Solar Panel Cost Guide in Buchanan, MI (2023 Update)
- Buchanan Solar Installation Cost: $11,645
- 25-Year Savings: $13,537
- Payback Period: 11.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Buchanan
See how much it might cost to go solar in Buchanan.
In Buchanan, solar panels cost about 2.81 per watt on average. To account for the typical energy needs of the average home in Buchanan, most homeowners require a 5.9-kilowatt system. Using the per-watt figure above, a solar installation costs about $11,645, or $16,652 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy consumption, the type of equipment you want, your solar contractor and more. Many homeowners find going solar is a sound investment. The average homeowner in Buchanan can save around $16,000 on their energy bills over 20 years.
To get a free estimate from a pre-vetted solar installer in Buchanan, you can click the button below.
Solar savings over time in Buchanan
| Year | Return on Investment |
|---|---|
| 1 years | $-10,637 |
| 3 years | $-8,623 |
| 5 years | $-6,608 |
| 7 years | $-4,594 |
| 9 years | $-2,579 |
| 11 years | $-565 |
| 13 years | $1,450 |
| 15 years | $3,464 |
| 17 years | $5,479 |
| 19 years | $7,493 |
| 21 years | $9,508 |
| 23 years | $11,522 |
| 25 years | $13,537 |
Top Solar Installers in Buchanan
Many homeowners opt for a solar installer since installing solar panels by yourself can be time-consuming. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and system component replacements.
If you're looking for a solar company in Buchanan, the EcoWatch team has compiled a list of our top suggestions here:
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 Buchanan
Factors that Affect Solar Panel Costs in Buchanan
Although the average cost of a solar system in Buchanan is $11,645, your final cost may differ. There are many factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to consider.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend about $2,810 per kilowatt in Buchanan. The kind of solar panels and equipment you want is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that's in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are available from most installers in Buchanan, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable. You'll have to consider the long-term cost of financing options, 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 more than the principal cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs remarkably.
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 Buchanan is the company you choose to install your solar system. Similar to choosing a company to install new cabinets, for instance, there's no shortage of solar installers that offer a range of services at different price points. You may see 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 specials 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 | $13,230 | 12.0 years |
| 8 kW | $2.87 | $16,051 | $17,955 | 11.8 years |
| 10 kW | $2.81 | $19,670 | $22,837 | 11.6 years |
| 12 kW | $2.75 | $23,132 | $27,877 | 11.3 years |
| 14 kW | $2.70 | $26,436 | $33,074 | 11.1 years |
| 16 kW | $2.64 | $29,584 | $38,428 | 10.9 years |
| 18 kW | $2.59 | $32,574 | $43,939 | 10.6 years |
| 20 kW | $2.53 | $35,406 | $49,608 | 10.4 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose has an impact on your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. While there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you ask for their list of offerings before making your decision.
- Contract: Look through the contract terms closely to make sure you understand the total cost, project completion timeline incentives and warranties.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running for a long time and save you money on part replacement and repairs.
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 Buchanan, MI Solar Cost FAQs
How much does it cost to install solar panels in Buchanan?
The average cost of solar panels in Buchanan 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 such as the kind 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 Buchanan?
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 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 financial benefits from going solar.
Is going solar worth it?
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 many solar panels should I get to power 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 typically produce about 250 to 400 watt-hours per hour, the average house 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.