Solar Panel Cost Guide in Elba, MI (2024 Update)
- Elba Solar Installation Cost: $17,632
- 25-Year Savings: $14,371
- Payback Period: 16.6 Years
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Average Cost of Solar Panels in Elba
Find out what the average cost of solar panels are in Elba.
The average cost of a solar panel system in Elba is 4 per watt.The average Elba homeowner needs a 6.2-kilowatt system, which would cost about $17,632 with the federal tax credit, or $25,214 before the 0 tax credit is applied.
The true cost of your system can be above or below the average in Elba depending on a variety of factors, such as the type of solar panels you choose and the solar installer you hire.For many homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $16,000 in savings on energy bills over 20 years.
To get a free quote from a highly rated solar installation company in Elba, you can click the button below.
Solar savings over time in Elba
| Year | Return on Investment |
|---|---|
| 1 years | $-16,286 |
| 3 years | $-13,594 |
| 5 years | $-10,902 |
| 7 years | $-8,209 |
| 9 years | $-5,517 |
| 11 years | $-2,825 |
| 13 years | $-133 |
| 15 years | $2,560 |
| 17 years | $5,252 |
| 19 years | $7,944 |
| 21 years | $10,636 |
| 23 years | $13,329 |
| 25 years | $16,021 |
Top Solar Installers in Elba
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Hiring an installer can make your switch to solar power much easier. A solar installer can also help save you money over the lifespan of your system by offering warranties, repairs and system component replacements.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
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 Elba
Factors that Affect Solar Panel Costs in Elba
There are many criteria that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $4,060. The type 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 come at a higher price. Further, 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 into a solar system that falls within your budget.
Solar Financing Terms
Most solar companies in Elba offer solar loans, which reduce the initial cost of installing solar.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs remarkably.
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 in Elba, and each can charge varying amounts for labor and equipment.Some companies only sell high-efficiency and high-priced 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 choose a company that provides the products, warranties and services you want and also fit into 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 | $4.22 | $17,734 | $7,966 | 17.3 years |
| 8 kW | $4.14 | $23,191 | $11,076 | 16.9 years |
| 10 kW | $4.06 | $28,420 | $14,413 | 16.6 years |
| 12 kW | $3.98 | $33,422 | $17,978 | 16.3 years |
| 14 kW | $3.90 | $38,196 | $21,770 | 15.9 years |
| 16 kW | $3.82 | $42,744 | $25,790 | 15.6 years |
| 18 kW | $3.74 | $47,064 | $30,037 | 15.3 years |
| 20 kW | $3.65 | $51,156 | $34,511 | 14.9 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 tough, so here are some tips to help you decide:
- Installation Process: When making the switch to solar, it’s important to keep an open line of communication with your solar installer. See to it that you understand how the installation process works and the completion timeline.
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The kind of solar panel you’d like to install plays a role in which installer you should choose, since different companies provide different panels.
- Contract: When looking over your solar company’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part 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
Outstanding Local Installer
The Green Panel
- Outstanding customer service
- Excellent reputation
- Great warranty coverage
- No leases or PPAs
EcoWatch's Elba, MI Solar Cost FAQs
How much does it cost to install solar panels in Elba?
This is a difficult 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. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will solar panels impact how much my home is worth?
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 Elba is currently $293,963, so you can look forward to a value of about $12,052 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Elba is a worthwhile investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and how much 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 buy between 20 and 35 panels to cover 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.