Solar Panels Cost 6.6k-15k in Mentor-on-the-Lake, OH | November, 2024

Solar Panels Cost $6.6k-$15k in Mentor-on-the-Lake, OH | November, 2024

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How much do solar panels cost in Mentor-on-the-Lake, OH in 2024?

In Mentor-on-the-Lake, OH, the price per watt of solar panels is around $3.15 per watt in November, 2024.

Put another way, solar panels will cost you about $3,150 per 1 kW (or 1000 watts) of generation capacity. In Mentor-on-the-Lake, you can expect to spend around $11,025 for a 5 kW system once the 30% federal income tax credit is factored in. It's important to note that a more extensive system might be essential to meet your energy demands.

To the left, you can select your county to find the typical roof size and average maximum capacity for solar panel systems on homes in your area. See below a full breakdown of the {price|costs, payback period, and 20-year average savings for a 5 kW system in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Mentor-on-the-Lake: $11,025US Average: $12,523
Average Payback Period The number of years until you break even on the solar investment.
Mentor-on-the-Lake: 7 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Mentor-on-the-Lake: $17,831US Average: $16,169

Solar Potential in Mentor-on-the-Lake

Estimated system size and solar electricity production per median viable roof in
Mentor-on-the-Lake.

Roof size 679sq. ft.
Capacity 9.5kW DC
Electricity 9.8kkWh AC per yr.

Electricity Costs in Mentor-on-the-Lake, OH & What that Means for Your Solar Panel Pricing

For Mentor-on-the-Lake energy consumers, the average electric bill is $139.92 per month, with a usage of 687 kWh. These numbers encompass apartments and other smaller homes with lower energy needs.

The mean rate for electricity in Mentor-on-the-Lake, OH during November, 2024 is 20.37¢ per kWh.

In Mentor-on-the-Lake, a system size of 7 kW or higher is needed for the average energy user to account for their full power usage demands. The cost of a a 7 kW solar installation is approximately $22,050 initially, but the federal tax credit provides a 30% credit, lowering your final cost to $15,435.

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Average solar panel costs by system size in Mentor-on-the-Lake

Displayed below and to the left, you can find a detailed price breakdown for different solar panel system sizes set up in Mentor-on-the-Lake. A larger solar array will expectedly cost more, but it will also provide more significant electricity savings and increased income tax credits.

In the solar panel cost calculator located down and to the right, you can examine a cost and benefit breakdown to match an average $139.92electric bill in Mentor-on-the-Lake. To get customized results, just adjust the $139.92to match your usual electricity bill amount.

System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $818 a year
Est. Price
$6,615
Savings from a 3kWthis system
  • Est. yearly production 4,090 kWh
  • Est. monthly savings $68
  • Full payback in 4 years
Environmental Impacts
  • Reduces CO2 emissions by 2.86 tons a year
  • Equivalent to planting 131 trees a year
  • Equivalent to driving 7,085 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $1,091 a year
Est. Price
$8,820
Savings from a 4kWthis system
  • Est. yearly production 5,454 kWh
  • Est. monthly savings $91
  • Full payback in 5 years
Environmental Impacts
  • Reduces CO2 emissions by 3.82 tons a year
  • Equivalent to planting 175 trees a year
  • Equivalent to driving 9,446 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,363 a year
Est. Price
$11,025
Savings from a 5kWthis system
  • Est. yearly production 6,817 kWh
  • Est. monthly savings $114
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 4.77 tons a year
  • Equivalent to planting 219 trees a year
  • Equivalent to driving 11,808 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,636 a year
Est. Price
$13,230
Savings from a 6kWthis system
  • Est. yearly production 8,181 kWh
  • Est. monthly savings $136
  • Full payback in 8 years
Environmental Impacts
  • Reduces CO2 emissions by 5.72 tons a year
  • Equivalent to planting 263 trees a year
  • Equivalent to driving 14,169 mi less a year
System Size 7kW
Roof Size Min. space required
501 ft²
Electricity Value Annual Production $1,909 a year
Est. Price
$15,435
Savings from a 7kWthis system
  • Est. yearly production 9,544 kWh
  • Est. monthly savings $140
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 5.88 tons a year
  • Equivalent to planting 270 trees a year
  • Equivalent to driving 14,549 mi less a year

Mentor-on-the-Lake Solar Panel Installation Incentives & Rebates | 2024

Eligible rural small businesses and farms might have their photovoltaic or wind turbine installation costs covered by the REAP Grant, ranging from 80% to 100%. If you think you might be eligible, try our REAP Grant eligibility tool to check your qualification.

For those looking into residential solar, the 30% federal income tax credit is accessible to almost all homeowners, which makes solar a sensible option in many states. Alongside federal efforts, state and local programs help to support the use of solar power.

