Solar Panel Cost Guide in Lenox, MI (2024 Update)
- Lenox Solar Installation Cost: $17,270
- 25-Year Savings: $13,167
- Payback Period: 17.2 Years
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Average Cost of Solar Panels in Lenox
See how much it might cost to switch to solar power in Lenox.
The national average cost of solar panels is $2.66 per watt, but in Lenox it’s 4 per watt.The average Lenox homeowner needs a 6.1-kilowatt system, which would cost about $17,270 with the federal tax credit, or $24,696 before the 0 tax credit is applied.
These figures are only estimates, and how much solar costs for you will most likely vary based on your specific situation and what company you want to go with.Even with the high upfront cost, the average Lenox homeowner can save around $16,000 on their energy bills over 20 years, which is one of the advantages of solar.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Lenox
| Year | Return on Investment |
|---|---|
| 1 years | $-15,878 |
| 3 years | $-13,093 |
| 5 years | $-10,308 |
| 7 years | $-7,524 |
| 9 years | $-4,739 |
| 11 years | $-1,954 |
| 13 years | $830 |
| 15 years | $3,615 |
| 17 years | $6,400 |
| 19 years | $9,185 |
| 21 years | $11,969 |
| 23 years | $14,754 |
| 25 years | $17,539 |
Top Solar Installers in Lenox
Although you can install solar panels yourself, it involves extra effort and handiness. For that reason, most people choose a solar panel installer. Solar warranties and repairs are usually included in the cost of installation when you go with a solar contractor as well, which can save you more money over time.
If you're searching for a solar installer in Lenox, we've put together a list of our top suggestions here:
See all of the solar companies in Lenox
Factors that Affect Solar Panel Costs in Lenox
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few primary factors that will push your cost above or below the average in Lenox: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $4,060.There are several different solar panel brands and the one you pick also affects the cost. In general, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you’re looking to install 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 utility bills over many years, but they can also be a big investment. That’s why many Lenox homeowners opt to finance their solar panel systems to offset upfront costs.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The remaining major cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Lenox, you’ll have a great number of options to choose from, but each comes at various price points for labor and equipment.The size of the company sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices due to more resources and better pricing. Smaller local companies might be more costly, but they generally 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 | $7,069 | 17.9 years |
| 8 kW | $4.14 | $23,191 | $9,880 | 17.5 years |
| 10 kW | $4.06 | $28,420 | $12,918 | 17.2 years |
| 12 kW | $3.98 | $33,422 | $16,184 | 16.8 years |
| 14 kW | $3.90 | $38,196 | $19,677 | 16.5 years |
| 16 kW | $3.82 | $42,744 | $23,397 | 16.2 years |
| 18 kW | $3.74 | $47,064 | $27,345 | 15.8 years |
| 20 kW | $3.65 | $51,156 | $31,520 | 15.5 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running smoothly and save you money on repairs and maintenance.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
- Contract: Before signing a contract with a solar installer, make sure to look it over fully so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases offer quality solar panel installation and expertise.
EcoWatch's Lenox, MI Solar Cost FAQs
How much does it cost to install solar panels in Lenox?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly speaking, it costs about $20,300 for a 5-kW system and $40,600 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 above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Lenox?
Leasing solar panels can be an appealing 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 way to go if you want to get the most savings.
Does Lenox have a net metering program?
Most states offer net metering programs of some kind. Through these, you can get paid for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Lenox?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.