Solar Panel Cost Guide in Hope, MI (2023 Update)
- Hope Solar Installation Cost: $12,060
- 25-Year Savings: $21,837
- Payback Period: 8.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hope
See how much it might cost to make the switch to solar in Hope.
The average cost of a solar panel system in Hope is 2.81 per watt. The average solar panel system size in Hope is around 6.1 kilowatts, meaning a cost of about $12,058 for a solar installation, or $17,243 before the 30% federal solar tax credit is applied.
These figures are just averages, and the cost of going solar for you will vary based on the amount of energy your home requires and what company you go with. Many homeowners find going solar is a sound investment. The average homeowner in Hope can save around $21,000 on their electricity bills over 20 years.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Hope
| Year | Return on Investment |
|---|---|
| 1 years | $-11,947 |
| 3 years | $-11,721 |
| 5 years | $-11,495 |
| 7 years | $-11,269 |
| 9 years | $-11,043 |
| 11 years | $-10,817 |
| 13 years | $-10,591 |
| 15 years | $-10,365 |
| 17 years | $-10,139 |
| 19 years | $-9,913 |
| 21 years | $-9,687 |
| 23 years | $-9,461 |
| 25 years | $-9,235 |
Top Solar Installers in Hope
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Hiring a solar company can make swapping over to solar power much easier. Companies can also offer access to quality options of the best solar panels and help you choose which one will be right for your family.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Hope
Factors that Affect Solar Panel Costs in Hope
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few major factors that affect your total cost in Hope: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Hope, one of the most important 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 usage, which you can figure out by looking at past energy bills. Your overall cost can increase by about $2,810 for each additional kilowatt you need. The model of solar panels and equipment you want is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Plus, 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 researching a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Hope to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area offers financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in higher prices over time because of interest. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Hope, and each can charge different amounts for labor and equipment. The company's size sometimes plays the most considerable role in your costs. 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 can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
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 | $20,897 | 9.3 years |
| 8 kW | $2.87 | $16,051 | $28,178 | 9.1 years |
| 10 kW | $2.81 | $19,670 | $35,616 | 8.9 years |
| 12 kW | $2.75 | $23,132 | $43,211 | 8.7 years |
| 14 kW | $2.70 | $26,436 | $50,963 | 8.5 years |
| 16 kW | $2.64 | $29,584 | $58,873 | 8.4 years |
| 18 kW | $2.59 | $32,574 | $66,940 | 8.2 years |
| 20 kW | $2.53 | $35,406 | $75,165 | 8.0 years |
How to Save on Solar Panels
There are many companies to choose from in Hope, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- 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 large role in the company you go with.
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Contract: Before signing a contract with a solar company, make sure to read it through completely 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.
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should secure and what the project timeline is.
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 Hope, MI Solar Cost FAQs
What is the average cost of installing solar panels in Hope?
This is a hard question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $14,050 for a 5-kW system and $28,100 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality 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 cheaper solar panels.
Is cost the most important thing to think about when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your property value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Hope is currently $142,703, which means you could be looking at a value of about $5,851 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Hope is a worthwhile investment.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household 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.