Solar Panel Cost Guide in Bay City, MI (2024 Update)
- Bay City Solar Installation Cost: $17,495
- 25-Year Savings: $20,131
- Payback Period: 13.6 Years
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Average Cost of Solar Panels in Bay City
Let’s take a look at the average cost of solar in Bay City.
Although the national average of solar panels is $2.66 per watt, solar panels in Bay City generally cost about 4.To cover the typical energy needs of the average home in Bay City, most homeowners require a 6.2-kilowatt system. Using the per-watt figure above, a solar installation costs about $17,495, or $25,018 before the federal solar tax credit of 0 is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy use, the type of solar system you choose, your solar contractor and more.For many homeowners, the upfront cost of solar power is worth paying. On average homeowners in Bay City see about $20,000 in savings on energy bills over 20 years.
To get a free estimate from a highly rated solar installation company in Bay City, you can click the button below.
Solar savings over time in Bay City
| Year | Return on Investment |
|---|---|
| 1 years | $-16,295 |
| 3 years | $-13,894 |
| 5 years | $-11,494 |
| 7 years | $-9,093 |
| 9 years | $-6,693 |
| 11 years | $-4,292 |
| 13 years | $-1,892 |
| 15 years | $509 |
| 17 years | $2,909 |
| 19 years | $5,310 |
| 21 years | $7,710 |
| 23 years | $10,111 |
| 25 years | $12,511 |
Top Solar Installers in Bay City
Installing solar panels on your own can be a challenging task, which is why hiring a solar installation company is a good option for many homeowners. The payback period on an investment in solar panels will vary based on factors like your location and energy use, but going with a solar installer can shorten it. Your provider will be able to help you apply for incentives available in your area.
If you’d like to start using solar energy but still aren’t sure which solar installer to go with, here are our recommendations for providers in Bay City:
See all of the solar companies in Bay City
Factors that Affect Solar Panel Costs in Bay City
There are many criteria that can determine your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production need 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 $4,060.The kind of solar panels and equipment you get is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment is more than just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
Most solar companies in Bay City offer solar loans, which reduce the initial cost of installing solar.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can influence the cost. Bay City’s solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and go with the company that offers the products, warranties and services you’re looking for and also fit into your budget.
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 | $13,690 | 14.1 years |
| 8 kW | $4.14 | $23,191 | $18,707 | 13.8 years |
| 10 kW | $4.06 | $28,420 | $23,953 | 13.6 years |
| 12 kW | $3.98 | $33,422 | $29,425 | 13.3 years |
| 14 kW | $3.90 | $38,196 | $35,125 | 13.0 years |
| 16 kW | $3.82 | $42,744 | $41,053 | 12.8 years |
| 18 kW | $3.74 | $47,064 | $47,207 | 12.5 years |
| 20 kW | $3.65 | $51,156 | $53,589 | 12.2 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since picking a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Contract: Before signing a contract with a solar installer, make sure to read it through carefully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. While there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to peruse their list of options before making your decision.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
EcoWatch's Bay City, MI Solar Cost FAQs
What is the average cost of installing solar panels in Bay City?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $20,300 for a 5-kW system and $40,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional 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 efficient solar panels.
Should I lease or buy solar panels in Bay City?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Can solar panels eliminate my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,047.45 per year.
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 amount 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.