Solar Panel Cost Guide in Laketon, MI (2024 Update)
- Laketon Solar Installation Cost: $16,349
- 25-Year Savings: $23,989
- Payback Period: 11.6 Years
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Average Cost of Solar Panels in Laketon
Find out how much it might cost to make the switch to solar in Laketon.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Laketon, the typical cost of a solar system is 4 per watt.The average Laketon homeowner needs a 5.8-kilowatt system, which would cost about $16,349 with the federal tax credit, or $23,379 before the 0 tax credit is applied.
The actual price you pay can go higher or lower than the average in Laketon based on several factors, such as the kind of solar panels you choose and the solar installer you hire.With typical savings of about $23,000 on utility bills over 20 years, many homeowners in Laketon find installing solar panels has a decent ROI.
You can click the button below to get connected with a top solar installer in Laketon for a quote for your home.
Solar savings over time in Laketon
| Year | Return on Investment |
|---|---|
| 1 years | $-15,095 |
| 3 years | $-12,587 |
| 5 years | $-10,080 |
| 7 years | $-7,573 |
| 9 years | $-5,065 |
| 11 years | $-2,558 |
| 13 years | $-50 |
| 15 years | $2,457 |
| 17 years | $4,964 |
| 19 years | $7,472 |
| 21 years | $9,979 |
| 23 years | $12,486 |
| 25 years | $14,994 |
Top Solar Installers in Laketon
When making the switch to solar, many homeowners choose to hire a solar installer since putting up a solar system yourself can be a challenging project. Another advantage of using a solar installer is that they can help you maximize your return of investment by reducing your future costs of repairs and replacements due to warranties and informing you of local incentives you can take advantage of.
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 Laketon:
See all of the solar companies in Laketon
Factors that Affect Solar Panel Costs in Laketon
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few major factors that determine your overall cost in Laketon: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend about $4,060 per kilowatt in Laketon.The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag 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. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Laketon to be too steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to higher prices over time because of interest.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar company you go with to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar panel companies in Laketon, and each can charge different amounts for labor and equipment.The company’s size sometimes plays the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
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 | $19,089 | 12.0 years |
| 8 kW | $4.14 | $23,191 | $25,907 | 11.8 years |
| 10 kW | $4.06 | $28,420 | $32,952 | 11.6 years |
| 12 kW | $3.98 | $33,422 | $40,224 | 11.3 years |
| 14 kW | $3.90 | $38,196 | $47,724 | 11.1 years |
| 16 kW | $3.82 | $42,744 | $55,452 | 10.9 years |
| 18 kW | $3.74 | $47,064 | $63,406 | 10.7 years |
| 20 kW | $3.65 | $51,156 | $71,588 | 10.4 years |
How to Save on Solar Panels
The solar installer you choose will influence not only your overall 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 keep in mind, such as:
- Solar Panel Brands: The kind of solar panel you’d like to get plays a role in which company you should go with, since different companies have different panels.
- Contract: Before you sign a contract with a solar installer, make sure you read it through fully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the best you can get in the business, and offering such a warranty is one indication of a good company.
- Installation Process: When making the switch to solar energy, it’s important to keep an open line of communication with your solar panel installer. Make sure you understand how the installation process will go and the project timeline.
EcoWatch's Laketon, MI Solar Cost FAQs
How much does it cost to install solar panels in Laketon?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $20,300 for a 5-kW system and $40,600 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 higher-than-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to think about when buying solar panels?
Cost is a very important factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Can solar panels eliminate my energy bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Laketon, 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 check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Laketon?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.