Residents of Ohio can access 15 solar rebate and incentive programs from a range of utilities and governmental agencies.

Solar incentives in OH

Advanced Energy Fund

Value:Varies

The Ohio Advanced Energy Fund is the backbone of Ohio's statewide energy efficiency incentive and financing system, though it does not directly service or disburse loans itself. Funding is acquired through utility compliance fees or customer surcharges. From time to time, AEF administrators will announce a request for proposals on new energy projects within different sectors of the Ohioan economy. Grants from the fund may be awarded to winning proposals. Fund-supported programs do not apply to customers of local public utilities or cooperatives.

Qualified Energy Property Tax Exemption for Projects 250 kW or Less

Value:Varies

Ohio offers state real and personal property tax exemptions on renewable energy devices. Any system built in/after 2010, rated for under 250 kW, and using solar, wind, biomass, or another renewable technology is considered fully exempt for its entire useful life. System parts, structural components, and equipment used to interconnect the system to a utility grid also qualify. Additional information and application forms are available from the Ohio Development Services Agency.

Energy Loan Fund (ELF)

Value:Varies

The Ohio Energy Loan Fund is administered by the Department of Development's Office of Energy Efficiency. The ELF is supported by the state Advanced Energy Fund and payments from the state's four private utilities. ELF funds support energy efficiency loans for small commercial, industrial, nonprofit, and public-sector property. Funding is allocated proportionally across each of these economic sectors. The nature of the fund means that customers of local public utilities or cooperatives may not be eligible for financing. Additional information is available through the OEE website.

Energy Loan Fund

Value:Varies

The Ohio Energy Loan Fund is managed by the Department of Development and is supported by the state's Advanced Energy Fund. Loans from the ELF support small businesses (under 500 employees), businesses producing manufactured goods, and public-sector agencies/nonprofits. The available principal for an ELF loan ranges from $250 thousand to $2 million. Qualifying projects should be approved by an energy auditor and cut energy consumption by at least 15%. Additional information, including a directory of loan servicers, is available from the Ohio Development Services Agency website.

Qualified Energy Property Tax Exemption for Projects over 250 kW (Payment in Lieu)

Value:Varies

Ohio offers state real and personal property tax exemptions on large renewable energy devices. Any system built in/after 2010, rated for over 250 kW, and using solar, wind, biomass, or another renewable technology is considered fully exempt for its entire useful life. System parts, structural components, and equipment used to interconnect the system to a utility grid also qualify. As conditions for the exemption, the system owner is required to create a minimum amount of jobs and enter REC purchase agreements with utilities. Systems over 2 MW may be subject to additional requirements.

Advanced Energy Job Stimulus Program

Value:Varies

The Advanced Energy Job Stimulus Fund supports job creation, manufacturing, and renewable energy research and development in the state. Initial funding for the first three years totaled $150 million from the state's general reserves. Funding is awarded to businesses through special bonds completely exempt from state taxes. A bond's amount is based on the applicant's credit history and the projects which will be funded. Small grants may be awarded to startups investing or researching potential disruptive technologies in the energy sector. Additional information is available from the Department of Development website.

Energy Conversion and Thermal Efficiency Sales Tax Exemption

Value:Varies

In Ohio, sales/use tax exemptions are available for equipment that improves thermal efficiency or converts oil/gas to an alternate sustainable fuel. Equipment used to convert solid waste into fuel may also qualify. To claim the exemption, the facility owner should obtain a certification number through the Ohio Department of Taxation. Additional information is available from the departmental website.

Solar Renewable Energy Certificates Program (SRECs)

Value:Varies

Compliance with solar carve-out provisions of the Ohio Alternative Energy Resource Standard is tracked using a solar renewable energy certificate (SREC) system. An SREC is equivalent to one megawatt hour of electrical capacity. The monetary value of an SREC fluctuates with market forces. Any solar PV, thermal, or HVAC system in Ohio is capable of generating SRECs upon registration with the state Public Utilities Commission. Once registered, utilities may purchase certificates from customers at fair market value to meet their AERS quota. Should a utility fail to meet its SREC quota in a given year, it will pay a "penalty" compliance fee per megawatt hour/certificate it is deficient. Fine revenue supports the Advanced Energy Fund, and it may not be projected onto customers.

Energy Conservation for Ohioans (ECO-Link) Program

Value:Varies

Through the Ohio state treasury's ECO-Link initiative, homeowners in Ohio may be eligible for special energy improvement loans through a variety of banking partners. Qualifying projects include the full breadth of energy efficiency solutions, including windows, insulation/weatherization, central and room HVAC, water heating, large appliances, solar PV arrays, and wind turbines under 100 kW. Only projects approved by a program auditing representative will be approved for funding. Standard credit checks and prior approval from the customer's bank apply. Additional information is available from the Ohio Treasurer's website.

