Solar Panel Cost Guide in Lake Fenton, MI (2023 Update)
- Lake Fenton Solar Installation Cost: $12,263
- 25-Year Savings: $16,252
- Payback Period: 10.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lake Fenton
Find out how much it might cost to make the switch to solar in Lake Fenton.
The average cost of a solar panel system in Lake Fenton is 2.81 per watt. To cover the typical energy usage of the average home in Lake Fenton, most homeowners require a 6.2-kilowatt system. Using the figure above, a solar installation costs about $12,254, or $17,523 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of installing solar panels can vary quite a bit depending on multiple factors, such as what size system you need, your energy consumption and what solar installer you go with. For many homeowners, the upfront cost of solar power is worth paying. On average Lake Fenton homeowners see about $17,000 in savings on energy bills over 20 years.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Lake Fenton
| Year | Return on Investment |
|---|---|
| 1 years | $-12,168 |
| 3 years | $-11,978 |
| 5 years | $-11,787 |
| 7 years | $-11,597 |
| 9 years | $-11,407 |
| 11 years | $-11,217 |
| 13 years | $-11,027 |
| 15 years | $-10,837 |
| 17 years | $-10,647 |
| 19 years | $-10,457 |
| 21 years | $-10,267 |
| 23 years | $-10,077 |
| 25 years | $-9,886 |
Top Solar Installers in Lake Fenton
Many homeowners opt for a solar installation company since installing solar panels on your own can be hard. Plus, if you aren't sure what brand of solar panels and equipment you need, a solar expert can help you figure that out after a site survey and consultation.
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 in Lake Fenton:
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
For many Lake Fenton homeowners, the decision to install solar panels 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 several factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar system in Lake Fenton, one of the most crucial 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 consumption, which you can gauge by looking at past power bills. Your overall cost can increase by around $2,810 for each additional kilowatt you need. The brand of solar panels and equipment you choose is another factor that will greatly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Plus, solar equipment goes beyond 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 falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Lake Fenton to be too expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area offers financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest. Although solar loans make going solar more accessible for Lake Fenton homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you get to install your solar panel system can impact your pricing. Lake Fenton's solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 companies available in Lake Fenton, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years most likely provide good-quality solar panel installation and expertise.
- Contract: When reading over your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Solar Panel Brands: Different companies will offer various brands and models of panels. If you know you want a specific brand, make sure the solar installer you're considering has it.
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?
The average cost of solar panels in Lake Fenton is about $14,050 for a 5-kW system and $28,100 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to think about when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
How much can I save on energy bills after switching to solar?
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 will have roofs that can accommodate that size system, so you'll want to check with 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?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.