Solar Panel Cost Guide in Fair Plain, MI (Mar 2023)
- Fair Plain Solar Installation Cost: $11,645
- 25-Year Savings: $18,316
- Payback Period: 9.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Fair Plain
Let's have a look at the average cost of solar panels in Fair Plain.
The average cost of a solar panel system in Fair Plain is 2.81 per watt. To cover the typical energy needs of the average home in Fair Plain, most homeowners require a 5.9-kilowatt system. Using the figure above, a solar installation costs about $11,645, or $16,652 before the federal solar tax credit of 30% is applied.
The actual price you pay can be higher or lower than the average in Fair Plain depending on a few factors, such as the model of solar panels you choose and the solar company you hire. For many homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $19,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Fair Plain for a quote for your home.
Solar savings over time in Fair Plain
| Year | Return on Investment |
|---|---|
| 1 years | $-10,446 |
| 3 years | $-8,049 |
| 5 years | $-5,653 |
| 7 years | $-3,256 |
| 9 years | $-859 |
| 11 years | $1,538 |
| 13 years | $3,935 |
| 15 years | $6,332 |
| 17 years | $8,728 |
| 19 years | $11,125 |
| 21 years | $13,522 |
| 23 years | $15,919 |
| 25 years | $18,316 |
Top Solar Installers in Fair Plain
Trying to put up solar panels on your own can be a difficult task, which is why using a solar installer is a good option for many homeowners. Companies can also offer access to a large variety of the best solar panels and help you pick which one will be right for your family.
You can get a free quote from a local solar installer on how much your investment in solar 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
See all of the solar companies in Fair Plain
Factors that Affect Solar Panel Costs in Fair Plain
For many Fair Plain homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Fair Plain, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,810. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your electric bills. In addition, add-on products, like solar batteries, can bump up your total well above the Fair Plain average.
Solar Financing Terms
Many homeowners find the average cost of solar in Fair Plain to be prohibitively steep, even if the investment pays off over time. Thankfully, nearly 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 higher prices over time due to interest. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Fair Plain, and each can charge varying amounts for labor and equipment. Additionally, some companies in Fair Plain know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $18,071 | 10.1 years |
| 8 kW | $2.87 | $16,051 | $24,409 | 9.9 years |
| 10 kW | $2.81 | $19,670 | $30,905 | 9.7 years |
| 12 kW | $2.75 | $23,132 | $37,558 | 9.5 years |
| 14 kW | $2.70 | $26,436 | $44,368 | 9.3 years |
| 16 kW | $2.64 | $29,584 | $51,336 | 9.1 years |
| 18 kW | $2.59 | $32,574 | $58,461 | 8.9 years |
| 20 kW | $2.53 | $35,406 | $65,744 | 8.8 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose significantly impacts your costs and your system's efficiency, production, and durability, it's important to select 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 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.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years likely offer high-quality solar panel installation and expertise.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
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 Fair Plain, MI Solar Cost FAQs
What is the average cost of installing solar panels in Fair Plain?
This is a hard question to answer exactly, because the cost depends on a variety of 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. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Fair Plain?
Leasing solar panels can be an appealing choice, because it usually 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Can solar panels significantly reduce my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,011.50 per year.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.