Solar Panel Cost Guide in Lake Fenton, MI (2024 Update)
- Lake Fenton Solar Installation Cost: $17,718
- 25-Year Savings: $16,252
- Payback Period: 15.5 Years
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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.
The average cost of a solar system in Lake Fenton is 4 per watt.Because a 6.2-kW system is needed to cover the energy usage of a typical home in Lake Fenton, the average price of going solar will be about $17,718 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of making the switch to solar can vary based on multiple factors, such as what size system you need, your energy usage and what installation company you go with.But, once you've paid the initial cost of installation, the ROI for most homeowners is usually fruitful, with a net average savings of about $17,000 over 20 years on energy bills.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Lake Fenton
| Year | Return on Investment |
|---|---|
| 1 years | $-16,464 |
| 3 years | $-13,957 |
| 5 years | $-11,449 |
| 7 years | $-8,942 |
| 9 years | $-6,434 |
| 11 years | $-3,927 |
| 13 years | $-1,420 |
| 15 years | $1,088 |
| 17 years | $3,595 |
| 19 years | $6,103 |
| 21 years | $8,610 |
| 23 years | $11,117 |
| 25 years | $13,625 |
Top Solar Installers in Lake Fenton
Although you can install solar panels by yourself, it involves extra energy and knowledge. That's why most homeowners choose to go with a solar panel installer. Also, if you’d like to maximize your investment in solar, opting for a solar installer can help with that as well. Different providers can offer warranties, expertise on installation and sometimes even information on local incentives.
If you're looking for a solar installer in Lake Fenton, the EcoWatch team has compiled a list of our top suggestions here:
See all of the solar companies in Lake Fenton
Factors that Affect Solar Panel Costs in Lake Fenton
For many Lake Fenton homeowners, the decision to adopt solar energy rests on cost. However, the range of solar installation costs can be quite wide in Lake Fenton, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $4,060. The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are offered by most installers in Lake Fenton, which can bring down, or in some cases eliminate, your upfront costs to make 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 APR could reduce your costs significantly.
Solar Panel Installation Company
The solar installation company you pick will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor.Larger national companies usually have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
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 | $9,709 | 16.2 years |
| 8 kW | $4.14 | $23,191 | $13,400 | 15.8 years |
| 10 kW | $4.06 | $28,420 | $17,319 | 15.5 years |
| 12 kW | $3.98 | $33,422 | $21,464 | 15.2 years |
| 14 kW | $3.90 | $38,196 | $25,838 | 14.9 years |
| 16 kW | $3.82 | $42,744 | $30,438 | 14.6 years |
| 18 kW | $3.74 | $47,064 | $35,266 | 14.3 years |
| 20 kW | $3.65 | $51,156 | $40,321 | 14.0 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Installation Process: Make sure you’re aligned with the company regarding how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. While there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of offerings before making your decision.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely provide good-quality solar panel installation and expertise.
- Warranty: Companies typically offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
EcoWatch's Lake Fenton, MI Solar Cost FAQs
How much does it cost to install solar panels in Lake Fenton?
The average cost of solar panels in Lake Fenton is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the real cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Lake Fenton?
A solar panel system isn’t free in Lake Fenton, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
How much can I save on energy bills after installing solar panels?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Lake Fenton, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house 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.