Solar Panel Cost Guide in Laketon, MI (2023 Update)
- Laketon Solar Installation Cost: $11,310
- 25-Year Savings: $23,994
- Payback Period: 8.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Laketon
Find out how much it might cost to switch to solar power in Laketon.
The average cost of solar panels in Laketon is 2.81 per watt. The average solar panel system size in Laketon is around 5.8 kilowatts, meaning a cost of about $11,310 for a solar installation, or $16,173 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy needs, the type of solar system you want, your solar contractor and more. But, after you've paid the upfront cost of installation, the savings for most homeowners is typically good, with a net average savings of about $23,000 over 20 years on electricity bills.
To get a free estimate from a vetted solar installation company in Laketon, you can click the button below.
Solar savings over time in Laketon
| Year | Return on Investment |
|---|---|
| 1 years | $-9,898 |
| 3 years | $-7,074 |
| 5 years | $-4,249 |
| 7 years | $-1,425 |
| 9 years | $1,399 |
| 11 years | $4,224 |
| 13 years | $7,048 |
| 15 years | $9,872 |
| 17 years | $12,697 |
| 19 years | $15,521 |
| 21 years | $18,345 |
| 23 years | $21,170 |
| 25 years | $23,994 |
Top Solar Installers in Laketon
Installing solar panels yourself can be a dangerous task, which is why using a solar installation company is a good option for many homeowners. The payback period on an investment in solar panels will vary based on factors like your location and energy needs, but working with a solar installer can shorten it. Your provider will be able to help you identify incentives available in your area.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some in Laketon:
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 Laketon
Factors that Affect Solar Panel Costs in Laketon
There are several criteria that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,810. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Laketon, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar installers in Laketon provide solar loans, which reduce your upfront costs of installing solar. When estimating your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The remaining key cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Laketon, you'll have many options to choose from, but each comes at different price points for labor and equipment. Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 | $2.92 | $12,274 | $24,549 | 8.3 years |
| 8 kW | $2.87 | $16,051 | $33,047 | 8.2 years |
| 10 kW | $2.81 | $19,670 | $41,702 | 8.0 years |
| 12 kW | $2.75 | $23,132 | $50,514 | 7.9 years |
| 14 kW | $2.70 | $26,436 | $59,484 | 7.7 years |
| 16 kW | $2.64 | $29,584 | $68,612 | 7.5 years |
| 18 kW | $2.59 | $32,574 | $77,896 | 7.4 years |
| 20 kW | $2.53 | $35,406 | $87,338 | 7.2 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:
- Warranty: Warranties that provide coverage for replacement parts and repairs over around 25 years are the best you can get in the business, and offering that kind of warranty is one sign of a quality company.
- Contract: When reading through your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can check your installer's reputation is by reading reviews.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you go with.
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 Laketon, MI Solar Cost FAQs
What is the average cost of installing solar panels in Laketon?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly 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 other 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 less efficient solar panels.
Can you get solar panels for free in Laketon?
A solar panel system isn't free in Laketon, 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.
Do solar panels increase your home value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage 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 install between 20 and 35 panels to account for 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.