Solar Panel Cost Guide in Lake Fenton, MI (2023 Update)
- Lake Fenton Solar Installation Cost: $12,254
- 25-Year Savings: $16,260
- Payback Period: 10.8 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lake Fenton
Find out what the average cost of solar panel installation is in Lake Fenton.
In Lake Fenton, solar panels cost about 2.81 per watt on average. Using this figure, a typical 6.2-kW system would cost about $12,254 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of going solar can vary quite a bit based on several factors, such as what size system you need, your energy usage and what installation company you go with. But, after you've paid the upfront cost of installation, the ROI for most homeowners is quite fruitful, with a net average savings of about $17,000 over 20 years on energy bills.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Lake Fenton
| Year | Return on Investment |
|---|---|
| 1 years | $-11,114 |
| 3 years | $-8,833 |
| 5 years | $-6,551 |
| 7 years | $-4,270 |
| 9 years | $-1,989 |
| 11 years | $292 |
| 13 years | $2,573 |
| 15 years | $4,854 |
| 17 years | $7,136 |
| 19 years | $9,417 |
| 21 years | $11,698 |
| 23 years | $13,979 |
| 25 years | $16,260 |
Top Solar Installers in Lake Fenton
Although it's possible to install solar panels yourself, it requires extra energy and know-how. That's why the majority of homeowners choose to hire a solar panel installer. Also, companies with a high reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some near you:
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 Lake Fenton
Factors that Affect Solar Panel Costs in Lake Fenton
While the average cost of a solar system in Lake Fenton is $12,254, your actual cost may be above or below the average. There are many factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.
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 about $2,810. The model of solar panels and equipment you want is another factor that will greatly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Plus, solar equipment consists of more than 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 for a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a solid option because they reduce your upfront costs and let you pay for your system over five to seven years on average. It's wise to factor 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 how long it'll take to pay off the loan.
Solar Panel Installation Company
Finally, the company you choose to install your solar system can play a part in determining your pricing. Lake Fenton's solar companies all have different labor costs and add varying upcharges to equipment. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions 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 | $2.92 | $12,274 | $15,169 | 11.2 years |
| 8 kW | $2.87 | $16,051 | $20,540 | 11.0 years |
| 10 kW | $2.81 | $19,670 | $26,069 | 10.8 years |
| 12 kW | $2.75 | $23,132 | $31,754 | 10.5 years |
| 14 kW | $2.70 | $26,436 | $37,598 | 10.3 years |
| 16 kW | $2.64 | $29,584 | $43,598 | 10.1 years |
| 18 kW | $2.59 | $32,574 | $49,756 | 9.9 years |
| 20 kW | $2.53 | $35,406 | $56,071 | 9.7 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Solar Panel Brands: Different companies will offer different brands and models of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
- Contract: Though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
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 Lake Fenton, MI Solar Cost FAQs
How much does it cost to install solar panels in Lake Fenton?
This is a difficult question to answer exactly, because the cost depends on a few different 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. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Lake Fenton?
Leasing solar panels can be an option if you can't afford to 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 property 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 you sell solar power back to the grid in Lake Fenton?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future utility bills.
How long do solar panels last in Lake Fenton?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use 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.