Solar Panel Cost Guide in Hamtramck, MI (2023 Update)
- Hamtramck Solar Installation Cost: $12,028
- 25-Year Savings: $13,091
- Payback Period: 12.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hamtramck
We go over average solar pricing in Hamtramck.
The average cost of solar panels in Hamtramck is 2.81 per watt. The average solar panel system size in Hamtramck is around 6.1 kilowatts, meaning a cost of about $12,038 for a solar installation, or $17,214 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy consumption, the type of equipment you want, your solar contractor and more. But, once you've paid the upfront cost of installation, the ROI for most homeowners is usually fruitful, with a net average savings of about $16,000 over 20 years on utility bills.
For a personalized 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 | $-10,636 |
| 3 years | $-7,851 |
| 5 years | $-5,067 |
| 7 years | $-2,282 |
| 9 years | $503 |
| 11 years | $3,287 |
| 13 years | $6,072 |
| 15 years | $8,857 |
| 17 years | $11,641 |
| 19 years | $14,426 |
| 21 years | $17,211 |
| 23 years | $19,995 |
| 25 years | $22,780 |
Top Solar Installers in Hamtramck
DIY solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Going with a solar panel installer can make switching to solar power much easier. Solar warranties and repairs are typically included in the cost of installation when you go with a solar company too, which can save you more money after your initial investment.
There are a number of 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 Hamtramck
Factors that Affect Solar Panel Costs in Hamtramck
There are many factors that can affect 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 panels varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation need 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 brand of solar panels and equipment you want is another factor that will significantly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment consists of more than just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a popular 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. It's wise to factor the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar panel installation company you pick will affect your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor. Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and choose a company that has the products, warranties and services you want and also fit into your budget.
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 | $12,373 | 12.4 years |
| 8 kW | $2.87 | $16,051 | $16,812 | 12.2 years |
| 10 kW | $2.81 | $19,670 | $21,408 | 12.0 years |
| 12 kW | $2.75 | $23,132 | $26,162 | 11.7 years |
| 14 kW | $2.70 | $26,436 | $31,073 | 11.5 years |
| 16 kW | $2.64 | $29,584 | $36,141 | 11.3 years |
| 18 kW | $2.59 | $32,574 | $41,367 | 11.0 years |
| 20 kW | $2.53 | $35,406 | $46,750 | 10.8 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should secure and how long the project will take.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Although there are many options for which type 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 ask for their list of offerings before deciding.
- Contract: It's important to look over your solar installer's contract fully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
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 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 $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 stuff such as the type 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 Hamtramck?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How will having solar panels impact how much my home is worth?
Solar panels can increase your property's value remarkably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How long do solar panels last in Hamtramck?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount 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.