Solar Panel Cost Guide in Laketown, MI (2023 Update)
- Laketown Solar Installation Cost: $11,684
- 25-Year Savings: $21,780
- Payback Period: 8.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Laketown
Let's have a look at the average cost of solar in Laketown.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Laketown, the typical cost of a solar system is 2.81 per watt. To account for the typical energy usage of the average home in Laketown, most homeowners require a 5.9-kilowatt system. Using the figure above, a solar installation costs about $11,684, or $16,708 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of installing solar panels can vary quite a bit depending on a few factors, such as what size system you need, your energy usage and what solar installer you go with. Many homeowners find adopting solar power is a solid investment. The average homeowner in Laketown can save around $21,000 on their power bills over 20 years.
To receive a free quote from a highly rated solar installation company in Laketown, you can click the button below.
Solar savings over time in Laketown
| Year | Return on Investment |
|---|---|
| 1 years | $-10,345 |
| 3 years | $-7,668 |
| 5 years | $-4,991 |
| 7 years | $-2,314 |
| 9 years | $363 |
| 11 years | $3,040 |
| 13 years | $5,717 |
| 15 years | $8,395 |
| 17 years | $11,072 |
| 19 years | $13,749 |
| 21 years | $16,426 |
| 23 years | $19,103 |
| 25 years | $21,780 |
Top Solar Installers in Laketown
Although you can install solar panels by yourself, it requires extra time and knowledge. Because of that, most homeowners choose to hire a solar panel installer. Another benefit of going with a solar company is that they can help you maximize your ROI by lowering your future costs of repairs and replacements due to warranties and helping you learn about local incentives you can take advantage of.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some in Laketown:
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 Laketown
Factors that Affect Solar Panel Costs in Laketown
There are a number of factors that can determine your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
One of the most important 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 electricity your household uses, the larger your system will likely need to be. You can expect to pay around $2,810 per kilowatt in Laketown. There are several different solar panel brands and the one you pick also affects the cost. In general, the brands that have better efficiency tend to also cost more. Additionally, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Laketown homeowners choose to finance their solar panel systems to make paying for solar more affordable. However, the interest on solar loans also increases your all-in costs, so it's crucial to include that in your estimate as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to green energy can have an effect on your total costs. There are about 3 solar panel companies operating in Laketown, and each can charge different amounts for labor and equipment. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions 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 | $21,502 | 9.1 years |
| 8 kW | $2.87 | $16,051 | $28,984 | 8.9 years |
| 10 kW | $2.81 | $19,670 | $36,623 | 8.7 years |
| 12 kW | $2.75 | $23,132 | $44,420 | 8.6 years |
| 14 kW | $2.70 | $26,436 | $52,374 | 8.4 years |
| 16 kW | $2.64 | $29,584 | $60,485 | 8.2 years |
| 18 kW | $2.59 | $32,574 | $68,754 | 8.0 years |
| 20 kW | $2.53 | $35,406 | $77,180 | 7.9 years |
How to Save on Solar Panels
Since the brand of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: When looking through your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running for years to come and save you money on repairs and maintenance.
- Solar Panel Brands: Different companies will have various brands and types 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 Laketown, MI Solar Cost FAQs
What is the average cost of installing solar panels in Laketown?
This is a tough question to answer exactly, because the cost depends on a variety of 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. It will cost more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Laketown?
Solar panels aren't free in Laketown, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is switching to solar power worth it?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and how much 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.