Solar Panel Cost Guide in Michigan City, IN (2024 Update)
- Michigan City Solar Installation Cost: $25,814
- 25-Year Savings: $26,318
- Payback Period: 14.9 Years
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Average Cost of Solar Panels in Michigan City
Let’s have a look at the average cost of solar in Michigan City.
While the national average of solar panels is $2.66 per watt, solar panels in Michigan City generally cost around 4.To account for the typical energy needs of the average home in Michigan City, most homeowners require a 9.0-kilowatt system. Using the figure above, a solar installation costs around $25,814, or $36,914 before the federal solar tax credit of 0 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 panels you choose, your solar contractor and more.For many homeowners, the upfront cost of solar power is worth paying. On average Michigan City homeowners see about $18,000 in savings on electricity bills over 20 years.
Click the button below to get connected to a vetted solar panel company in Michigan City for a custom quote.
Solar savings over time in Michigan City
Year | Return on Investment |
---|---|
1 years | $-24,146 |
3 years | $-20,808 |
5 years | $-17,471 |
7 years | $-14,134 |
9 years | $-10,797 |
11 years | $-7,460 |
13 years | $-4,123 |
15 years | $-785 |
17 years | $2,552 |
19 years | $5,889 |
21 years | $9,226 |
23 years | $12,563 |
25 years | $15,900 |
Top Solar Installers in Michigan City
Many homeowners decide to hire a solar panel installer since figuring out how to install solar panels by yourself can be a lot of work. Plus, if you aren’t sure what type of solar panels and equipment you need, a solar company can help you figure that out after a site survey and consultation.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some near you:
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
While the average cost of a solar system in Michigan City is $25,814, your final cost may differ. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. Because of that, it’s crucial to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs.The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your energy bills. In addition, extra products, such as solar batteries, can bump up your total well above the Michigan City average.
Solar Financing Terms
Many homeowners find the average cost of solar in Michigan City to be too costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in a higher cost over time due to interest.It’s a good idea to include the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Michigan City is the company you choose to install your solar system. Similar to choosing a company to renovate your kitchen, for example, there’s no shortage of solar installers that provide a range of services for different budgets.You may notice national solar installers that have lower prices because of their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
Solar Panel Cost Data by System Size
System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
---|---|---|---|---|
6 kW | $4.26 | $17,909 | $10,903 | 15.5 years |
8 kW | $4.18 | $23,419 | $14,997 | 15.2 years |
10 kW | $4.10 | $28,700 | $19,320 | 14.9 years |
12 kW | $4.02 | $33,751 | $23,873 | 14.6 years |
14 kW | $3.94 | $38,573 | $28,655 | 14.3 years |
16 kW | $3.85 | $43,165 | $33,667 | 14.0 years |
18 kW | $3.77 | $47,527 | $38,909 | 13.7 years |
20 kW | $3.69 | $51,660 | $44,380 | 13.4 years |
How to Save on Solar Panels
There are a lot of 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:
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you hire.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years in most cases provide high-quality solar panel installation and expertise.
- Warranty: If you’re concerned about the durability of your solar system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
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
What is the average cost of installing solar panels in Michigan City?
The average cost of solar panels in Michigan City is about $20,500 for a 5-kW system and $41,000 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you consume.
Can you get solar panels for free in Michigan City?
Solar panels aren’t free in Michigan City, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is switching to solar power worth it?
Solar panels can be a beneficial investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.