Solar Panel Cost Guide in Farmington Hills, MI (Feb 2023)
- Farmington Hills Solar Installation Cost: $12,156
- 25-Year Savings: $12,964
- Payback Period: 12.1 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Top Solar Installers in Farmington Hills
Although you can install solar panels yourself, it takes extra time and knowledge. Because of that, most people choose to go with a solar panel installer. The expertise that solar companies provide can be useful as well, particularly if you don't quite know what brand of solar equipment you need.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some nearby:
See all of the solar companies in Farmington Hills
Factors that Affect Solar Panel Costs in Farmington Hills
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few key factors that determine your overall cost in Farmington Hills: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
The cost of solar panels varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production 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 choose is another factor that will greatly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about 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's in your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many Farmington Hills homeowners decide to finance their solar panel systems to make going solar more affordable. 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 securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Farmington Hills is the company you hire to install your solar system. As with choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that offer a range of services at different price points. You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions 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||$12,125||12.6 years|
|8 kW||$2.87||$16,051||$16,481||12.3 years|
|10 kW||$2.81||$19,670||$20,995||12.1 years|
|12 kW||$2.75||$23,132||$25,666||11.9 years|
|14 kW||$2.70||$26,436||$30,494||11.6 years|
|16 kW||$2.64||$29,584||$35,480||11.4 years|
|18 kW||$2.59||$32,574||$40,623||11.1 years|
|20 kW||$2.53||$35,406||$45,924||10.9 years|
How to Save on Solar Panels
The solar panel company you choose will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should keep in mind, such as:
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
EcoWatch's Farmington Hills, MI Solar Cost FAQs
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.