Energy Efficiency and Sustainable Design in New School Construction

Value:Varies

New public and private school buildings in Ohio are required to meet certain green building standards. Should a school meet these standards, it will receive financial assistance from the Ohio School Facilities Commission. At a minimum, buildings should seek to meet the specialty LEED Gold certification for schools, though existing projects may strive for Silver certification. Later amendments to the standards required schools to be "solar-ready." If a new school does not already have rooftop solar PV panels installed, it should be equipped to accommodate a future PV system. Additional information is available from the Ohio Facilities Construction Commission website.

First Energy Ohio - Renewable Energy Credit Procurements

Value:Varies

On occasion, FirstEnergy will seek renewable energy project proposals to fortify its renewable energy credit (REC) purchasing portfolio. The utility is interested in both long and short-term purchase agreements to acquire between 5,000 and 20,000 RECs per year. Facilities should seek certification from the Ohio Public Utilities Commission. Additional details on the application process are available from the website.

Green Energy Ohio - GEO Solar Thermal Rebate Program

Value:Varies

Ohio homeowners may be eligible for rebates on new solar water heaters from a Green Energy Ohio/Sierra Club initiative. A customer's expected rebate will be based on their system's expected performance. Current base rates are $30/daily kBtu, with a maximum allowable rebate equal to 20% of project costs. To qualify for the rebate, a customer must seek project preapproval from Green Energy Ohio, obtain engineering surveys, and use a participating contractor. Installation can begin six months from preapproval at the latest. The rebate will be awarded after a successful final inspection from both GEO and the customer's local building department. Additional information is available from the GEO website.

Net Metering

Value:Varies

All private/municipal utilities and electrical cooperatives in Ohio are required to offer net metering to their renewable energy customers. Any solar, wind, biomass, fuel cell, or landfill gas system qualifies so long as it meets state interconnection standards and its capacity does not exceed customer demands. Net metering participants will have a bidirectional meter installed to measure net excess generation (NEG) sent back to the grid. The utility will issue monthly bill credits for NEG at a fixed avoided-cost rate. Special net metering programs are available for hospitals, who may use conventional or renewable energy technologies.

Interconnection Standards

Value:Varies

In 2014, Ohio's utility regulator made amendments to distributed generation and grid interconnection standards. All new renewable energy devices being connected to the power grid will be sorted into one of three capacity levels governing permit processes, fees, review turnaround time, and required IEEE/UL performance and safety specifications. Utilities may require system owners to install external disconnect switches or carry liability insurance, but they are limited to asking for proof of insurance rather than setting a minimum policy amount. Additional information is available from the Ohio Public Utilities Commission website.

Alternative Energy Portfolio Standard

Value:Varies

Ohio first adopted its mandatory Alternative Energy Portfolio Standard in 2008. All private utilities are required to participate; local public utilities and cooperatives may contribute voluntarily to the standard. Current AEPS goals require at least 25% of the state's retail electricity to be generated using renewable technology by 2025. Carve-out policies require a portion of annual RPS quotas to be met using solar energy. Compliance is measured using a renewable energy credit (REC) system pegging one megawatt hour to a fluctuating dollar amount. All operational renewable energy systems generate RECs, but utilities may purchase credits from customers using net metering or other power purchase agreements. Credits will expire after five years. Should a utility fail to meet its REC quota, it will be assessed a penalty fine for each megawatt hour it is deficient. Fine revenue goes to the Ohio Advanced Energy Fund.

Are solar panels worth it in Ohio?

For those in Mentor-on-the-Lake looking to stay in their homes past the payback period of their solar system, solar panels make excellent sense. Over a 20 year period, a 5 kW solar system in Mentor-on-the-Lake, OH could save you approximately $22,555.8, with the average break even time being 7 years.

The cost of not having solar panels in Mentor-on-the-Lake, OH

Without solar panels or another energy backup source, you miss out on the savings discussed earlier and are completely dependent on your electric utility for power. Numerous recent news reports have illustrated that total reliance on your utility isn't always the best idea.

Lately, utilities in Mentor-on-the-Lake have reported an average of 0.86 outages per customer annually. Each outage lasts an average of 115.51 minutes. In the case of major events such as thunderstorms, overloaded power grids, or vandalism, this period can increase substantially.

Having a solar panel system, with or without a backup battery, could lessen the pressure of any future outages you may encounter.

Power Outages

Currently, 0 customers are being tracked in Lake County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Mentor-on-the-Lake, OH?

Your Energy Needs - Although the initial cost is greater, the cost per watt drops with larger solar panel systems. Installing a solar panel system that can cover the electric bill is advantageous to individuals because of the reduced long-term costs.

Make & Model - Solar panels and mounting equipment are offered in a wide variety of makes and models. The installer you select may have specific brand preferences, so it's crucial to choose a highly rated company. Better equipment generally result in an better long-term experience for the buyer.

