Solar Panel Cost Guide in Green Oak, MI (Feb 2023)
- Green Oak Solar Installation Cost: $12,176
- 25-Year Savings: $12,944
- Payback Period: 12.1 Years
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Updated January 20, 2023
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Average Cost of Solar Panels in Green Oak
Let's take a look at the average cost of solar panels in Green Oak.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Green Oak, the average cost of solar panels is $3 per watt. The average Green Oak homeowner needs a 6.2-kilowatt system, which would cost about $12,176, or $9,010 after the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy needs, the type of equipment you want, your solar contractor and more. For many homeowners, the upfront investment in solar power is worth paying. On average homeowners in Green Oak see about $15,000 in savings on utility bills over 20 years.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Green Oak
| Year | Return on Investment |
|---|---|
| 1 years | $-11,171 |
| 3 years | $-9,161 |
| 5 years | $-7,152 |
| 7 years | $-5,142 |
| 9 years | $-3,133 |
| 11 years | $-1,123 |
| 13 years | $887 |
| 15 years | $2,896 |
| 17 years | $4,906 |
| 19 years | $6,915 |
| 21 years | $8,925 |
| 23 years | $10,934 |
| 25 years | $12,944 |
Top Solar Installers in Green Oak
When switching to solar energy, many homeowners choose to go with a solar installation company since overseeing your solar installation yourself can be a challenging project. A solar installer can also help save you money in the long run by offering warranties, repairs and component replacements.
You can work with a local solar installer to get a free quote 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 Green Oak
Factors that Affect Solar Panel Costs in Green Oak
There are many factors that can affect your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Green Oak, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can figure out by looking at past energy bills. Your overall cost can increase by around $2,810 for each additional kilowatt you need. The brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar companies in Green Oak offer solar loans, which reduce your upfront costs of installing solar. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the growing popularity of sustainable energy solutions in Green Oak, you'll have many options to choose from, but each comes at varying price points for labor and equipment. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $12,089 | 12.6 years |
| 8 kW | $2.87 | $16,051 | $16,433 | 12.4 years |
| 10 kW | $2.81 | $19,670 | $20,935 | 12.1 years |
| 12 kW | $2.75 | $23,132 | $25,594 | 11.9 years |
| 14 kW | $2.70 | $26,436 | $30,410 | 11.6 years |
| 16 kW | $2.64 | $29,584 | $35,384 | 11.4 years |
| 18 kW | $2.59 | $32,574 | $40,515 | 11.1 years |
| 20 kW | $2.53 | $35,406 | $45,803 | 10.9 years |
How to Save on Solar Panels
The solar panel company you go with will affect not only your overall 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:
- Warranty: Warranties that provide coverage for replacement parts and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one indication of a good company.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Contract: When looking over your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability 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.
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 Green Oak, MI Solar Cost FAQs
How much does it cost to install solar panels in Green Oak?
The average cost of solar panels in Green Oak 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 things like the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Green Oak?
Leasing solar panels can be an attractive choice, because it typically comes with low or $0 upfront payments. The drawback 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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Can you sell solar power back to the grid in Green Oak?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future utility bills.
How long do solar panels last in Green Oak?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.