Solar Panel Cost Guide in Imlay City, MI (2024 Update)
- Imlay City Solar Installation Cost: $17,632
- 25-Year Savings: $12,916
- Payback Period: 17.5 Years
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Average Cost of Solar Panels in Imlay City
Find out what the average cost of a solar system is in Imlay City.
The national average cost of solar panels is $2.66 per watt, but in Imlay City it’s 4 per watt.The average solar panel system size in Imlay City is around 6.2 kilowatts, meaning a cost of about $17,632 for a solar installation, or $25,214 before the 0 federal solar 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 depending on a few factors, such as what size system you need, your energy consumption and what solar installer you go with.Many homeowners find adopting solar power is a sound investment. The average homeowner in Imlay City can save around $15,000 on their power bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Imlay City
| Year | Return on Investment |
|---|---|
| 1 years | $-16,240 |
| 3 years | $-13,455 |
| 5 years | $-10,671 |
| 7 years | $-7,886 |
| 9 years | $-5,101 |
| 11 years | $-2,317 |
| 13 years | $468 |
| 15 years | $3,253 |
| 17 years | $6,037 |
| 19 years | $8,822 |
| 21 years | $11,607 |
| 23 years | $14,391 |
| 25 years | $17,176 |
Top Solar Installers in Imlay City
Although it's possible to install solar panels on your own, it requires extra energy and handiness. Because of that, the majority of homeowners choose a solar panel installer. Solar companies offer key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
See all of the solar companies in Imlay City
Factors that Affect Solar Panel Costs in Imlay City
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few key factors that will push your cost above or below the average in Imlay City: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay around $4,060 per kilowatt in Imlay City.The kind of solar panels and equipment you choose is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to decide on 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 solar out of pocket can be challenging. Solar loans are offered by most installers in Imlay City, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of loans, including the total 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 more than the original cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Imlay City is the company you hire to install your PV system. Similar to choosing a company to renovate your kitchen, for instance, there’s no shortage of solar installers that offer a range of services for different budgets.You may come across national solar installers that have lower prices due to their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $6,559 | 18.3 years |
| 8 kW | $4.14 | $23,191 | $9,200 | 17.9 years |
| 10 kW | $4.06 | $28,420 | $12,068 | 17.5 years |
| 12 kW | $3.98 | $33,422 | $15,164 | 17.2 years |
| 14 kW | $3.90 | $38,196 | $18,487 | 16.8 years |
| 16 kW | $3.82 | $42,744 | $22,038 | 16.5 years |
| 18 kW | $3.74 | $47,064 | $25,816 | 16.1 years |
| 20 kW | $3.65 | $51,156 | $29,821 | 15.8 years |
How to Save on Solar Panels
The solar company you go with will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, such as:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years likely provide quality solar panel installation and expertise.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should acquire and how long the project will take.
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running for years to come and save you money on repairs and maintenance.
EcoWatch's Imlay City, MI Solar Cost FAQs
How much does it cost to install solar panels in Imlay City?
This is a tough question to answer exactly, because the cost depends on a few different 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 extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Imlay City?
Solar panels aren’t free in Imlay City, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
How much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you’re located 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 $809.77 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.