Solar Panel Cost Guide in Lenox, MI (2023 Update)
- Lenox Solar Installation Cost: $11,953
- 25-Year Savings: $13,167
- Payback Period: 11.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lenox
Find out what the average cost of solar panels are in Lenox.
While the national average of solar panels is $2.66 per watt, solar panels in Lenox typically cost about 2.81. To account for the typical energy usage of the average home in Lenox, most homeowners require a 6.1-kilowatt system. Using the figure above, a solar installation costs about $11,959, or $17,101 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Lenox homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find installing a solar panel system is a sound investment. The average homeowner in Lenox can save around $16,000 on their electricity bills over 20 years.
To get a free quote from a highly rated solar installation company in Lenox, you can click the button below.
Solar savings over time in Lenox
| Year | Return on Investment |
|---|---|
| 1 years | $-10,560 |
| 3 years | $-7,776 |
| 5 years | $-4,991 |
| 7 years | $-2,206 |
| 9 years | $578 |
| 11 years | $3,363 |
| 13 years | $6,148 |
| 15 years | $8,932 |
| 17 years | $11,717 |
| 19 years | $14,502 |
| 21 years | $17,286 |
| 23 years | $20,071 |
| 25 years | $22,856 |
Top Solar Installers in Lenox
When going solar, many homeowners choose to go with a solar company since overseeing your solar installation yourself can be a difficult project. Plus, if you're not certain what brand of solar panels and equipment you need, a solar installer can help you find the right equipment for you after a site survey and consultation.
If you're searching for a solar company in Lenox, we've organized a list of our top suggestions here:
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 Lenox
Factors that Affect Solar Panel Costs in Lenox
Even though the average cost of a solar system in Lenox is $11,959, your actual cost may differ. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,810. The kind of solar panels and equipment you get is another factor that will significantly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are available from most installers in Lenox, which can reduce, or in some cases eliminate, your upfront costs to make solar more affordable. While solar loans make adopting solar energy more accessible for Lenox homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you choose will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor. Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle 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 | $12,529 | 12.4 years |
| 8 kW | $2.87 | $16,051 | $17,020 | 12.1 years |
| 10 kW | $2.81 | $19,670 | $21,668 | 11.9 years |
| 12 kW | $2.75 | $23,132 | $26,474 | 11.7 years |
| 14 kW | $2.70 | $26,436 | $31,437 | 11.4 years |
| 16 kW | $2.64 | $29,584 | $36,557 | 11.2 years |
| 18 kW | $2.59 | $32,574 | $41,835 | 10.9 years |
| 20 kW | $2.53 | $35,406 | $47,270 | 10.7 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Contract: When looking over your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or the company going out of business.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Although there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of offerings before making your decision.
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 Lenox, MI Solar Cost FAQs
What is the average cost of installing solar panels in Lenox?
The average cost of solar panels in Lenox is about $14,050 for a 5-kW system and $28,100 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider in addition to cost when buying solar panels?
Cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Is it worth going solar in Lenox?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.