Solar Panel Cost Guide in Cambridge, MI (2023 Update)
- Cambridge Solar Installation Cost: $11,999
- 25-Year Savings: $23,023
- Payback Period: 8.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Cambridge
Find out what the average cost of solar panel installation is in Cambridge.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Cambridge, the typical cost of a solar system is 2.81 per watt. The average Cambridge homeowner needs a 6.1-kilowatt system, which would cost about $11,999 with the federal tax credit, or $17,159 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The true cost of going solar can vary based on multiple factors, such as how many panels you need, your energy usage and what installation company you go with. For many homeowners, the upfront cost of solar power is worth paying. On average homeowners in Cambridge see about $22,000 in savings on energy bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Cambridge
| Year | Return on Investment |
|---|---|
| 1 years | $-10,598 |
| 3 years | $-7,796 |
| 5 years | $-4,994 |
| 7 years | $-2,193 |
| 9 years | $609 |
| 11 years | $3,411 |
| 13 years | $6,213 |
| 15 years | $9,015 |
| 17 years | $11,816 |
| 19 years | $14,618 |
| 21 years | $17,420 |
| 23 years | $20,222 |
| 25 years | $23,023 |
Top Solar Installers in Cambridge
When switching to solar energy, many homeowners prefer to hire a solar company since putting up a solar system yourself can be a difficult project. The expertise that solar installers provide can be helpful as well, especially if you aren't sure what kind of solar equipment would be right for your home.
There are several licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Cambridge
Factors that Affect Solar Panel Costs in Cambridge
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few major factors that determine your overall cost in Cambridge: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,810. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for 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 power bills. In addition, add-on products, like solar batteries, can bump up your total well above the Cambridge average.
Solar Financing Terms
Most solar installers in Cambridge provide solar loans, which reduce the initial cost of installing a solar system. However, the interest on solar loans also increases your total costs, so it's crucial to include that in your estimate as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
Finally, the company you choose to install your solar system can impact your pricing. Cambridge's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional 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 | $22,173 | 8.9 years |
| 8 kW | $2.87 | $16,051 | $29,879 | 8.7 years |
| 10 kW | $2.81 | $19,670 | $37,742 | 8.6 years |
| 12 kW | $2.75 | $23,132 | $45,762 | 8.4 years |
| 14 kW | $2.70 | $26,436 | $53,940 | 8.2 years |
| 16 kW | $2.64 | $29,584 | $62,275 | 8.1 years |
| 18 kW | $2.59 | $32,574 | $70,767 | 7.9 years |
| 20 kW | $2.53 | $35,406 | $79,417 | 7.7 years |
How to Save on Solar Panels
The solar panel company you opt for will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should keep in mind, including:
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Solar Panel Brands: Different companies offer different brands and kinds of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Though reading through a contract can be tedious, it's important to do it thoroughly so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
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 Cambridge, MI Solar Cost FAQs
What is the average cost of installing solar panels in Cambridge?
The average cost of solar panels in Cambridge 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 certain factors 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 Cambridge?
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 bang for your buck from going solar.
Is switching to solar power worth it?
Solar panels can be a fruitful investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home requires 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.