Solar Panel Cost Guide in Algonac, MI (2024 Update)
- Algonac Solar Installation Cost: $16,921
- 25-Year Savings: $13,409
- Payback Period: 16.8 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Algonac
Find out what the average cost of solar panels are in Algonac.
The national average cost of solar panels is $2.66 per watt, but in Algonac it’s 4 per watt.The average solar panel system size in Algonac is around 6.0 kilowatts, meaning a cost of about $16,921 for a solar installation, or $24,197 before the 0 federal solar tax credit is applied.
The actual price you pay can go above or below the average in Algonac based on several factors, such as the kind of solar panels you choose and the solar contractor you hire.But, after you've paid the initial cost of installation, the return on investment for most homeowners is usually good, with a net average savings of about $16,000 over 20 years on electricity bills.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Algonac
| Year | Return on Investment |
|---|---|
| 1 years | $-15,529 |
| 3 years | $-12,744 |
| 5 years | $-9,959 |
| 7 years | $-7,175 |
| 9 years | $-4,390 |
| 11 years | $-1,605 |
| 13 years | $1,179 |
| 15 years | $3,964 |
| 17 years | $6,749 |
| 19 years | $9,533 |
| 21 years | $12,318 |
| 23 years | $15,103 |
| 25 years | $17,887 |
Top Solar Installers in Algonac
When making the switch to solar, many homeowners prefer to hire a solar installer since putting up solar panels yourself can be a difficult project. Solar warranties and repairs are ordinarily included in the cost of installation when you opt for a solar company too, which can save you more money over time.
If you’d like to switch to solar energy but still aren’t sure which solar installer to go with, here are our recommendations for providers 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
Outstanding Local Installer
The Green Panel
- Outstanding customer service
- Excellent reputation
- Great warranty coverage
- No leases or PPAs
See all of the solar companies in Algonac
Factors that Affect Solar Panel Costs in Algonac
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that determine your overall cost in Algonac: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $4,060.The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar companies in Algonac provide solar loans, which reduce your upfront costs of installing solar panels.When estimating your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The remaining significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of clean energy solutions in Algonac, you’ll have lots of options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in Algonac know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 | $4.22 | $17,734 | $7,580 | 17.5 years |
| 8 kW | $4.14 | $23,191 | $10,562 | 17.2 years |
| 10 kW | $4.06 | $28,420 | $13,770 | 16.8 years |
| 12 kW | $3.98 | $33,422 | $17,206 | 16.5 years |
| 14 kW | $3.90 | $38,196 | $20,870 | 16.2 years |
| 16 kW | $3.82 | $42,744 | $24,761 | 15.8 years |
| 18 kW | $3.74 | $47,064 | $28,879 | 15.5 years |
| 20 kW | $3.65 | $51,156 | $33,225 | 15.2 years |
How to Save on Solar Panels
There are many companies available in Algonac, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: The type of solar panel you’d like to get plays a role in which installer you should opt for, since different companies offer different panels.
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and how long it will take.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Warranty: Warranties that cover defective panels and repairs over around 25 years are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
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
Outstanding Local Installer
The Green Panel
- Outstanding customer service
- Excellent reputation
- Great warranty coverage
- No leases or PPAs
EcoWatch's Algonac, MI Solar Cost FAQs
What is the average cost of installing solar panels in Algonac?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $20,300 for a 5-kW system and $40,600 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Algonac?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Can solar panels significantly reduce my power bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Algonac, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.