Solar Panel Cost Guide in Eaton Rapids, MI (2024 Update)
- Eaton Rapids Solar Installation Cost: $17,540
- 25-Year Savings: $21,549
- Payback Period: 13.0 Years
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Average Cost of Solar Panels in Eaton Rapids
We break down average solar pricing in Eaton Rapids.
The national average cost of solar panels is $2.66 per watt, but in Eaton Rapids it’s 4 per watt.The average Eaton Rapids homeowner needs a 6.2-kilowatt system, which would cost about $17,540 with the federal tax credit, or $25,082 before the 0 tax credit is applied.
How much you pay can be higher or lower than the average in Eaton Rapids depending on several factors, such as the kind of solar panels you choose and the solar company you hire.But, after you've paid the initial cost of installation, the ROI for most homeowners is quite rewarding, with a net average savings of about $21,000 over 20 years on power bills.
To get a free quote from a top solar installation company in Eaton Rapids, you can click the button below.
Solar savings over time in Eaton Rapids
| Year | Return on Investment |
|---|---|
| 1 years | $-16,286 |
| 3 years | $-13,779 |
| 5 years | $-11,271 |
| 7 years | $-8,764 |
| 9 years | $-6,257 |
| 11 years | $-3,749 |
| 13 years | $-1,242 |
| 15 years | $1,266 |
| 17 years | $3,773 |
| 19 years | $6,280 |
| 21 years | $8,788 |
| 23 years | $11,295 |
| 25 years | $13,803 |
Top Solar Installers in Eaton Rapids
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Using a solar company can make converting to solar power much easier. Some solar companies, especially local ones, can help you make the most of incentives in Eaton Rapids, therefore optimizing your ROI.
If you're looking for a solar installer in Eaton Rapids, we've compiled a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Eaton Rapids
Factors that Affect Solar Panel Costs in Eaton Rapids
For many Eaton Rapids homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Eaton Rapids, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require 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 $4,060.The kind of solar panels and equipment you get is another factor that will considerably affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Moreover, 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’s in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are available from most installers in Eaton Rapids, which can lower, or in some cases eliminate, your upfront costs to make solar more affordable.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Eaton Rapids is the company you hire to install your solar system. As with choosing a company to install new cabinets, for example, you’ll have no shortage of solar installers that provide a range of services for different budgets.The company’s size can sometimes play the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and bulk 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 down to compete with bigger names.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.22 | $17,734 | $15,017 | 13.5 years |
| 8 kW | $4.14 | $23,191 | $20,478 | 13.3 years |
| 10 kW | $4.06 | $28,420 | $26,166 | 13.0 years |
| 12 kW | $3.98 | $33,422 | $32,081 | 12.8 years |
| 14 kW | $3.90 | $38,196 | $38,223 | 12.5 years |
| 16 kW | $3.82 | $42,744 | $44,593 | 12.2 years |
| 18 kW | $3.74 | $47,064 | $51,191 | 12.0 years |
| 20 kW | $3.65 | $51,156 | $58,015 | 11.7 years |
How to Save on Solar Panels
The solar installer you go with will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, 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 opt for.
- Contract: Look through the contract terms closely to make sure you understand the total cost, completion timeline rebates and warranties.
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should acquire and how long the project will take.
- Reputation: Companies that have been operating for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Eaton Rapids, MI Solar Cost FAQs
How much does it cost to install solar panels in Eaton Rapids?
The average cost of solar panels in Eaton Rapids is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Eaton Rapids?
Leasing solar panels can be an attractive choice, because it usually comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
Do solar panels increase the value of your home?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Eaton Rapids is currently $233,968, so you could be looking at a value of about $9,593 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Eaton Rapids is a fruitful investment.
How often do you have to replace solar panels?
Even 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 decide to replace them after having them for that long or you can continue to use 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.