Solar Panel Cost Guide in Chocolay, MI (2024 Update)
- Chocolay Solar Installation Cost: $17,972
- 25-Year Savings: $35,854
- Payback Period: 9.3 Years
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Average Cost of Solar Panels in Chocolay
Find out what the average cost of solar panels are in Chocolay.
The average cost of a solar panel system in Chocolay is 4 per watt.Using this figure, a typical 6.3-kW system would cost about $17,972 before the 0 federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Chocolay homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.For many homeowners, the upfront investment in solar power is worth paying. On average Chocolay homeowners see about $29,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a vetted solar company in Chocolay for a quote for your home.
Solar savings over time in Chocolay
| Year | Return on Investment |
|---|---|
| 1 years | $-16,178 |
| 3 years | $-12,588 |
| 5 years | $-8,999 |
| 7 years | $-5,409 |
| 9 years | $-1,820 |
| 11 years | $1,769 |
| 13 years | $5,359 |
| 15 years | $8,948 |
| 17 years | $12,538 |
| 19 years | $16,127 |
| 21 years | $19,717 |
| 23 years | $23,306 |
| 25 years | $26,895 |
Top Solar Installers in Chocolay
Although it's possible to install solar panels by yourself, it requires extra effort and know-how. That's why the majority of homeowners choose to hire a solar panel installer. The payback period on a solar system will vary depending on factors like your location and energy needs, but working with a solar installer can shorten it. Your provider will be able to help you identify incentives available in your area.
Working with a vetted solar company can help your solar project go smoothly. Here are our recommendations:
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 Chocolay
Factors that Affect Solar Panel Costs in Chocolay
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that will push your cost above or below the average in Chocolay: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. That’s why it’s important to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Chocolay, 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 more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase 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 Chocolay homeowners decide to finance their solar panel systems to make paying for solar more affordable.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Finally, the company you get to install your solar panels can affect how much it costs. Chocolay’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on 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 | $4.22 | $17,734 | $28,085 | 9.7 years |
| 8 kW | $4.14 | $23,191 | $37,901 | 9.5 years |
| 10 kW | $4.06 | $28,420 | $47,945 | 9.3 years |
| 12 kW | $3.98 | $33,422 | $58,216 | 9.1 years |
| 14 kW | $3.90 | $38,196 | $68,715 | 8.9 years |
| 16 kW | $3.82 | $42,744 | $79,441 | 8.7 years |
| 18 kW | $3.74 | $47,064 | $90,394 | 8.6 years |
| 20 kW | $3.65 | $51,156 | $101,574 | 8.4 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 models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Contract: When reading over 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 if the company goes out of business.
- Installation Process: Make sure you’re aligned with the installer regarding how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running smoothly and save you money on repairs and maintenance.
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 Chocolay, MI Solar Cost FAQs
How much does it cost to install solar panels in Chocolay?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $20,300 for a 5-kW system and $40,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Chocolay?
Leasing solar panels can be an option if you can’t pay upfront or secure 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 savings from going solar.
Can solar panels completely eradicate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,527.30 per year.
How many solar panels do I need to power my home?
To figure out what solar panel system size 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 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.