Solar Panel Cost Guide in Albion, MI (2023 Update)
- Albion Solar Installation Cost: $12,018
- 25-Year Savings: $23,286
- Payback Period: 8.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Albion
Find out what the average cost of solar panels are in Albion.
The average cost of a solar system in Albion is 2.81 per watt. To cover the typical energy usage of the average home in Albion, most homeowners require a 6.1-kilowatt system. Using the per-watt figure above, a solar installation costs around $12,018, or $17,186 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of going solar can vary based on a few factors, such as what size system you need, your energy usage and what installation company you go with. Despite the high upfront cost, the average Albion homeowner can save around $22,000 on their electricity bills over 20 years, which is one of the perks of solar.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Albion
| Year | Return on Investment |
|---|---|
| 1 years | $-10,606 |
| 3 years | $-7,782 |
| 5 years | $-4,958 |
| 7 years | $-2,133 |
| 9 years | $691 |
| 11 years | $3,516 |
| 13 years | $6,340 |
| 15 years | $9,164 |
| 17 years | $11,989 |
| 19 years | $14,813 |
| 21 years | $17,637 |
| 23 years | $20,462 |
| 25 years | $23,286 |
Top Solar Installers in Albion
When making the switch to solar, many homeowners opt to hire a solar company since installing a solar system yourself can be a difficult project. Plus, warranties and repairs from your solar panel installer can protect your investment and lower the cost of maintenance over time.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some nearby:
Solar Veteran
Michigan Solar Solutions
- Great warranty coverage
- Outstanding customer service
- Offers products from leading manufacturers
- Slightly limited service offerings
- No leases or PPAs
Outstanding Local Installer
Strawberry Solar
- Outstanding customer service
- Representatives are experts on local policies
- Educational, no-pressure sales approach
- Limited warranty coverage
- No leases or PPAs
- Limited brands of solar equipment available
See all of the solar companies in Albion
Factors that Affect Solar Panel Costs in Albion
Even though the average cost of a solar system in Albion is $12,018, your actual cost may differ. There are many factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,810. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Albion, where sunlight isn't as abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Albion to be too costly, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar installer you hire to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Albion, and each can charge different amounts for labor and equipment. 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 promotions 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 | $2.92 | $12,274 | $22,415 | 8.8 years |
| 8 kW | $2.87 | $16,051 | $30,201 | 8.7 years |
| 10 kW | $2.81 | $19,670 | $38,145 | 8.5 years |
| 12 kW | $2.75 | $23,132 | $46,246 | 8.3 years |
| 14 kW | $2.70 | $26,436 | $54,504 | 8.2 years |
| 16 kW | $2.64 | $29,584 | $62,920 | 8.0 years |
| 18 kW | $2.59 | $32,574 | $71,493 | 7.8 years |
| 20 kW | $2.53 | $35,406 | $80,223 | 7.7 years |
How to Save on Solar Panels
There are a large number of companies to choose from in Albion, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: When making the switch to solar energy, it's crucial to maintain an open line of communication with your solar installer. Make sure you understand how the installation process will go and the completion timeline.
- 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 significant role in the company you choose.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: It's important to read through your solar installer's contract fully to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
Solar Veteran
Michigan Solar Solutions
- Great warranty coverage
- Outstanding customer service
- Offers products from leading manufacturers
- Slightly limited service offerings
- No leases or PPAs
Outstanding Local Installer
Strawberry Solar
- Outstanding customer service
- Representatives are experts on local policies
- Educational, no-pressure sales approach
- Limited warranty coverage
- No leases or PPAs
- Limited brands of solar equipment available
EcoWatch's Albion, MI Solar Cost FAQs
How much does it cost to install solar panels in Albion?
The average cost of solar panels in Albion is about $14,050 for a 5-kW system and $28,100 for a 10-kW system before the ITC, but the real cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to think about when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.