Solar Panel Cost Guide in Lathrup Village, MI (2024 Update)
- Lathrup Village Solar Installation Cost: $17,556
- 25-Year Savings: $12,969
- Payback Period: 17.5 Years
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Average Cost of Solar Panels in Lathrup Village
Let’s take a look at the average cost of solar in Lathrup Village.
The national average cost of solar panels is $2.66 per watt, but in Lathrup Village it’s 4 per watt.To cover the typical energy usage of the average home in Lathrup Village, most homeowners require a 6.2-kilowatt system. Using the figure above, a solar installation costs about $17,556, or $25,105 before the federal solar tax credit of 0 is applied.
The true cost of your system can be higher or lower than the average in Lathrup Village depending on a few factors, such as the kind of solar panels you choose and the solar contractor you hire.With typical savings of about $15,000 on power bills over 20 years, many homeowners in Lathrup Village find investing in solar can be quite rewarding.
Click the button below to get connected to a highly rated solar company in Lathrup Village for a customized estimate.
Solar savings over time in Lathrup Village
| Year | Return on Investment |
|---|---|
| 1 years | $-16,163 |
| 3 years | $-13,379 |
| 5 years | $-10,594 |
| 7 years | $-7,809 |
| 9 years | $-5,025 |
| 11 years | $-2,240 |
| 13 years | $545 |
| 15 years | $3,329 |
| 17 years | $6,114 |
| 19 years | $8,899 |
| 21 years | $11,683 |
| 23 years | $14,468 |
| 25 years | $17,253 |
Top Solar Installers in Lathrup Village
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Going with an installer can make switching to solar power much easier. Also, companies with a high reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
Working with a licensed solar company can make going solar easier. Here are our recommendations:
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
Outstanding Local Installer
The Green Panel
- Outstanding customer service
- Excellent reputation
- Great warranty coverage
- No leases or PPAs
See all of the solar companies in Lathrup Village
Factors that Affect Solar Panel Costs in Lathrup Village
Though the average cost of a solar system in Lathrup Village is $17,556, your actual cost may be above or below the average. There are several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to take into consideration.
Solar Equipment
When it comes to estimating the price of solar panels in Lathrup Village, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy usage, which you can figure out by looking at past electricity bills. Your overall cost can increase by around $4,060 for each additional kilowatt you need.There are many different solar panel brands and the one you choose also affects the cost. In many cases, the brands that have better efficiency tend to also be more expensive. Additionally, the type of equipment you choose 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
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are provided by most installers in Lathrup Village, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The remaining significant cost factor you should take into consideration is the installer you choose. Given the growing popularity of renewable energy solutions in Lathrup Village, you’ll have a great number of options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in Lathrup Village know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $6,665 | 18.2 years |
| 8 kW | $4.14 | $23,191 | $9,341 | 17.8 years |
| 10 kW | $4.06 | $28,420 | $12,245 | 17.5 years |
| 12 kW | $3.98 | $33,422 | $15,376 | 17.1 years |
| 14 kW | $3.90 | $38,196 | $18,734 | 16.8 years |
| 16 kW | $3.82 | $42,744 | $22,320 | 16.4 years |
| 18 kW | $3.74 | $47,064 | $26,133 | 16.1 years |
| 20 kW | $3.65 | $51,156 | $30,174 | 15.7 years |
How to Save on Solar Panels
Since the type 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:
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years likely provide good-quality solar panel installation and expertise.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Warranty: Each company may offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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
Outstanding Local Installer
The Green Panel
- Outstanding customer service
- Excellent reputation
- Great warranty coverage
- No leases or PPAs
EcoWatch's Lathrup Village, MI Solar Cost FAQs
What is the average cost of installing solar panels in Lathrup Village?
The average cost of solar panels in Lathrup Village is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Lathrup Village?
You can’t get solar panels for free in Lathrup Village. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Is making the switch to solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.