Solar Panel Cost Guide in Coloma, MI (2023 Update)
- Coloma Solar Installation Cost: $11,645
- 25-Year Savings: $19,385
- Payback Period: 9.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Coloma
We go over average solar pricing in Coloma.
In Coloma, solar panels cost about 2.81 per watt on average. Since a 5.9-kW system is needed to cover the energy needs of a typical home in Coloma, the average price of going solar will be about $11,645 after claiming the federal solar tax credit of 30%.
How much you pay can go higher or lower than the average in Coloma based on several factors, such as the brand of solar panels you choose and the solar contractor you hire. Even with the large initial cost, the average Coloma homeowner can save around $20,000 on their power bills over 20 years, which is one of the advantages of solar.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Coloma
| Year | Return on Investment |
|---|---|
| 1 years | $-10,403 |
| 3 years | $-7,921 |
| 5 years | $-5,439 |
| 7 years | $-2,956 |
| 9 years | $-474 |
| 11 years | $2,008 |
| 13 years | $4,491 |
| 15 years | $6,973 |
| 17 years | $9,455 |
| 19 years | $11,938 |
| 21 years | $14,420 |
| 23 years | $16,902 |
| 25 years | $19,385 |
Top Solar Installers in Coloma
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Taking advantage of an installer can make switching to solar power much easier. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
If you're searching for a solar company in Coloma, the EcoWatch team has compiled 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 Coloma
Factors that Affect Solar Panel Costs in Coloma
While the average cost of a solar system in Coloma is $11,645, your actual cost may be higher or lower than that. There are many factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,810. The kind of solar panels and equipment you get is another factor that will largely affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a big investment. That's why many Coloma homeowners decide to finance their solar panel systems to make paying for solar more affordable. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The solar company you choose will impact your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor. Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric car 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 | $2.92 | $12,274 | $19,153 | 9.8 years |
| 8 kW | $2.87 | $16,051 | $25,852 | 9.6 years |
| 10 kW | $2.81 | $19,670 | $32,709 | 9.4 years |
| 12 kW | $2.75 | $23,132 | $39,723 | 9.2 years |
| 14 kW | $2.70 | $26,436 | $46,894 | 9.0 years |
| 16 kW | $2.64 | $29,584 | $54,223 | 8.8 years |
| 18 kW | $2.59 | $32,574 | $61,709 | 8.6 years |
| 20 kW | $2.53 | $35,406 | $69,352 | 8.4 years |
How to Save on Solar Panels
The solar company you go with will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should keep in mind, including:
- Solar Panel Brands: The model of solar panel you want plays a part in which company you should choose, since different companies offer different panels.
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Although reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
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 Coloma, MI Solar Cost FAQs
What is the average cost of installing solar panels in Coloma?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $14,050 for a 5-kW system and $28,100 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on electricity bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $1,047.58 per year.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.