalline panels produce less power, but start at a more budget-friendly price point. Thin-film panels work well for small projects like RVs and sheds, but they're not ideal for larger installations due to their low performance.
You can also add electric vehicle (EV) chargers and battery backup systems. These will increase your total project price, but they can improve your solar system's efficiency. Not all solar contractors offer these additional features, so look for a company that installs them if it's crucial for you.
If you're a resident of Lorain and are looking into a five-kilowatt solar energy system, you could plan to spend about $17,050 for materials and labor. See more information on specific component and panel costs in the table.
|Solar Panel Cost
|Solar Home EV Charger
Financing Solar Energy in Lorain
Choosing the best financing solution will affect your overall solar system cost and potential savings. Common payment options include power purchase agreements, loans, cash payments, and leases. Most solar experts recommend a cash payment or using a solar loan. Cash payments demand a large up-front sum, but they help you avoid paying interest, grant you system ownership, and qualify you for cost-saving incentives. Solar loans have the same benefits, though you'll pay more in total due to interest and fees. Much like a home or car loan, you'll pay a set monthly rate with potentially $0 down. Solar leases let you rent your panels for a fixed monthly rate, while PPAs let you pay only for the energy you use, much like an electric bill. Both options disqualify you for solar incentives and don't grant you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. Look for companies that offer two or more payment plans to find the right fit for your budget.
The table below lists the average payback periods for different capacities of solar systems in Lorain.
You are eligible for a 26% federal tax credit for new solar energy equipment until the year 2032. Local and state governments and utility companies might also offer discounts, rebates, and unique financing solutions that could save you more.
|Solar System Capacity
|Estimated Payback period
Ready to Get a Quote on Your Solar Project?
Frequently Asked Questions About Solar in Lorain
How much energy and money could I save per year by switching to solar?
Is solar energy widely available in Lorain?
Should I anticipate a property value increase after adopting solar power?
What if I live in a heavily-wooded or gloomy
Is installing solar panels a fast job?
What care do my solar panels need, and how often do they need it?
How can I boost my solar system's performance?
- optimize the panels' position with your solar installer
- regularly clean your solar panels
- upgrade to a more efficient inverter trim or cut down trees in the way of your panels
- use energy-efficient appliances
How many estimates should I get before making a final solar company decision?
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