Solar Panel Cost Guide in Holly, MI (2023 Update)
- Holly Solar Installation Cost: $12,156
- 25-Year Savings: $16,359
- Payback Period: 10.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Holly
Let's take a look at the average cost of solar in Holly.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Holly, the typical cost of a solar system is 2.81 per watt. Using this figure, a typical 6.2-kW system would cost about $12,156 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Holly homeowners. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Despite the high initial cost, the average Holly homeowner can save about $18,000 on their electricity bills over 20 years, which is one of the advantages of solar.
You can click the button below to get connected with a pre-vetted solar installer in Holly for a quote for your home.
Solar savings over time in Holly
| Year | Return on Investment |
|---|---|
| 1 years | $-11,015 |
| 3 years | $-8,734 |
| 5 years | $-6,453 |
| 7 years | $-4,172 |
| 9 years | $-1,891 |
| 11 years | $390 |
| 13 years | $2,672 |
| 15 years | $4,953 |
| 17 years | $7,234 |
| 19 years | $9,515 |
| 21 years | $11,796 |
| 23 years | $14,078 |
| 25 years | $16,359 |
Top Solar Installers in Holly
Many homeowners opt for a solar installer since installing solar panels yourself can be a lot of work. A solar installer can also help save you money over the lifespan of your system by offering warranties, repairs and component replacements.
If you'd like to start using solar energy but still aren't sure which solar system company to go with, here are our suggestions for providers nearby:
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 Holly
Factors that Affect Solar Panel Costs in Holly
The cost of installing a solar system in Holly can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,810. There are several different solar panel brands and the one you pick also changes the cost. In general, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you're looking to get can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Holly homeowners choose to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar panel installer you select will play a role in your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor. Additionally, some companies in Holly know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. 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 | $2.92 | $12,274 | $15,422 | 11.1 years |
| 8 kW | $2.87 | $16,051 | $20,878 | 10.9 years |
| 10 kW | $2.81 | $19,670 | $26,491 | 10.7 years |
| 12 kW | $2.75 | $23,132 | $32,261 | 10.4 years |
| 14 kW | $2.70 | $26,436 | $38,188 | 10.2 years |
| 16 kW | $2.64 | $29,584 | $44,273 | 10.0 years |
| 18 kW | $2.59 | $32,574 | $50,516 | 9.8 years |
| 20 kW | $2.53 | $35,406 | $56,915 | 9.6 years |
How to Save on Solar Panels
The solar installer you go with will be a major factor in determining 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 several important things you should keep in mind, such as:
- Contract: When reading through your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you opt for.
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 Holly, MI Solar Cost FAQs
How much does it cost to install solar panels in Holly?
The average cost of solar panels in Holly is about $14,050 for a 5-kW system and $28,100 for a 10-kW system before the ITC, but the real cost will depend on things such as the kind 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 Holly?
Leasing solar panels can be an attractive choice, as 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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Is it worth going solar in Holly?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How long do solar panels last in Holly?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down 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.