Solar Panel Cost Guide in Green Oak, MI (2023 Update)
- Green Oak Solar Installation Cost: $12,169
- 25-Year Savings: $12,951
- Payback Period: 12.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Green Oak
Find out what the average cost of solar panels are in Green Oak.
Although the national average of solar panels is $2.66 per watt, solar panels in Green Oak typically cost about 2.81. Using this figure, a typical 6.2-kW system would cost about $12,176 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy consumption, the type of solar panels you want, your solar contractor and more. With typical savings of about $15,000 on electricity bills over 20 years, many homeowners in Green Oak find going solar can pay off big.
Click the button below to get connected to a highly rated solar company in Green Oak for a customized estimate.
Solar savings over time in Green Oak
| Year | Return on Investment |
|---|---|
| 1 years | $-12,085 |
| 3 years | $-11,917 |
| 5 years | $-11,750 |
| 7 years | $-11,583 |
| 9 years | $-11,415 |
| 11 years | $-11,248 |
| 13 years | $-11,080 |
| 15 years | $-10,913 |
| 17 years | $-10,745 |
| 19 years | $-10,578 |
| 21 years | $-10,410 |
| 23 years | $-10,243 |
| 25 years | $-10,075 |
Top Solar Installers in Green Oak
Although it's possible to install solar panels on your own, it takes extra labor and know-how. That's why almost all homeowners choose to go with a solar panel installer. Also, companies with a high reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
If you're on the hunt for a solar installer in Green Oak, we've organized a list of our top suggestions here:
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 play into your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production use 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 type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your power bills. In addition, add-on products, like solar batteries, can bring your total well above the Green Oak average.
Solar Financing Terms
Many homeowners find the average cost of solar in Green Oak to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area offers financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in paying more over time because of interest. It's wise to include 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 the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can affect your pricing. Green Oak's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Green Oak know more about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, 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 | $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
Since the kind of solar panels and the company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Although there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of options before deciding.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Warranty: If you're concerned about the endurance of your solar panel system, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: When reading through your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
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?
This is a difficult question to answer exactly, because the cost depends on a few different 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 be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Green Oak?
Solar panels can be a great investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
How long do solar panels last in Green Oak?
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 higher level 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.