Solar Panel Cost Guide in Bloomfield Hills, MI (Mar 2023)
- Bloomfield Hills Solar Installation Cost: $12,156
- 25-Year Savings: $12,964
- Payback Period: 12.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Bloomfield Hills
We break down average solar pricing in Bloomfield Hills.
In Bloomfield Hills, solar panels cost about 2.81 per watt on average. Since a 6.2-kW system is needed to cover the energy needs of a typical home in Bloomfield Hills, the average price of going solar will be about $12,156 after claiming the federal solar tax credit of 30%.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy consumption, the type of equipment you choose, your solar contractor and more. Many homeowners find adopting solar power is a sound investment. The average homeowner in Bloomfield Hills can save around $15,000 on their energy bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Bloomfield Hills
| 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 Hills
Putting up solar panels on your own can be a stressful project, which is why getting a solar installation company is a good option for many homeowners. Plus, if you're unsure what type of solar panels and equipment you want, a solar expert can help you figure that out after a site survey and consultation.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some near you:
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 Hills
Factors that Affect Solar Panel Costs in Bloomfield Hills
The cost of installing a solar system in Bloomfield Hills can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system you need, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of a solar energy system in Bloomfield Hills, one of the most crucial 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 consumption, which you can gauge by looking at past energy bills. Your total cost can increase by around $2,810 for each additional kilowatt you need. There are several different solar panel brands and the one you pick also affects the cost. In many cases, the brands that are more efficient tend to also cost more. Plus, the type of equipment you're looking to install 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
If paying for a solar system out of pocket is out of reach, solar loans are a solid route because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Bloomfield Hills is the company you hire to install your solar system. As with choosing a company to build a deck or pool, for example, you'll have many options for solar installers that offer a range of services for different budgets. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials 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 | $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
The solar panel company you opt for will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should take into account, including:
- Reputation: Long-running companies likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
- Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should acquire and what the project timeline is.
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 Hills, MI Solar Cost FAQs
What is the average cost of installing solar panels in Bloomfield Hills?
The average cost of solar panels in Bloomfield Hills 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 stuff like the type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Bloomfield Hills?
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 don't have access to 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 savings from going solar.
Is it worth going solar in Bloomfield Hills?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
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 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.