Solar Panel Cost Guide in Bloomfield, MI (2023 Update)
- Bloomfield Solar Installation Cost: $12,156
- 25-Year Savings: $12,964
- Payback Period: 12.1 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Bloomfield
We break down average solar pricing in Bloomfield.
The national average cost of solar panels is $2.66 per watt, but in Bloomfield it's 2.81 per watt. Using this figure, a typical 6.2-kW system would cost about $12,156 before the 30% federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you will most likely differ based on factors unique to your home and what company you want to go with. With average savings of about $15,000 on energy bills over 20 years, many homeowners in Bloomfield find going solar has a decent ROI.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Bloomfield
| Year | Return on Investment |
|---|---|
| 1 years | $-11,151 |
| 3 years | $-9,142 |
| 5 years | $-7,132 |
| 7 years | $-5,123 |
| 9 years | $-3,113 |
| 11 years | $-1,103 |
| 13 years | $906 |
| 15 years | $2,916 |
| 17 years | $4,925 |
| 19 years | $6,935 |
| 21 years | $8,945 |
| 23 years | $10,954 |
| 25 years | $12,964 |
Top Solar Installers in Bloomfield
When switching to solar energy, many homeowners choose to go with a solar installation company since overseeing your solar installation yourself can be a challenging project. A solar company can also help save you money over time by providing warranties, repairs and system component replacements.
You can work with a local solar installer to get a free quote on how much solar panels could cost 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 Bloomfield
Factors that Affect Solar Panel Costs in Bloomfield
For many Bloomfield homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Bloomfield, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,810. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag 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 can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Bloomfield to be too steep, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in a higher cost over time due to interest. However, the interest on solar loans also adds to your total costs, so it's important to keep that in mind as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Bloomfield is the company you get to install your PV system. As with choosing a company to build a deck or pool, for example, there's no shortage of solar installers that provide a range of services for different budgets. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
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 | $12,125 | 12.6 years |
| 8 kW | $2.87 | $16,051 | $16,481 | 12.3 years |
| 10 kW | $2.81 | $19,670 | $20,995 | 12.1 years |
| 12 kW | $2.75 | $23,132 | $25,666 | 11.9 years |
| 14 kW | $2.70 | $26,436 | $30,494 | 11.6 years |
| 16 kW | $2.64 | $29,584 | $35,480 | 11.4 years |
| 18 kW | $2.59 | $32,574 | $40,623 | 11.1 years |
| 20 kW | $2.53 | $35,406 | $45,924 | 10.9 years |
How to Save on Solar Panels
There are numerous companies available in Bloomfield, 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:
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely provide high-quality solar panel installation and expertise.
- Contract: Review the contract terms carefully to make sure you understand the cost breakdown, project timeline rebates and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. While there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of options before deciding.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
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 Bloomfield, MI Solar Cost FAQs
How much does it cost to install solar panels in Bloomfield?
The average cost of solar panels in Bloomfield 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 type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Bloomfield?
Leasing solar panels can be an option if you are unable 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 property 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 bang for your buck from going solar.
Do solar panels increase your home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Bloomfield is currently $478,851, which means you could be looking at a value of about $19,633 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Bloomfield is a rewarding investment.
How long do solar panels last in Bloomfield?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down 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.