Solar Panel Cost Guide in Elba, MI (2023 Update)
- Elba Solar Installation Cost: $12,195
- 25-Year Savings: $14,379
- Payback Period: 11.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Elba
Find out what the average cost of a solar system is in Elba.
In Elba, solar panels cost about 2.81 per watt on average. Using this figure, a typical 6.2-kW system would cost about $12,195 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Elba homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. With average savings of about $16,000 on electricity bills over 20 years, many homeowners in Elba find installing solar panels can be quite rewarding.
You can click the button below to get connected with a vetted solar company in Elba for a quote for your home.
Solar savings over time in Elba
| Year | Return on Investment |
|---|---|
| 1 years | $-11,132 |
| 3 years | $-9,006 |
| 5 years | $-6,880 |
| 7 years | $-4,754 |
| 9 years | $-2,628 |
| 11 years | $-503 |
| 13 years | $1,623 |
| 15 years | $3,749 |
| 17 years | $5,875 |
| 19 years | $8,001 |
| 21 years | $10,127 |
| 23 years | $12,253 |
| 25 years | $14,379 |
Top Solar Installers in Elba
Although you can install solar panels yourself, it requires extra labor and knowledge. For that reason, most homeowners choose to go with a solar panel installer. A solar company can also help save you money in the long run by offering warranties, repairs and system component replacements.
There are various 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 Elba
Factors that Affect Solar Panel Costs in Elba
The cost of installing a solar system in Elba 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 key factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation use 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. The kind of solar panels and equipment you get is another factor that will largely impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment consists of more than just the solar panels themselves. You'll also need to consider 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
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are provided by most installers in Elba, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more affordable. While solar loans make switching to solar energy more accessible for Elba homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar installer you go with to handle your switch to green energy can play a role in your total costs. There are about 3 solar panel companies in Elba, and each can charge different amounts for labor and equipment. Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and find a company that has the products, warranties and services you're looking for and also fits within your budget.
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 | $13,426 | 11.9 years |
| 8 kW | $2.87 | $16,051 | $18,216 | 11.7 years |
| 10 kW | $2.81 | $19,670 | $23,163 | 11.5 years |
| 12 kW | $2.75 | $23,132 | $28,268 | 11.3 years |
| 14 kW | $2.70 | $26,436 | $33,530 | 11.0 years |
| 16 kW | $2.64 | $29,584 | $38,950 | 10.8 years |
| 18 kW | $2.59 | $32,574 | $44,527 | 10.6 years |
| 20 kW | $2.53 | $35,406 | $50,261 | 10.3 years |
How to Save on Solar Panels
There are numerous companies available in Elba, 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:
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can look into your installer's reputation is by reading reviews.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Contract: Even though reading through a contract can be tedious, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
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 Elba, MI Solar Cost FAQs
How much does it cost to install solar panels in Elba?
The average cost of solar panels in Elba 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 things 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 apart from cost when buying solar panels?
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 places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Do solar panels increase the value of your home?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.