Solar Panel Cost Guide in Caro, MI (2024 Update)
- Caro Solar Installation Cost: $17,651
- 25-Year Savings: $14,436
- Payback Period: 16.6 Years
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Average Cost of Solar Panels in Caro
We break down average solar pricing in Caro.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Caro, the average cost of solar panels is 4 per watt.Since a 6.2-kW system is needed to cover the energy usage of a typical home in Caro, the average price of going solar will be about $17,651 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of installing solar panels can vary quite a bit based on multiple factors, such as how many panels you need, your energy usage and what company you go with.Many homeowners find going solar is a solid investment. The average homeowner in Caro can save around $16,000 on their electricity bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Caro that can help you get a more accurate cost estimate for your home.
Solar savings over time in Caro
| Year | Return on Investment |
|---|---|
| 1 years | $-16,258 |
| 3 years | $-13,474 |
| 5 years | $-10,689 |
| 7 years | $-7,904 |
| 9 years | $-5,120 |
| 11 years | $-2,335 |
| 13 years | $450 |
| 15 years | $3,234 |
| 17 years | $6,019 |
| 19 years | $8,804 |
| 21 years | $11,588 |
| 23 years | $14,373 |
| 25 years | $17,158 |
Top Solar Installers in Caro
DIY solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Using a solar panel installer can make your switch to solar power much easier. Companies can also have access to a large variety of the best solar panels and help you decide which one will be right for your home.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Caro
Factors that Affect Solar Panel Costs in Caro
There are several factors that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
When it comes to estimating the price of a solar panel system in Caro, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can figure out by looking at past power bills. Your overall cost can increase by around $4,060 for each additional kilowatt you need.Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Caro, where sunlight isn’t as abundant, efficiency can quickly pay off. In addition, 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
If paying for solar panels in cash is out of reach, solar loans are a solid choice because they cut back your upfront costs and allow you to pay for your system over five to seven years on average.Even though solar loans make switching to solar energy more accessible for Caro homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can play a role in determining the cost. Caro’s solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and decide on the company that provides the products, warranties and services you want and also fits within your budget.
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 | $8,014 | 17.2 years |
| 8 kW | $4.14 | $23,191 | $11,140 | 16.9 years |
| 10 kW | $4.06 | $28,420 | $14,493 | 16.6 years |
| 12 kW | $3.98 | $33,422 | $18,074 | 16.2 years |
| 14 kW | $3.90 | $38,196 | $21,882 | 15.9 years |
| 16 kW | $3.82 | $42,744 | $25,917 | 15.6 years |
| 18 kW | $3.74 | $47,064 | $30,180 | 15.2 years |
| 20 kW | $3.65 | $51,156 | $34,670 | 14.9 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 brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: The type of solar panel you want to get plays a part in which installer you should go with, since different companies offer different panels.
- Warranty: If you’re concerned about the endurance of your solar panels, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Although reading through a contract can take a lot of time, it’s important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely provide quality solar panel installation and expertise.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Caro, MI Solar Cost FAQs
How much does it cost to install solar panels in Caro?
The average cost of solar panels in Caro is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Caro?
Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
How will installing solar panels impact my home value?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don’t choose 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 solar panels."
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 uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average household 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.