Solar Panel Type - Monocrystalline panels have become the industry standard, and for good reason. These panels have a higher cost but yield more energy. Most installers in the industry utilize panels made of this material.

Your Property - Each property and home has its own characteristics. Factors like sloped land, trees, or additional hurdles can make the installation more challenging. Most solar installers currently use satellite imagery to assess your home and factor in these elements into the first cost estimate.

Labor Rates - Employees receive varied wages from different companies, and these costs are handed down to the consumers. Companies typically receive higher reviews for their services and customer service when they pay higher wages.

Permitting & Interconnection - The cost of your installation will be influenced by the local permitting and utility interconnection fees, which change depending on the area. Quality local installers will integrate these figures into your first estimates to prevent any surprises.

See what solar panels cost in other OH cities

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Who are the best solar installers in Mentor-on-the-Lake?

YellowLite

Cleveland, OH(216) 333-1364

Services

  • Reparation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

Paradise Energy Solutions

Paradise CDP, PA(877) 851-9269

Services

  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.

Academy Energy Group

Newburgh, IN(812) 518-2150

Services

  • Installation of solar arrays.
  • Monitoring of independent energy generation.
  • Auditing of energy requirements for independent energy generation.
  • Reparation of solar arrays.
  • Solar systems for selling electricity back to the grid.

Micrometer Engineering

Scottsdale, AZ(602) 790-5749

Services

  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.

Terrasmart

Cincinnati, OH(513) 242-2051

Services

  • Installation of solar arrays.
  • Monitoring of independent energy generation.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Reparation of solar arrays.

Core Development Group

(201) 825-2195

Services

  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.

Solgen Power

Pasco, WA(855) 709-1181

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.

Ecohouse Solar

Columbus, OH(614) 456-7641

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Appalachian Renewable Power Systems

Stewart CDP, OH(740) 498-0498

Services

  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Monitoring of independent energy generation.

Power Home Solar

Mooresville, NC(704) 870-3670

Services

  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

Dividend Finance

Cincinnati, OH(415) 805-7000

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Palmetto Solar

Charleston, SC(855) 339-1831

Services

  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

Entero Energy

Austin, TX(512) 551-0742

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

SunPower Corporation

San Jose, CA(800) 786-7693

Services

  • Monitoring of independent energy generation.
  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.

Silver Sun Solar

Deltona, FL(407) 832-42452

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

EIS Solar

Pittsburgh, PA(888) 633-6451

Services

  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

Harvest Solar

Jackson, MI(888) 907-6527

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Consulting on all things solar related.

Fluent Solar

Lehi, UT(844) 220-7415

Services

  • Consulting on all things solar related.
  • Monitoring of independent energy generation.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.

Sunnova Energy

Houston, TX(866) 786-6682

Services

  • Solar systems for selling electricity back to the grid.
  • Monitoring of independent energy generation.
  • Reparation of batteries.
  • Installation of batteries for energy storage.
  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.

GRNE Solar

Palatine, IL(312) 859-3417

Services

  • Consulting on all things solar related.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Sigora Solar

Charlottesville, VA(434) 465-6192

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.

Entegrity

Little Rock, AR(800) 700-1414

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Ideal Energy

Fairfield, IA(800) 634-4454

Services

  • Installation of batteries for energy storage.
  • Reparation of solar arrays.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

City Electric Supply

Dallas, TX(866) 634-9853

Services

  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.
  • Installation of solar arrays.

PowerHome Solar

Mooresville, NC(704) 870-3670

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.

Empire Solar Group

Salt Lake City, UT(800) 467-4562

Services

  • Installation of solar arrays.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.

Precision Renewables

Snyderville CDP, UT(435) 602-4120

Services

  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.
  • Installation of batteries for energy storage.

Icon Solar

Milford, OH(513) 396-7777

Services

  • Installation of solar arrays.
  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.

Mentor-on-the-Lake, OH Solar Panel Cost FAQs

  • As of November, 2024, the average solar panel installation cost in Mentor-on-the-Lake, OH has reached $3.15/W. After the federal tax credit, the estimated cost for a 5 kW solar panel system in Mentor-on-the-Lake, OH is roughly $11,025.
  • Homeowners in Ohio can take advantage of 15 different rebates and incentives from a variety of utility companies and government agencies. Moreover, the 30% federal tax credit is accessible to nearly everyone.
  • Paying cash yields the most savings, but there are now several financing options for solar panels that are also financially beneficial. Many installers have partnerships with financing companies and will include this information in your initial quotes.
  • Yes, in Mentor-on-the-Lake, OH, 5 kW solar panel systems typically pay off in 7 years, and users save around $22,555.8 in electricity costs over 20 years.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-11-01