Solar Panel Cost Guide in Iron Mountain, MI (2023 Update)
- Iron Mountain Solar Installation Cost: $12,393
- 25-Year Savings: $12,051
- Payback Period: 12.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Iron Mountain
Let's take a look at the average cost of solar in Iron Mountain.
The average cost of a solar panel system in Iron Mountain is 2.81 per watt. The average solar panel system size in Iron Mountain is around 6.3 kilowatts, meaning a cost of about $12,392 for a solar installation, or $17,721 before the 30% federal solar tax credit is applied.
These figures are only averages, and the cost of going solar for you may look different based on your energy needs and what company you go with. For many homeowners, the upfront investment in solar is worth paying. On average homeowners in Iron Mountain see about $16,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Iron Mountain that can help you get a more accurate cost estimate for your home.
Solar savings over time in Iron Mountain
| Year | Return on Investment |
|---|---|
| 1 years | $-11,084 |
| 3 years | $-8,468 |
| 5 years | $-5,851 |
| 7 years | $-3,234 |
| 9 years | $-617 |
| 11 years | $1,999 |
| 13 years | $4,616 |
| 15 years | $7,233 |
| 17 years | $9,850 |
| 19 years | $12,467 |
| 21 years | $15,083 |
| 23 years | $17,700 |
| 25 years | $20,317 |
Top Solar Installers in Iron Mountain
Installing solar panels by yourself can be a difficult undertaking, which is why getting a solar installer is a good option for many homeowners. The expertise that solar companies provide can be helpful as well, especially if you aren't sure what type of solar equipment would be right for your home.
If you'd like to go solar but still aren't certain 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 Iron Mountain
Factors that Affect Solar Panel Costs in Iron Mountain
While the average cost of a solar system in Iron Mountain is $12,392, your actual cost may be higher or lower than that. There are many factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The size of the solar energy system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,810. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your power bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Iron Mountain average.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That's why many Iron Mountain homeowners opt to finance their solar panel systems to offset upfront costs. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panel system can affect your pricing. Iron Mountain's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and decide on the company that provides the products, warranties and services you want and also fits within your budget.
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 | $11,004 | 13.2 years |
| 8 kW | $2.87 | $16,051 | $14,987 | 12.9 years |
| 10 kW | $2.81 | $19,670 | $19,127 | 12.7 years |
| 12 kW | $2.75 | $23,132 | $23,424 | 12.4 years |
| 14 kW | $2.70 | $26,436 | $27,879 | 12.2 years |
| 16 kW | $2.64 | $29,584 | $32,491 | 11.9 years |
| 18 kW | $2.59 | $32,574 | $37,260 | 11.7 years |
| 20 kW | $2.53 | $35,406 | $42,187 | 11.4 years |
How to Save on Solar Panels
The solar installer you go with will impact 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 some important things you should take into account, including:
- Contract: Even though reading through a contract can be tedious, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Installation Process: Make sure you're on the same page with the company in regard to how the installation process will go and what needs to be done before your solar system is installed, such as updating or replacing your electrical system or roof.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: The model of solar panel you'd like plays a part in which installer you should choose, since different companies have different panels.
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 Iron Mountain, MI Solar Cost FAQs
How much does it cost to install solar panels in Iron Mountain?
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 other solar equipment or more efficient panels, or if you have above-average energy usage. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Iron Mountain?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Can solar panels eliminate my electricity bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Iron Mountain, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Iron Mountain?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using them at a lower efficiency.
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.