Solar Panel Cost Guide in Eureka, MI (2023 Update)
- Eureka Solar Installation Cost: $12,097
- 25-Year Savings: $21,597
- Payback Period: 9.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Eureka
Let's have a look at the average cost of solar in Eureka.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Eureka, the average cost of solar panels is 2.81 per watt. Because a 6.2-kW system is needed to cover the energy consumption of a typical home in Eureka, the average price of going solar will be about $12,097 after claiming the federal solar tax credit of 30%.
The true cost of your system can go above or below the average in Eureka depending on a variety of factors, such as the type of solar panels you choose and the solar contractor you hire. With typical savings of about $21,000 on utility bills over 20 years, many homeowners in Eureka find going solar has a decent ROI.
To get a free quote from a pre-vetted solar installer in Eureka, you can click the button below.
Solar savings over time in Eureka
| Year | Return on Investment |
|---|---|
| 1 years | $-10,749 |
| 3 years | $-8,054 |
| 5 years | $-5,358 |
| 7 years | $-2,663 |
| 9 years | $33 |
| 11 years | $2,728 |
| 13 years | $5,424 |
| 15 years | $8,119 |
| 17 years | $10,815 |
| 19 years | $13,510 |
| 21 years | $16,206 |
| 23 years | $18,901 |
| 25 years | $21,597 |
Top Solar Installers in Eureka
When switching to solar energy, many homeowners choose to go with a solar company since putting up a solar system yourself can be a challenging project. Local solar installation companies can also help you maximize your return on investment by assisting with any local incentives and by providing warranties and repairs.
If you'd like to go solar but still aren't sure which solar installer to go with, here are our recommendations for providers in Eureka:
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 Eureka
Factors that Affect Solar Panel Costs in Eureka
Although the average cost of a solar system in Eureka is $12,097, your actual cost may be higher or lower than that. There are many factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, 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 about $2,810. The model of solar panels and equipment you choose is another factor that will significantly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Furthermore, solar equipment is 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 searching for a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Eureka to be too steep, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides access to financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest. When considering your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose to handle your switch to clean energy can play a role in your total costs. There are about 3 solar panel companies in Eureka, and each can charge different amounts for labor and equipment. You may come across national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $20,606 | 9.3 years |
| 8 kW | $2.87 | $16,051 | $27,789 | 9.2 years |
| 10 kW | $2.81 | $19,670 | $35,130 | 9.0 years |
| 12 kW | $2.75 | $23,132 | $42,628 | 8.8 years |
| 14 kW | $2.70 | $26,436 | $50,284 | 8.6 years |
| 16 kW | $2.64 | $29,584 | $58,097 | 8.4 years |
| 18 kW | $2.59 | $32,574 | $66,067 | 8.3 years |
| 20 kW | $2.53 | $35,406 | $74,194 | 8.1 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Solar Panel Brands: The kind of solar panel you want to install plays a part in which installer you should opt for, since different companies offer different panels.
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely offer quality solar panel installation and expertise.
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 Eureka, MI Solar Cost FAQs
How much does it cost to install solar panels in Eureka?
The average cost of solar panels in Eureka 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 certain factors like the type of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Eureka?
Solar panels aren't free in Eureka, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Do solar panels increase your property value?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't opt 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 a solar system."
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.