Solar Panel Cost Guide in Michigan City, IN (2023 Update)
- Michigan City Solar Installation Cost: $16,865
- 25-Year Savings: $26,327
- Payback Period: 9.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Michigan City
Find out what the average cost of solar panel installation is in Michigan City.
The average cost of solar panels in Michigan City is 2.68 per watt. The average Michigan City homeowner needs a 9.0-kilowatt system, which would cost about $16,865 with the federal tax credit, or $24,117 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy consumption, the type of solar system you want, your solar contractor and more. For many homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $18,000 in savings on electricity bills over 20 years.
Click the button below to get connected to a reputable solar installer in Michigan City for a customized quote.
Solar savings over time in Michigan City
| Year | Return on Investment |
|---|---|
| 1 years | $-15,138 |
| 3 years | $-11,682 |
| 5 years | $-8,227 |
| 7 years | $-4,772 |
| 9 years | $-1,316 |
| 11 years | $2,139 |
| 13 years | $5,594 |
| 15 years | $9,050 |
| 17 years | $12,505 |
| 19 years | $15,960 |
| 21 years | $19,416 |
| 23 years | $22,871 |
| 25 years | $26,327 |
Top Solar Installers in Michigan City
Although you can install solar panels yourself, it requires extra time and knowledge. For that reason, almost all homeowners choose to go with a solar panel installer. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
If you're looking for a solar installer in Michigan City, the EcoWatch team has organized a list of our top suggestions here:
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Michigan City
Factors that Affect Solar Panel Costs in Michigan City
The cost of installing a solar system in Michigan City can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay around $2,680 per kilowatt in Michigan City. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are offered by most installers in Michigan City, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable. However, the interest on solar loans also adds to your all-in costs, so it's important to take that into consideration as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you hire to handle your switch to solar energy can play a role in your total costs. There are about 3 solar installation companies in Michigan City, and each can charge varying amounts for labor and equipment. Additionally, some companies in Michigan City know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.79 | $11,706 | $17,106 | 10.2 years |
| 8 kW | $2.73 | $15,308 | $23,108 | 10.0 years |
| 10 kW | $2.68 | $18,760 | $29,260 | 9.8 years |
| 12 kW | $2.63 | $22,062 | $35,562 | 9.6 years |
| 14 kW | $2.57 | $25,213 | $42,015 | 9.4 years |
| 16 kW | $2.52 | $28,215 | $48,617 | 9.2 years |
| 18 kW | $2.47 | $31,067 | $55,369 | 9.0 years |
| 20 kW | $2.41 | $33,768 | $62,272 | 8.8 years |
How to Save on Solar Panels
There are many companies to choose from in Michigan City, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years most likely offer high-quality solar panel installation and expertise.
- Contract: Before you sign a contract with a solar company, make sure to read it through fully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Michigan City, IN Solar Cost FAQs
How much does it cost to install solar panels in Michigan City?
The average cost of solar panels in Michigan City is about $13,400 for a 5-kW system and $26,800 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on energy bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $960.40 per year.
How long do solar panels last in Michigan City?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.