Benefits of Solar Energy
Solar energy comes with multiple advantages. Here are some highlights.
- Better energy independence: Solar panels can keep your home functioning through blackouts and emergencies. You can use your solar energy anytime with optional battery storage.
- Reduced carbon footprint: Utilizing solar is a surefire way to decrease your carbon footprint and home fossil fuel dependency.
- Lowered energy bills: You can skip the premium cost of grid-tied power by generating some electricity right where you use it.
What Solar Incentives Are Available to Parma Homeowners?
Ohio homeowners who decide on solar could qualify for tax credits, reimbursements, rebates and special financing. Here are just a few of the region's incentive programs.
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 Parma
The cost and effectiveness of solar panels often rely on the provider that installed them. Here are some important factors to keep in mind 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 residential work, cities can establish their own licensing or regulatory requirements. You should also visit a company's website to learn about its private accreditations. Two of the most recognized are the Solar Heating Installer and PV Installation Professional certificates, awarded by the North American Board of Certified Energy Practitioners (NABCEP). Some companies don't publish this information online, so you should also ask your estimator about them.
Cost of Solar Panels in Parma
The type of solar panels you purchase determines how much electricity you can generate. Monocrystalline panels give you the best performance but cost more upfront. Polycrystalline panels produce less power, but they're worth it if you want a traditional panel style without the high cost. Thin-film panels aren't meant for large home installations, but they're excellent for small projects like sheds and RVs.
You can also add electric car (EV) chargers and battery backup systems. These will increase your total project price, but they can improve your solar system's performance. Not all solar companies provide these additional features, so look for a company that installs them if it's a priority for you.
A majority of Parma homeowners select solar systems designed for five kilowatts (kW) of electrical capacity. These systems cost about $17,050 to set up, considering both parts and installation. You can find more specific cost information in the table.
|Solar Panel Cost
|Solar Home EV Charger
Financing Solar Energy in Parma
Solar providers use multiple different financing options to lower your costs and increase your savings. Though some providers offer unique payment plans, the most common are solar leases, solar loans, cash payments and power purchase agreements (PPAs). Though it requires a large up-front payment, cash is the most affordable 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 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 provider you're vetting about the financing options it offers. A consultant can help you determine the most suitable option for your pocketbook.
The table below lists the average payback periods for different capacities of solar systems in Parma.
You are eligible for a 26% federal tax credit for new solar energy equipment until the year 2032. Municipal and state governments and utility companies might also offer rebates, discounts, and specialized financing options 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 Parma
How much energy and money could I save per year by switching to solar?
How prevalent is solar energy in Parma?
Will a solar PV system boost my Parma home value?
Could I still use solar power if I live in a dark, rainy, or wooded area?
How can I determine my home's solar suitability?
What's a Parma solar panel's average lifespan?
How can I enhance my solar array'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
What are the signs I shouldn't use a particular solar company for my job?
- Pushy sales approach
- Not being straightforward about references, cost, warranties and training and credentials
- Inflexible options
- Superficial, rushed site evaluation
- More mixed or negative reviews than positive ones
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