Solar Panel Cost Guide in Highland Park, MI (2024 Update)
- Highland Park Solar Installation Cost: $17,379
- 25-Year Savings: $13,091
- Payback Period: 17.3 Years
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Average Cost of Solar Panels in Highland Park
We go over average solar pricing in Highland Park.
Although the national average of solar panels is $2.66 per watt, solar panels in Highland Park generally cost around 4.Using this figure, a typical 6.1-kW system would cost about $17,379 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy use, the type of solar system you want, your solar contractor and more.For most homeowners, the upfront investment in solar is worth paying. On average Highland Park homeowners see about $16,000 in savings on electricity bills over 20 years.
To receive a free estimate from a vetted solar company in Highland Park, you can click the button below.
Solar savings over time in Highland Park
| 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 Highland Park
When making the switch to solar, many homeowners opt to go with a solar installer since handling can be a time-consuming project. A solar installer can also help save you money in the long run by providing warranties, repairs and system component replacements.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
See all of the solar companies in Highland Park
Factors that Affect Solar Panel Costs in Highland Park
For many Highland Park homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Highland Park, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $4,060. 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 be more expensive. Furthermore, 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 into a solar system that’s in your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are available from most installers in Highland Park, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable.It’s wise to include 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 the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
The solar installer you pick will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Highland Park have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. However, 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 many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Warranty: If you care about the longevity of your solar panel system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Even though there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to take a look at their list of offerings before deciding.
- Contract: Before signing a contract with a solar installer, make sure to look it over fully so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
EcoWatch's Highland Park, MI Solar Cost FAQs
How much does it cost to install solar panels in Highland Park?
This is a difficult question to answer exactly, 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. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels significantly reduce my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $821.56 per year.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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 level 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.