Solar Panel Cost Guide in Hanover, MI (2025 Update)
- Hanover Solar Installation Cost: $17,403
- 25-Year Savings: $23,259
- Payback Period: 12.3 Years
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Average Cost of Solar Panels in Hanover
See how much it might cost to go solar in Hanover.
The national average cost of solar panels is $2.66 per watt, but in Hanover it’s 4 per watt.The average Hanover homeowner needs a 6.1-kilowatt system, which would cost about $17,403 with the federal tax credit, or $24,886 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of making the switch to solar can vary quite a bit based on multiple factors, such as what size system you need, your energy usage and what company you go with.For most homeowners, the upfront investment in solar panels is worth paying. On average Hanover homeowners see about $22,000 in savings on electricity bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Hanover
| Year | Return on Investment |
|---|---|
| 1 years | $-16,149 |
| 3 years | $-13,642 |
| 5 years | $-11,135 |
| 7 years | $-8,627 |
| 9 years | $-6,120 |
| 11 years | $-3,612 |
| 13 years | $-1,105 |
| 15 years | $1,402 |
| 17 years | $3,910 |
| 19 years | $6,417 |
| 21 years | $8,925 |
| 23 years | $11,432 |
| 25 years | $13,939 |
Top Solar Installers in Hanover
Many homeowners opt for a solar installer since trying to put up solar panels by yourself can be a lot of work. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and system component replacements.
If you’d like to switch to solar energy but still aren’t sure which solar system installer to go with, here are our recommendations for providers nearby:
See all of the solar companies in Hanover
Factors that Affect Solar Panel Costs in Hanover
There are a number of criteria that can affect your 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 key 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 increase costs. For each additional kilowatt you need, your cost can go up by about $4,060.The kind of solar equipment you choose can increase or decrease your cost 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 in the long run on your electric bills. Additionally, extra products, such as solar batteries, can bring your total well above the Hanover average.
Solar Financing Terms
Most solar companies in Hanover provide solar loans, which reduce your upfront costs of installing solar.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Hanover is the company you hire to install your solar panel system. As with choosing a company to build a deck or pool, for instance, there’s no shortage of solar installers that offer a range of services for different budgets.The size of the company sometimes plays the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $16,858 | 12.8 years |
| 8 kW | $4.14 | $23,191 | $22,932 | 12.6 years |
| 10 kW | $4.06 | $28,420 | $29,233 | 12.3 years |
| 12 kW | $3.98 | $33,422 | $35,762 | 12.1 years |
| 14 kW | $3.90 | $38,196 | $42,518 | 11.8 years |
| 16 kW | $3.82 | $42,744 | $49,501 | 11.6 years |
| 18 kW | $3.74 | $47,064 | $56,712 | 11.3 years |
| 20 kW | $3.65 | $51,156 | $64,150 | 11.1 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because selecting a company can be difficult, we have some tips to help you, such as:
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Contract: Review the contract terms closely to make sure you understand how much it will cost, completion timeline incentives and warranties.
- Solar Panel Brands: Different companies offer various brands and kinds of panels. If you know you want a specific brand, make sure the solar panel installer you’re considering has it.
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
EcoWatch's Hanover, MI Solar Cost FAQs
How much does it cost to install solar panels in Hanover?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $20,300 for a 5-kW system and $40,600 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Hanover?
Leasing solar panels can be an attractive choice, as it commonly comes with low or $0 upfront payments. The downside 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
Can solar panels significantly reduce my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,153.06 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption 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 install 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.