Solar Panel Cost Guide in Lathrup Village, MI (2023 Update)
- Lathrup Village Solar Installation Cost: $12,156
- 25-Year Savings: $12,964
- Payback Period: 12.1 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Lathrup Village
Find out what the average cost of installing solar panels is in Lathrup Village.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lathrup Village, the typical cost of a solar system is 2.81 per watt. Because a 6.2-kW system is needed to cover the energy costs of a typical home in Lathrup Village, the average price of going solar will be about $12,156 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of making the switch to solar can vary depending on multiple factors, such as how many panels you need, your energy consumption and what installation company you go with. For many homeowners, the upfront cost of solar power is worth paying. On average Lathrup Village homeowners see about $15,000 in savings on energy bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lathrup Village
| Year | Return on Investment |
|---|---|
| 1 years | $-11,151 |
| 3 years | $-9,142 |
| 5 years | $-7,132 |
| 7 years | $-5,123 |
| 9 years | $-3,113 |
| 11 years | $-1,103 |
| 13 years | $906 |
| 15 years | $2,916 |
| 17 years | $4,925 |
| 19 years | $6,935 |
| 21 years | $8,945 |
| 23 years | $10,954 |
| 25 years | $12,964 |
Top Solar Installers in Lathrup Village
When going solar, many homeowners decide to hire a solar company since installing solar panels yourself can be a time-consuming project. A solar installer can also help save you money over the lifespan of your system by offering warranties, repairs and part replacements.
If you'd like to go solar but still aren't sure which solar panel installer to go with, here are our suggestions for providers near you:
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 Lathrup Village
Factors that Affect Solar Panel Costs in Lathrup Village
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that will push your cost above or below the average in Lathrup Village: 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 going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay about $2,810 per kilowatt in Lathrup Village. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your power bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Lathrup Village average.
Solar Financing Terms
Most solar installers in Lathrup Village have solar loans, which reduce the initial cost of installing solar panels. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The final significant cost factor you should consider is the installer you choose. Given the growing popularity of renewable energy solutions in Lathrup Village, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. You may see national solar installers that have lower prices because of their larger brand name and access to bulk 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 | $12,125 | 12.6 years |
| 8 kW | $2.87 | $16,051 | $16,481 | 12.3 years |
| 10 kW | $2.81 | $19,670 | $20,995 | 12.1 years |
| 12 kW | $2.75 | $23,132 | $25,666 | 11.9 years |
| 14 kW | $2.70 | $26,436 | $30,494 | 11.6 years |
| 16 kW | $2.64 | $29,584 | $35,480 | 11.4 years |
| 18 kW | $2.59 | $32,574 | $40,623 | 11.1 years |
| 20 kW | $2.53 | $35,406 | $45,924 | 10.9 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose greatly influences your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely offer good-quality solar panel installation and expertise.
- Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Installation Process: When making the switch to solar power, it's essential to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process will go and the project completion timeline.
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 Lathrup Village, MI Solar Cost FAQs
What is the average cost of installing solar panels in Lathrup Village?
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 be more expensive if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Lathrup Village?
Leasing solar panels can be an attractive choice, as it commonly 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
How much can I save on electricity bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $813.30 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the amount of 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.