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.
The national average cost of solar panels is $2.66 per watt, but in Caro it’s 4 per watt.The average solar panel system size in Caro is around 6.2 kilowatts, meaning a cost of about $17,651 for a solar installation, or $25,241 before the 0 federal solar tax credit is applied.
These figures are only averages, and your own solar costs may vary based on your specific situation and what company you go with.With average savings of about $16,000 on energy bills over 20 years, many homeowners in Caro find installing solar panels can be quite rewarding.
To receive a free quote from a highly rated solar installation company in Caro, you can click the button below.
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
Although it's possible to install solar panels on your own, it takes extra effort and knowledge. That's one of the reasons most people choose to go with a solar panel installer. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
Working with a professional solar company can make going solar easier. Here are our recommendations:
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
Outstanding Local Installer
The Green Panel
- Outstanding customer service
- Excellent reputation
- Great warranty coverage
- No leases or PPAs
See all of the solar companies in Caro
Factors that Affect Solar Panel Costs in Caro
There are many criteria that can determine your solar panel 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 cost 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 consumption, which you can determine by looking at past electricity bills. Your overall cost can increase by about $4,060 for each additional kilowatt you need.There are a lot of different solar panel brands and the one you pick also affects the cost. Typically, the brands that are more efficient tend to also cost more. In addition, the type of equipment you’re looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Caro to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to paying more over time due to interest.However, the interest on solar loans also adds to your overall costs, so it’s vital to include that in your estimate as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you pick will play a role in your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor.Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and find a company that offers the products, warranties and services you’re looking for and also is 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
Since the model of solar panels and the installation company you choose considerably affects your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: When looking through your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can research your installer’s reputation is by reading reviews.
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
Outstanding Local Installer
The Green Panel
- Outstanding customer service
- Excellent reputation
- Great warranty coverage
- No leases or PPAs
EcoWatch's Caro, MI Solar Cost FAQs
What is the average cost of installing solar panels in Caro?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $20,300 for a 5-kW system and $40,600 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Caro?
Leasing solar panels can be an attractive choice, as it usually 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 get the most savings.
How will solar panels impact the value of my home?
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% with a solar installation."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can take a 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.