Solar Panel Cost Guide in Genoa, MI (2023 Update)
- Genoa Solar Installation Cost: $12,176
- 25-Year Savings: $14,399
- Payback Period: 11.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Genoa
We break down average solar pricing in Genoa.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Genoa, the average cost of solar panels is 2.81 per watt. Using this figure, a typical 6.2-kW system would cost about $12,176 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of installing solar panels can vary quite a bit depending on several factors, such as how many panels you need, your energy consumption and what solar installer you go with. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Genoa can save around $16,000 on their power bills over 20 years.
To get a free quote from a pre-vetted solar company in Genoa, you can click the button below.
Solar savings over time in Genoa
| Year | Return on Investment |
|---|---|
| 1 years | $-11,113 |
| 3 years | $-8,987 |
| 5 years | $-6,861 |
| 7 years | $-4,735 |
| 9 years | $-2,609 |
| 11 years | $-483 |
| 13 years | $1,643 |
| 15 years | $3,769 |
| 17 years | $5,895 |
| 19 years | $8,021 |
| 21 years | $10,147 |
| 23 years | $12,273 |
| 25 years | $14,399 |
Top Solar Installers in Genoa
Many homeowners opt for a solar panel installer since trying to install solar panels by yourself can be a lot of work. Another benefit of using a solar installer is that they can help you make the most of your return of investment by reducing your future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.
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 Genoa
Factors that Affect Solar Panel Costs in Genoa
For many Genoa homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Genoa, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need for your home, 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 around $2,810. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Genoa, where sunlight isn't as abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a solid route because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years. You'll have to consider the long-term cost of loans, including the total interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
Finally, the company you hire to install your solar panels can impact how much it costs. Genoa's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Genoa are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $13,500 | 11.9 years |
| 8 kW | $2.87 | $16,051 | $18,314 | 11.7 years |
| 10 kW | $2.81 | $19,670 | $23,286 | 11.4 years |
| 12 kW | $2.75 | $23,132 | $28,416 | 11.2 years |
| 14 kW | $2.70 | $26,436 | $33,702 | 11.0 years |
| 16 kW | $2.64 | $29,584 | $39,146 | 10.8 years |
| 18 kW | $2.59 | $32,574 | $44,748 | 10.5 years |
| 20 kW | $2.53 | $35,406 | $50,507 | 10.3 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since choosing a company can be a tough decision, we have some tips to help you, such as:
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Although reading through a contract can take a lot of time, it's important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Different companies will offer different brands and types of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
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 Genoa, MI Solar Cost FAQs
How much does it cost to install solar panels in Genoa?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $14,050 for a 5-kW system and $28,100 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Are solar panels free in Genoa?
You can't get solar panels for free in Genoa. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
Can you sell solar power back to the grid in Genoa?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future electricity bills.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses 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 household 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.