Solar Panel Cost Guide in Colon, MI (2023 Update)
- Colon Solar Installation Cost: $11,959
- 25-Year Savings: $23,103
- Payback Period: 8.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Colon
Find out what the average cost of installing solar panels is in Colon.
In Colon, solar panels cost about 2.81 per watt on average. To account for the typical energy usage of the average home in Colon, most homeowners require a 6.1-kilowatt system. Using the figure above, a solar installation costs around $11,959, or $17,101 before the federal solar tax credit of 30% is applied.
These figures are just estimates, and the cost of going solar for you may look different based on your specific situation and what company you go with. Despite the significant upfront cost, the average Colon homeowner can save around $22,000 on their electricity bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a vetted solar installer in Colon for a custom estimate.
Solar savings over time in Colon
| Year | Return on Investment |
|---|---|
| 1 years | $-10,557 |
| 3 years | $-7,752 |
| 5 years | $-4,947 |
| 7 years | $-2,142 |
| 9 years | $663 |
| 11 years | $3,468 |
| 13 years | $6,273 |
| 15 years | $9,078 |
| 17 years | $11,883 |
| 19 years | $14,688 |
| 21 years | $17,493 |
| 23 years | $20,298 |
| 25 years | $23,103 |
Top Solar Installers in Colon
Although you can install solar panels by yourself, it requires extra labor and expertise. That's why almost all homeowners choose a solar panel installer. Companies can also provide access to quality options of the best solar panels and help you choose which one will be right for your home.
Working with a vetted solar company can help your solar project go smoothly. 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 Colon
Factors that Affect Solar Panel Costs in Colon
Even though the average cost of a solar system in Colon is $11,959, your final cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to consider.
Solar Equipment
When it comes to estimating the price of a solar panel system in Colon, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can figure out by looking at past electricity bills. Your total cost can increase by around $2,810 for each additional kilowatt you need. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your energy bills. Additionally, extra products, such as solar batteries, can bring your total well above the Colon average.
Solar Financing Terms
Most solar installers in Colon provide solar loans, which reduce your upfront costs of installing a solar system. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Colon is the company you get to install your solar panel system. Similar to choosing a company to build a deck or pool, for example, you'll have many options for solar installers that offer a range of services at different price points. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger 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 | $22,311 | 8.9 years |
| 8 kW | $2.87 | $16,051 | $30,062 | 8.7 years |
| 10 kW | $2.81 | $19,670 | $37,971 | 8.5 years |
| 12 kW | $2.75 | $23,132 | $46,037 | 8.4 years |
| 14 kW | $2.70 | $26,436 | $54,261 | 8.2 years |
| 16 kW | $2.64 | $29,584 | $62,642 | 8.0 years |
| 18 kW | $2.59 | $32,574 | $71,180 | 7.8 years |
| 20 kW | $2.53 | $35,406 | $79,876 | 7.7 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
- Warranty: If you're worried about the longevity of your solar panel system, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: When reading through your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
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 Colon, MI Solar Cost FAQs
What is the average cost of installing solar panels in Colon?
This is a difficult question to answer precisely, because the cost depends on many 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. It will be more expensive if you want other solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to think about when buying solar panels?
Cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
How much can I save on power bills after installing solar panels?
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 $1,152.82 per year.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home 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.