Solar Panel Cost Guide in Beechwood, MI (2023 Update)
- Beechwood Solar Installation Cost: $11,664
- 25-Year Savings: $22,840
- Payback Period: 8.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Beechwood
See how much it might cost to install solar panels in Beechwood.
The average cost of solar panels in Beechwood is 2.81 per watt. Using this figure, a typical 5.9-kW system would cost about $11,664 before the 30% federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you may look different based on your specific situation and what company you want to go with. For many homeowners, the upfront cost of solar panels is worth paying. On average Beechwood homeowners see about $22,000 in savings on energy bills over 20 years.
You can click the button below to get connected with a top solar company in Beechwood for a quote for your home.
Solar savings over time in Beechwood
| Year | Return on Investment |
|---|---|
| 1 years | $-10,284 |
| 3 years | $-7,524 |
| 5 years | $-4,763 |
| 7 years | $-2,003 |
| 9 years | $757 |
| 11 years | $3,518 |
| 13 years | $6,278 |
| 15 years | $9,038 |
| 17 years | $11,799 |
| 19 years | $14,559 |
| 21 years | $17,319 |
| 23 years | $20,080 |
| 25 years | $22,840 |
Top Solar Installers in Beechwood
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Taking advantage of a solar panel installer can make your switch to solar power much easier. Another upside of using a solar company is that they can help you maximize your return of investment by lowering your future costs of repairs and replacements because of warranties and giving you information on local incentives you can take advantage of.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost for your home. Here are some in Beechwood:
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 Beechwood
Factors that Affect Solar Panel Costs in Beechwood
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that will push your cost above or below the average in Beechwood: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar system in Beechwood, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can figure out by looking at past electricity bills. Your total cost can increase by about $2,810 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you pick also changes the cost. In general, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you choose can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Beechwood have solar loans, which reduce your upfront costs of installing solar. When figuring out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar panel installer you choose will play a role in your total cost to go solar. Different companies will charge different amounts for the equipment and labor. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $22,637 | 8.8 years |
| 8 kW | $2.87 | $16,051 | $30,497 | 8.6 years |
| 10 kW | $2.81 | $19,670 | $38,514 | 8.5 years |
| 12 kW | $2.75 | $23,132 | $46,689 | 8.3 years |
| 14 kW | $2.70 | $26,436 | $55,022 | 8.1 years |
| 16 kW | $2.64 | $29,584 | $63,512 | 7.9 years |
| 18 kW | $2.59 | $32,574 | $72,159 | 7.8 years |
| 20 kW | $2.53 | $35,406 | $80,963 | 7.6 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. Because choosing a company can be a tough decision, we have some tips to help you, such as:
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Different companies will offer various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
- Contract: Before signing a contract with a solar installer, make sure you look it over completely so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
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 Beechwood, MI Solar Cost FAQs
How much does it cost to install solar panels in Beechwood?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $14,050 for a 5-kW system and $28,100 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will installing solar panels impact my property value?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Beechwood?
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.