Solar Panel Cost Guide in Bloomfield Hills, MI (2024 Update)
- Bloomfield Hills Solar Installation Cost: $17,556
- 25-Year Savings: $12,969
- Payback Period: 17.5 Years
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Average Cost of Solar Panels in Bloomfield Hills
We go over average solar pricing in Bloomfield Hills.
The national average cost of solar panels is $2.66 per watt, but in Bloomfield Hills it’s 4 per watt.The average solar panel system size in Bloomfield Hills is around 6.2 kilowatts, meaning a cost of about $17,556 for a solar installation, or $25,105 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy use, the type of solar panels you want to get, your solar contractor and more.Many homeowners find installing solar panels is a sound investment. The average homeowner in Bloomfield Hills can save around $15,000 on their energy bills over 20 years.
To get a free estimate from a pre-vetted solar company in Bloomfield Hills, you can click the button below.
Solar savings over time in Bloomfield Hills
| Year | Return on Investment |
|---|---|
| 1 years | $-16,163 |
| 3 years | $-13,379 |
| 5 years | $-10,594 |
| 7 years | $-7,809 |
| 9 years | $-5,025 |
| 11 years | $-2,240 |
| 13 years | $545 |
| 15 years | $3,329 |
| 17 years | $6,114 |
| 19 years | $8,899 |
| 21 years | $11,683 |
| 23 years | $14,468 |
| 25 years | $17,253 |
Top Solar Installers in Bloomfield Hills
Trying to install solar panels yourself can be a challenging project, which is why hiring a solar installation company is a good option for many homeowners. Some solar installers, especially local ones, can help you better understand incentives in Bloomfield Hills, optimizing your ROI.
If you’d like to switch to solar energy but still aren’t certain which solar system installer to go with, here are our recommendations for providers nearby:
See all of the solar companies in Bloomfield Hills
Factors that Affect Solar Panel Costs in Bloomfield Hills
There are many factors that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That’s why it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Bloomfield Hills, where sunlight isn’t as abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are provided by most installers in Bloomfield Hills, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible.Although solar loans make adopting solar energy more accessible for Bloomfield Hills homeowners, they can also increase the total you pay for your system due to interest. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Bloomfield Hills is the company you choose to install your solar panel system. As with choosing a company to install new cabinets, for example, there’s no shortage of solar installers that offer a range of services at different price points.You may come across national solar installers that have lower prices due to 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 | $4.22 | $17,734 | $6,665 | 18.2 years |
| 8 kW | $4.14 | $23,191 | $9,341 | 17.8 years |
| 10 kW | $4.06 | $28,420 | $12,245 | 17.5 years |
| 12 kW | $3.98 | $33,422 | $15,376 | 17.1 years |
| 14 kW | $3.90 | $38,196 | $18,734 | 16.8 years |
| 16 kW | $3.82 | $42,744 | $22,320 | 16.4 years |
| 18 kW | $3.74 | $47,064 | $26,133 | 16.1 years |
| 20 kW | $3.65 | $51,156 | $30,174 | 15.7 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running for a long time and save you money on repairs and maintenance.
- Installation Process: When making the switch to solar, it’s crucial to maintain an open line of communication with your solar panel installer. Make sure you understand how the installation process works and the project completion timeline.
- Contract: When reading through your solar installer’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Solar Panel Brands: Different companies will have various brands and types of panels. If you prefer a specific brand, make sure the solar installer you’re considering has it.
EcoWatch's Bloomfield Hills, MI Solar Cost FAQs
What is the average cost of installing solar panels in Bloomfield Hills?
This is a hard question to answer exactly, because the cost depends on a few different 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 other solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
What other factors should I consider aside 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.
Can solar panels significantly reduce my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Bloomfield Hills, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can 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 get 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.