Solar Panel Cost Guide in Eastwood, MI (2023 Update)
- Eastwood Solar Installation Cost: $11,986
- 25-Year Savings: $19,756
- Payback Period: 9.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Eastwood
We go over average solar pricing in Eastwood.
The average cost of a solar panel system in Eastwood is 2.81 per watt. To account for the typical energy needs of the average home in Eastwood, most homeowners require a 6.1-kilowatt system. Using the per-watt figure above, a solar installation costs around $11,979, or $17,130 before the federal solar tax credit of 30% is applied.
The true cost of your system can be above or below the average in Eastwood based on several factors, such as the brand of solar panels you choose and the solar contractor you hire. With typical savings of about $20,000 on energy bills over 20 years, many homeowners in Eastwood find investing in solar can be quite rewarding.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Eastwood
| Year | Return on Investment |
|---|---|
| 1 years | $-10,733 |
| 3 years | $-8,225 |
| 5 years | $-5,718 |
| 7 years | $-3,210 |
| 9 years | $-703 |
| 11 years | $1,804 |
| 13 years | $4,312 |
| 15 years | $6,819 |
| 17 years | $9,327 |
| 19 years | $11,834 |
| 21 years | $14,341 |
| 23 years | $16,849 |
| 25 years | $19,356 |
Top Solar Installers in Eastwood
When switching to solar energy, many homeowners choose to hire a solar installation company since putting up solar panels yourself can be a challenging project. Plus, if you're unsure what kind of solar panels and equipment you may need, a solar installer can help you figure that out after a site survey and consultation.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some near you:
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
For many Eastwood homeowners, the decision to adopt solar energy depends on cost. However, the range of solar installation costs can be quite wide in Eastwood, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,810. There are several different solar panel brands and the one you pick also affects the cost. Generally speaking, the brands that have better efficiency tend to also be more expensive. Additionally, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Eastwood provide solar loans, which reduce your upfront costs of installing a solar system. When estimating your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you choose to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Eastwood, and each can charge different amounts for labor and equipment. Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have 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 | $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
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. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you choose.
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Make sure you're aligned with the company regarding how the installation process will go and what needs to be done before your solar panel system is installed, such as updating or replacing your electrical system or roof.
- Contract: When looking 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 component breaking or the company going out of business.
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 actual cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
Cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Can you sell solar power back to the grid in Eastwood?
Most states have net metering programs of some kind. Through these, you can be compensated for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.