Solar Panel Cost Guide in Caro, MI (Mar 2023)
- Caro Solar Installation Cost: $12,215
- 25-Year Savings: $14,437
- Payback Period: 11.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Caro
We go over average solar pricing in Caro.
The national average cost of solar panels is $2.66 per watt, but in Caro it's 2.81 per watt. To account for the typical energy needs of the average home in Caro, most homeowners require a 6.2-kilowatt system. Using the figure above, a solar installation costs around $12,215, or $17,467 before the federal solar tax credit of 30% is applied.
How much you pay can go higher or lower than the average in Caro depending on several factors, such as the type of solar panels you choose and the solar installer you hire. But, once you've paid the upfront cost of installation, the savings for most homeowners is quite good, with a net average savings of about $16,000 over 20 years on electricity bills.
Click the button below to get connected to a top solar company in your area for a customized quote.
Solar savings over time in Caro
| Year | Return on Investment |
|---|---|
| 1 years | $-11,149 |
| 3 years | $-9,017 |
| 5 years | $-6,885 |
| 7 years | $-4,753 |
| 9 years | $-2,620 |
| 11 years | $-488 |
| 13 years | $1,644 |
| 15 years | $3,776 |
| 17 years | $5,908 |
| 19 years | $8,040 |
| 21 years | $10,173 |
| 23 years | $12,305 |
| 25 years | $14,437 |
Top Solar Installers in Caro
Trying to put up solar panels yourself can be a stressful task, which is why using a solar installer is a good option for many homeowners. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term due to their warranties, repair services and expert design.
If you're looking for a solar company in Caro, the EcoWatch team has put together 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 Caro
Factors that Affect Solar Panel Costs in Caro
There are a number of factors that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend about $2,810 per kilowatt in Caro. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Caro to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans substantially decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest. When figuring out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The final major cost factor you should keep in mind is the installer you choose. Given the growing popularity of clean energy solutions in Caro, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in Caro know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $13,474 | 11.9 years |
| 8 kW | $2.87 | $16,051 | $18,280 | 11.7 years |
| 10 kW | $2.81 | $19,670 | $23,243 | 11.5 years |
| 12 kW | $2.75 | $23,132 | $28,364 | 11.2 years |
| 14 kW | $2.70 | $26,436 | $33,642 | 11.0 years |
| 16 kW | $2.64 | $29,584 | $39,077 | 10.8 years |
| 18 kW | $2.59 | $32,574 | $44,670 | 10.5 years |
| 20 kW | $2.53 | $35,406 | $50,420 | 10.3 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable 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 good reviews from previous customers.
- Solar Panel Brands: The model of solar panel you need plays a role in which company you should choose, since different companies offer different panels.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Contract: Before signing a contract with a solar company, make sure to read it through completely so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
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?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Generally 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 extra solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Caro?
Leasing solar panels can be an appealing choice, as it commonly 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
How much can I save on energy bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Caro, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.