Solar Panel Cost Guide in Larkin, MI (2023 Update)
- Larkin Solar Installation Cost: $12,084
- 25-Year Savings: $23,220
- Payback Period: 8.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Larkin
Find out what the average cost of solar panel installation is in Larkin.
The average cost of solar panels in Larkin is 2.81 per watt. Since a 6.1-kW system is needed to cover the energy usage of a typical home in Larkin, the average price of going solar will be about $12,077 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average Larkin homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Larkin can save about $22,000 on their power bills over 20 years.
To get a free quote from a pre-vetted solar installer in Larkin, you can click the button below.
Solar savings over time in Larkin
| Year | Return on Investment |
|---|---|
| 1 years | $-11,966 |
| 3 years | $-11,731 |
| 5 years | $-11,496 |
| 7 years | $-11,260 |
| 9 years | $-11,025 |
| 11 years | $-10,789 |
| 13 years | $-10,554 |
| 15 years | $-10,319 |
| 17 years | $-10,083 |
| 19 years | $-9,848 |
| 21 years | $-9,613 |
| 23 years | $-9,377 |
| 25 years | $-9,142 |
Top Solar Installers in Larkin
Although it's possible to install solar panels yourself, it requires extra effort and know-how. For that reason, the majority of homeowners choose a solar panel installer. Companies can also have access to quality options of the best solar panels and help you pick which one will be best for you.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some nearby:
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 Larkin
Factors that Affect Solar Panel Costs in Larkin
The cost of installing a solar system in Larkin can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. For that reason, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use. There are many different solar panel brands and the one you choose also changes the cost. In general, the brands that offer higher efficiency tend to also be more expensive. Additionally, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are available from most installers in Larkin, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more accessible. 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'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 finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panels can influence how much it costs. Larkin's solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically 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 add-on 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 | $22,206 | 8.9 years |
| 8 kW | $2.87 | $16,051 | $29,923 | 8.7 years |
| 10 kW | $2.81 | $19,670 | $37,797 | 8.6 years |
| 12 kW | $2.75 | $23,132 | $45,829 | 8.4 years |
| 14 kW | $2.70 | $26,436 | $54,018 | 8.2 years |
| 16 kW | $2.64 | $29,584 | $62,364 | 8.0 years |
| 18 kW | $2.59 | $32,574 | $70,867 | 7.9 years |
| 20 kW | $2.53 | $35,406 | $79,528 | 7.7 years |
How to Save on Solar Panels
There are many companies to choose from in Larkin, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one indication of a good company.
- Reputation: Solar system installers that have great reviews from their customers and that have been in business for many years likely offer high-quality solar panel installation and expertise.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Before you sign a contract with a solar installer, make sure to read it through completely so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
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 Larkin, MI Solar Cost FAQs
How much does it cost to install solar panels in Larkin?
This is a difficult question to answer exactly, because the cost depends on many 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. It will cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Larkin?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Can solar panels eliminate my electricity bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Larkin, that will require at least a 10-kW system. Not all homes 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 do I need to power my home?
The exact number of solar panels you need depends on your household energy needs 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 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.