Solar Panel Cost Guide in Egelston, MI (2023 Update)
- Egelston Solar Installation Cost: $11,310
- 25-Year Savings: $23,194
- Payback Period: 8.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Egelston
We go over average solar pricing in Egelston.
In Egelston, solar panels cost about 2.81 per watt on average. The average Egelston homeowner needs a 5.8-kilowatt system, which would cost about $11,310 with the federal tax credit, or $16,173 before the 30% tax credit is applied.
The actual price you pay can go above or below the average in Egelston based on a variety of factors, such as the type of solar panels you choose and the solar company you hire. For many homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Egelston see about $23,000 in savings on electricity bills over 20 years.
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Solar savings over time in Egelston
| Year | Return on Investment |
|---|---|
| 1 years | $-9,930 |
| 3 years | $-7,170 |
| 5 years | $-4,409 |
| 7 years | $-1,649 |
| 9 years | $1,111 |
| 11 years | $3,872 |
| 13 years | $6,632 |
| 15 years | $9,392 |
| 17 years | $12,153 |
| 19 years | $14,913 |
| 21 years | $17,674 |
| 23 years | $20,434 |
| 25 years | $23,194 |
Top Solar Installers in Egelston
Many homeowners choose to hire a solar installer since trying to put up solar panels yourself can be hard. Solar warranties and repairs are usually included in the cost of installation when you go with a solar company as well, which can save you more money after your initial investment.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Egelston
Factors that Affect Solar Panel Costs in Egelston
The cost of installing a solar system in Egelston can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The size of the solar panel system you need, 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 a lot of different solar panel brands and the one you choose also changes the cost. In many cases, the brands that are more efficient tend to also cost more. Plus, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Egelston to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to paying more over time because of interest. It's wise to include 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
The solar installer you select will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Larger national companies generally have lower costs, but some local companies compete with them by offering 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 | $2.92 | $12,274 | $23,715 | 8.5 years |
| 8 kW | $2.87 | $16,051 | $31,934 | 8.4 years |
| 10 kW | $2.81 | $19,670 | $40,311 | 8.2 years |
| 12 kW | $2.75 | $23,132 | $48,846 | 8.0 years |
| 14 kW | $2.70 | $26,436 | $57,538 | 7.9 years |
| 16 kW | $2.64 | $29,584 | $66,387 | 7.7 years |
| 18 kW | $2.59 | $32,574 | $75,393 | 7.5 years |
| 20 kW | $2.53 | $35,406 | $84,557 | 7.4 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose considerably impacts your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: The type of solar panel you'd like to install plays a part in which company you should opt for, since different companies offer different panels.
- Contract: It's important to look over your solar installer's contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: Homeowners should make sure they understand 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 Egelston, MI Solar Cost FAQs
What is the average cost of installing solar panels in Egelston?
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 cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Egelston?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
Do solar panels increase the value of your home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Egelston is currently $93,339, which means you can expect a value of about $3,827 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Egelston is a worthwhile investment.
How long do solar panels last in Egelston?
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 the amount of energy they produce will have decreased significantly after that point. You can opt 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.