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.
In Hamtramck, solar panels cost about 4 per watt on average.The average Hamtramck homeowner needs a 6.1-kilowatt system, which would cost about $17,379 with the federal tax credit, or $24,852 before the 0 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 choose, your solar contractor and more.Despite the significant initial cost, the average Hamtramck homeowner can save around $16,000 on their electricity bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a top solar panel company in Hamtramck for a customized quote.
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
Many homeowners opt for a solar installation company since figuring out how to install solar panels by yourself can be time-consuming. Some solar installers, especially local ones, can help you make the most of incentives in Hamtramck, thereby optimizing your ROI.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some in Hamtramck:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
Though the average cost of a solar system in Hamtramck is $17,379, your final cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation 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 $4,060.The type of solar panels and equipment you choose is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Further, solar equipment is more than just the solar panels themselves. You’ll also need to think about 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 for a solar system that falls within your budget.
Solar Financing Terms
Most solar installers in Hamtramck offer solar loans, which reduce the initial cost of installing a solar system.You’ll have to consider the long-term cost of financing options, 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 original cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you choose to handle your switch to green energy can play a role in your total costs. There are about 3 solar panel companies in Hamtramck, and each can charge varying amounts for labor and equipment.You may come across national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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
The solar company you choose will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, including:
- Contract: Before signing a contract with a solar company, make sure you look it over carefully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Warranty: Warranties that cover replacement parts and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one mark of a quality company.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years likely provide high-quality solar panel installation and expertise.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the real cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider in addition to cost when buying solar panels?
The initial cost is a very important factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Does Hamtramck have a net metering program?
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 energy bills.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home 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.