Solar Panel Cost Guide in Caro, MI (2023 Update)
- Caro Solar Installation Cost: $12,216
- 25-Year Savings: $14,436
- Payback Period: 11.5 Years
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Updated September 15, 2023
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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 2.81 per watt. The average Caro homeowner needs a 6.2-kilowatt system, which would cost about $12,215 with the federal tax credit, or $17,467 before the 30% tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Caro homeowners. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find going solar is a fruitful investment. The average homeowner in Caro can save about $16,000 on their energy bills over 20 years.
To receive a free quote from a top solar installation company in Caro, you can click the button below.
Solar savings over time in Caro
| Year | Return on Investment |
|---|---|
| 1 years | $-10,824 |
| 3 years | $-8,039 |
| 5 years | $-5,255 |
| 7 years | $-2,470 |
| 9 years | $315 |
| 11 years | $3,099 |
| 13 years | $5,884 |
| 15 years | $8,669 |
| 17 years | $11,453 |
| 19 years | $14,238 |
| 21 years | $17,023 |
| 23 years | $19,807 |
| 25 years | $22,592 |
Top Solar Installers in Caro
Although you can install solar panels yourself, it takes extra effort and expertise. That's one of the reasons most homeowners choose a solar panel installer. Also, companies with a good 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 licensed solar installer 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
See all of the solar companies in Caro
Factors that Affect Solar Panel Costs in Caro
There are a number of factors that can determine 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
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. Because of that, it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use. The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a big investment. That's why many Caro homeowners decide to finance their solar panel systems to make paying for solar more affordable. Although solar loans make adopting solar energy more accessible for Caro homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
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.