Solar Panel Cost Guide in Hancock, MI (2024 Update)
- Hancock Solar Installation Cost: $17,893
- 25-Year Savings: $41,772
- Payback Period: 8.3 Years
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Average Cost of Solar Panels in Hancock
Let’s have a look at the average cost of solar panels in Hancock.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hancock, the average cost of solar panels is 4 per watt.The average solar panel system size in Hancock is around 6.3 kilowatts, meaning a cost of about $17,893 for a solar installation, or $25,587 before the 0 federal solar tax credit is applied.
These figures are only estimates, and your own solar costs may look different based on your energy needs and what company you choose to go with.Many homeowners find going solar is a solid investment. The average homeowner in Hancock can save about $33,000 on their energy bills over 20 years.
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 Hancock
| Year | Return on Investment |
|---|---|
| 1 years | $-16,098 |
| 3 years | $-12,509 |
| 5 years | $-8,919 |
| 7 years | $-5,330 |
| 9 years | $-1,741 |
| 11 years | $1,849 |
| 13 years | $5,438 |
| 15 years | $9,028 |
| 17 years | $12,617 |
| 19 years | $16,207 |
| 21 years | $19,796 |
| 23 years | $23,385 |
| 25 years | $26,975 |
Top Solar Installers in Hancock
Many homeowners decide to hire a solar panel company since trying to install solar panels on your own can be hard. Plus, if you aren’t sure what brand of solar panels and equipment you may need, a solar expert can help you figure that out after a site survey and consultation.
You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some nearby:
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 Hancock
Factors that Affect Solar Panel Costs in Hancock
Although the average cost of a solar system in Hancock is $17,893, your final cost may differ. There are many 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 keep in mind.
Solar Equipment
When it comes to estimating the price of solar panels in Hancock, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can determine by looking at past power bills. Your overall cost can increase by around $4,060 for each additional kilowatt you need.The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose 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 in the long run on your power bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Hancock average.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are an affordable option because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you hire to install your solar panels can affect how much you pay. Hancock’s solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and choose a company that offers the products, warranties and services you’re looking for and also is within 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 | $4.22 | $17,734 | $33,876 | 8.6 years |
| 8 kW | $4.14 | $23,191 | $45,623 | 8.4 years |
| 10 kW | $4.06 | $28,420 | $57,597 | 8.3 years |
| 12 kW | $3.98 | $33,422 | $69,799 | 8.1 years |
| 14 kW | $3.90 | $38,196 | $82,228 | 7.9 years |
| 16 kW | $3.82 | $42,744 | $94,884 | 7.8 years |
| 18 kW | $3.74 | $47,064 | $107,768 | 7.6 years |
| 20 kW | $3.65 | $51,156 | $120,879 | 7.4 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 some important things you should consider, such as:
- Contract: Before you sign a contract with a solar installer, make sure you look it over fully so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you hire.
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years in most cases provide good-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 Hancock, MI Solar Cost FAQs
How much does it cost to install solar panels in Hancock?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $20,300 for a 5-kW system and $40,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Hancock?
Leasing solar panels can be an attractive choice, because it usually 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Can solar panels completely eradicate my electricity bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Hancock, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can 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 install between 20 and 35 panels to account for 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.