Solar Panel Cost Guide in Bloomfield Hills, MI (2023 Update)
- Bloomfield Hills Solar Installation Cost: $12,151
- 25-Year Savings: $12,969
- Payback Period: 12.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Bloomfield Hills
Let's take a look at the average cost of solar panels in Bloomfield Hills.
The national average cost of solar panels is $2.66 per watt, but in Bloomfield Hills it's 2.81 per watt. To account for the typical energy needs of the average home in Bloomfield Hills, most homeowners require a 6.2-kilowatt system. Using the per-watt figure above, a solar installation costs about $12,156, or $17,383 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average Bloomfield Hills homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. With average savings of about $15,000 on electricity bills over 20 years, many homeowners in Bloomfield Hills find installing solar panels can pay off big.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Bloomfield Hills
| Year | Return on Investment |
|---|---|
| 1 years | $-10,758 |
| 3 years | $-7,974 |
| 5 years | $-5,189 |
| 7 years | $-2,404 |
| 9 years | $380 |
| 11 years | $3,165 |
| 13 years | $5,950 |
| 15 years | $8,734 |
| 17 years | $11,519 |
| 19 years | $14,304 |
| 21 years | $17,088 |
| 23 years | $19,873 |
| 25 years | $22,658 |
Top Solar Installers in Bloomfield Hills
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Hiring a solar panel installer can make your swap to solar power much easier. Plus, if you're unsure what kind of solar panels and equipment you need, a solar expert can help you find the right equipment for you after a site survey and consultation.
You can get a free quote from a local solar installer on the cost of solar panels 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
For many Bloomfield Hills homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Bloomfield Hills, with typical prices between $20,000 to $40,000. There are a few factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Bloomfield Hills, 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 consumption, which you can figure out by looking at past electricity bills. Your overall cost can increase by around $2,810 for each additional kilowatt you need. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your energy bills. Additionally, extra products, like solar batteries, can bump up your total well above the Bloomfield Hills average.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That's why many Bloomfield Hills homeowners opt to finance their solar panel systems to make paying for solar more affordable. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can affect how much it costs. Bloomfield Hills' solar companies all have different labor costs and add varying upcharges to equipment. 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 add-on services like electric car 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
Since the model of solar panels and the company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should secure and how long the project will take.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. Two 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 satisfied reviews from previous customers.
- Contract: It's important to read your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
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?
This is a tough question to answer exactly, because the cost depends on many factors. Broadly 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 higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Bloomfield Hills?
Leasing solar panels can be an option if you can't 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 financial benefits from going solar.
How will solar panels impact my home value?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.