Benefits of Solar Energy
Solar energy provides multiple advantages that will enhance your home for years to come.
- Reduced carbon footprint: Embracing solar is a surefire way to decrease your carbon footprint and home fossil fuel dependency.
- Better energy independence: Solar energy can keep your home running through emergencies and blackouts. You can use your solar energy anytime with optional battery storage.
- Lowered energy bills: You can dodge the expensive cost of grid-tied power by generating some electricity right where you use it.
What Solar Incentives Are Available to Newark Homeowners?
Ohio homeowners who go solar could qualify for special financing, tax credits, reimbursements and rebates. Here are just a few of the area's incentive offerings.
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 Newark
The purchase price and performance of solar panels often rely on which company installed them. Consider all of these criteria in your service provider search.
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. Solar installers can also earn certifications from standards organizations and trade groups. The most respected ones in the industry come from the North American Board of Certified Energy Practitioners. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in Newark
The type of solar panels you choose determines how much power you can generate. Monocrystalline panels give you the best performance but cost more upfront. Polycrystalline panels work with a tried-and-true mechanism and cost less, but produce less power. Thin-film panels aren't recommended for large residential installations, but they are ideal for small projects like converting RVs and sheds.
Additional accessories, such as electric vehicle (EV) chargers and battery storage, will add to your overall costs. However, they might make your solar system more efficient and convenient to use. Not all solar companies provide these extras, so look for a provider that sells them if it's important for you.
Generally speaking, it will cost about $17,050 for a five-kilowatt solar array in Newark. This table shows more specific pricing information for different solar panel types and system components in your area.
|Solar Panel Cost
|Solar Home EV Charger
Financing Solar Energy in Newark
There are numerous ways to pay for a new solar system, and the right one will minimize your overhead. A few of the most common options include leases, loans, cash payments, and power purchase agreements (PPAs). Though it requires a large up-front payment, cash is the most cost-effective choice because it doesn't accrue interest and qualifies you for incentives. Solar loans are the second most effective option. As with a car or home loan, 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) lets you pay a monthly rate based only on the energy you use, akin to an electric bill. We usually don’t recommend these two choices because you won't own the system and cannot use solar incentives. Ask each business you're evaluating about the financing options it offers. A representative can help you determine the optimal option for your pocketbook.
The table below lists the average payback periods for different capacities of solar systems in Newark.
You are eligible for a 26% federal tax credit for new solar power systems until the year 2032. City and state officials and utility companies might also offer discounts, rebates, and dedicated financing plans 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 Newark
How much energy and money could I save per year by switching to solar?
Is solar energy widely available in Newark?
Will solar energy systems improve my Newark home price?
How many years will a typical solar system last?
How long does the solar panel installation process take?
What's the average solar system size in Newark?
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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