Solar Panel Cost Guide in Coldwater, MI (2023 Update)
- Coldwater Solar Installation Cost: $11,930
- 25-Year Savings: $19,501
- Payback Period: 9.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Coldwater
We go over average solar pricing in Coldwater.
In Coldwater, solar panels cost about 2.81 per watt on average. To account for the typical energy needs of the average home in Coldwater, most homeowners require a 6.1-kilowatt system. Using the per-watt figure above, a solar installation costs about $11,940, or $17,074 before the federal solar tax credit of 30% is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy use, the type of equipment you choose, your solar contractor and more. Many homeowners find installing solar panels is a sound investment. The average homeowner in Coldwater can save about $20,000 on their power bills over 20 years.
To receive a free quote from a highly rated solar installation company in Coldwater, you can click the button below.
Solar savings over time in Coldwater
| Year | Return on Investment |
|---|---|
| 1 years | $-11,825 |
| 3 years | $-11,616 |
| 5 years | $-11,406 |
| 7 years | $-11,197 |
| 9 years | $-10,987 |
| 11 years | $-10,778 |
| 13 years | $-10,568 |
| 15 years | $-10,358 |
| 17 years | $-10,149 |
| 19 years | $-9,939 |
| 21 years | $-9,730 |
| 23 years | $-9,520 |
| 25 years | $-9,311 |
Top Solar Installers in Coldwater
Many homeowners choose to use a solar installer since trying to install solar panels by yourself can be challenging. The expertise that solar installers provide can be valuable as well, particularly if you aren't sure what type of solar equipment you need.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Coldwater
Factors that Affect Solar Panel Costs in Coldwater
The cost of installing a solar system in Coldwater can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is the size of the system you need, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,810. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Coldwater, where sunlight is relatively abundant, efficiency can quickly pay off. Also, 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
If paying for solar panels out of pocket is too expensive, solar loans are an affordable option because they decrease your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you choose to handle your switch to solar energy can play a role in your total costs. There are about 3 solar panel companies operating in Coldwater, and each can charge varying amounts for labor and equipment. The size of the company sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger companies.
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 | $18,819 | 9.9 years |
| 8 kW | $2.87 | $16,051 | $25,407 | 9.7 years |
| 10 kW | $2.81 | $19,670 | $32,152 | 9.5 years |
| 12 kW | $2.75 | $23,132 | $39,055 | 9.3 years |
| 14 kW | $2.70 | $26,436 | $46,115 | 9.1 years |
| 16 kW | $2.64 | $29,584 | $53,332 | 8.9 years |
| 18 kW | $2.59 | $32,574 | $60,707 | 8.7 years |
| 20 kW | $2.53 | $35,406 | $68,239 | 8.5 years |
How to Save on Solar Panels
There are a lot of companies available in Coldwater, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, project timeline rebates and warranties.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. While there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of offerings before making your decision.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Coldwater, MI Solar Cost FAQs
How much does it cost to install solar panels in Coldwater?
The average cost of solar panels in Coldwater is about $14,050 for a 5-kW system and $28,100 for a 10-kW system before the ITC, but the real cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Coldwater?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home 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 bang for your buck from going solar.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know 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 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.