Solar Panel Cost Guide in Eastwood, MI (2023 Update)
- Eastwood Solar Installation Cost: $11,979
- 25-Year Savings: $19,763
- Payback Period: 9.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Eastwood
We break down average solar pricing in Eastwood.
The national average cost of solar panels is $2.66 per watt, but in Eastwood it's 2.81 per watt. The average solar panel system size in Eastwood is around 6.1 kilowatts, meaning a cost of about $11,979 for a solar installation, or $17,130 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of going solar can vary quite a bit depending on multiple factors, such as how many panels you need, your energy usage and what solar installer you go with. Even with the large initial cost, the average Eastwood homeowner can save about $20,000 on their electricity bills over 20 years, which is one of the benefits of solar.
To get a free quote from a highly rated solar installation company in Eastwood, you can click the button below.
Solar savings over time in Eastwood
| Year | Return on Investment |
|---|---|
| 1 years | $-10,709 |
| 3 years | $-8,170 |
| 5 years | $-5,631 |
| 7 years | $-3,091 |
| 9 years | $-552 |
| 11 years | $1,987 |
| 13 years | $4,527 |
| 15 years | $7,066 |
| 17 years | $9,605 |
| 19 years | $12,145 |
| 21 years | $14,684 |
| 23 years | $17,223 |
| 25 years | $19,763 |
Top Solar Installers in Eastwood
Many homeowners opt for a solar installer since trying to put up solar panels by yourself can be a labor-intensive endeavor. Plus, if you're not certain what type of solar panels and equipment you need, a solar installer can help you figure that out after a site survey and consultation.
If you're looking for a solar installer in Eastwood, we've put together 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 Eastwood
Factors that Affect Solar Panel Costs in Eastwood
The cost of installing a solar system in Eastwood can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with better 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. There are many different solar panel brands and the one you pick also affects the cost. Generally, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are provided by most installers in Eastwood, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Eastwood is the company you hire to install your PV system. Similar to choosing a company to renovate your kitchen, for example, there's no shortage of solar installers that provide a range of services for different budgets. You may see national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $18,979 | 9.8 years |
| 8 kW | $2.87 | $16,051 | $25,621 | 9.6 years |
| 10 kW | $2.81 | $19,670 | $32,419 | 9.4 years |
| 12 kW | $2.75 | $23,132 | $39,375 | 9.3 years |
| 14 kW | $2.70 | $26,436 | $46,488 | 9.1 years |
| 16 kW | $2.64 | $29,584 | $53,759 | 8.9 years |
| 18 kW | $2.59 | $32,574 | $61,187 | 8.7 years |
| 20 kW | $2.53 | $35,406 | $68,773 | 8.5 years |
How to Save on Solar Panels
There are many companies available in Eastwood, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you choose.
- 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 what the project timeline is.
- Contract: Although reading through a contract can be tedious, it's important to do it thoroughly so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
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 Eastwood, MI Solar Cost FAQs
What is the average cost of installing solar panels in Eastwood?
The average cost of solar panels in Eastwood 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 such as the kind of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on why you decided to go solar. In cities 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.
Is it worth going solar in Eastwood?
Solar panels can be a beneficial investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down 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.