Solar Panel Cost Guide in Hamtramck, MI (2024 Update)
- Hamtramck Solar Installation Cost: $17,379
- 25-Year Savings: $17,429
- Payback Period: 17.3 Years
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Average Cost of Solar Panels in Hamtramck
Here’s how much it might cost to switch to solar power in Hamtramck.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hamtramck, the typical cost of a solar system is 4 per watt.The average solar panel system size in Hamtramck is around 6.1 kilowatts, meaning a cost of about $17,379 for a solar installation, or $24,852 before the 0 federal solar tax credit is applied.
Remember 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 needs, the type of equipment you choose, your solar contractor and more.Even with the high initial cost, the average Hamtramck homeowner can save about $16,000 on their energy bills over 20 years, which is one of the advantages of solar.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Hamtramck
| Year | Return on Investment |
|---|---|
| 1 years | $-15,987 |
| 3 years | $-13,202 |
| 5 years | $-10,417 |
| 7 years | $-7,633 |
| 9 years | $-4,848 |
| 11 years | $-2,063 |
| 13 years | $721 |
| 15 years | $3,506 |
| 17 years | $6,291 |
| 19 years | $9,075 |
| 21 years | $11,860 |
| 23 years | $14,645 |
| 25 years | $17,429 |
Top Solar Installers in Hamtramck
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a pain. Taking advantage of a solar company can make converting to solar power much easier. Plus, if you’d like to maximize your investment in solar power, going with a solar company can help with that as well. Different providers can offer repairs, expertise on solar panel installation and sometimes even information on local incentives, rebates and net metering programs.
Working with a licensed solar installer can help your solar project go smoothly. Here are our recommendations:
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
Outstanding Local Installer
The Green Panel
- Outstanding customer service
- Excellent reputation
- Great warranty coverage
- No leases or PPAs
See all of the solar companies in Hamtramck
Factors that Affect Solar Panel Costs in Hamtramck
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few primary factors that affect your total cost in Hamtramck: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Hamtramck, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy consumption, which you can figure out by looking at past power bills. Your total cost can increase by about $4,060 for each additional kilowatt you need.There are several different solar panel brands and the one you pick also changes the cost. Generally speaking, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you’re looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That’s why many Hamtramck homeowners choose to finance their solar panel systems to offset upfront costs.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 significant cost factor you should take into consideration is the installer you choose. Given the growing popularity of renewable energy solutions in Hamtramck, you’ll have plenty of options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in Hamtramck have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, 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 | $4.22 | $17,734 | $6,913 | 18.0 years |
| 8 kW | $4.14 | $23,191 | $9,672 | 17.6 years |
| 10 kW | $4.06 | $28,420 | $12,658 | 17.3 years |
| 12 kW | $3.98 | $33,422 | $15,872 | 17.0 years |
| 14 kW | $3.90 | $38,196 | $19,313 | 16.6 years |
| 16 kW | $3.82 | $42,744 | $22,981 | 16.3 years |
| 18 kW | $3.74 | $47,064 | $26,877 | 15.9 years |
| 20 kW | $3.65 | $51,156 | $31,000 | 15.6 years |
How to Save on Solar Panels
There are numerous companies to choose from in Hamtramck, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Contract: Before signing a contract with a solar installer, make sure you look it over carefully so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: The type of solar panel you need to install plays a part in which installer you should opt for, since different companies have different panels.
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for a long time and save you money on repairs and maintenance.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases offer good-quality solar panel installation and expertise.
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
Outstanding Local Installer
The Green Panel
- Outstanding customer service
- Excellent reputation
- Great warranty coverage
- No leases or PPAs
EcoWatch's Hamtramck, MI Solar Cost FAQs
What is the average cost of installing solar panels in Hamtramck?
The average cost of solar panels in Hamtramck is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider apart from cost when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Does Hamtramck have a net metering program?
Most states have net metering programs of some kind. Through these, you can be compensated for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.