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.To cover the typical energy usage of the average home in Eaton Rapids, most homeowners require a 6.2-kilowatt system. Using the figure above, a solar installation costs around $17,540, or $25,082 before the federal solar tax credit of 0 is applied.
The actual price you pay can be higher or lower than the average in Eaton Rapids depending on a variety of factors, such as the type of solar panels you choose and the solar contractor you hire.But, once you've paid the initial cost of installation, the payback for most homeowners is quite good, with a net average savings of about $21,000 over 20 years on power bills.
To receive a free quote from a highly rated solar installer 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
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Going with a solar panel installer can make swapping over to solar power much easier. In addition, if you’d like to maximize your investment in solar power, using a solar company can help with that too. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives.
You can get a free quote 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
Outstanding Local Installer
The Green Panel
- Outstanding customer service
- Excellent reputation
- Great warranty coverage
- No leases or PPAs
See all of the solar companies in Eaton Rapids
Factors that Affect Solar Panel Costs in Eaton Rapids
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that will push your cost above or below the average in Eaton Rapids: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That’s why it’s crucial to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use.The kind of solar panels and equipment you want is another factor that will largely impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to think about 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 into a solar system that’s in your budget.
Solar Financing Terms
Most solar installers in Eaton Rapids provide solar loans, which reduce the initial cost of installing a solar system.Even though solar loans make going solar more accessible for Eaton Rapids homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The last significant cost factor you should take into consideration is the installer you choose. Given the growing popularity of clean energy solutions in Eaton Rapids, you’ll have many options to choose from, but each comes at various price points 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 extra services like electric vehicle 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 | $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
There are a lot of companies to choose from in Eaton Rapids, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Even though there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of offerings before deciding.
- Contract: Before signing a contract with a solar installer, make sure you look it over carefully so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Installation Process: When going solar, it’s essential to maintain an open line of communication with your solar company. Make sure you understand how the installation process works and the completion timeline.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
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
Outstanding Local Installer
The Green Panel
- Outstanding customer service
- Excellent reputation
- Great warranty coverage
- No leases or PPAs
EcoWatch's Eaton Rapids, MI Solar Cost FAQs
How much does it cost to install solar panels in Eaton Rapids?
This is a tough question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $20,300 for a 5-kW system and $40,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Eaton Rapids?
Leasing solar panels can be an appealing choice, because it typically 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
How will having solar panels impact how much my home is worth?
Solar panels 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 can expect 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 rewarding investment.
How often do you have to replace solar panels?
Although 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 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.