Solar Panel Cost Guide in Lima, MI (2024 Update)
- Lima Solar Installation Cost: $17,419
- 25-Year Savings: $15,206
- Payback Period: 16.0 Years
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Average Cost of Solar Panels in Lima
See how much it might cost to install solar panels in Lima.
Although the national average of solar panels is $2.66 per watt, solar panels in Lima generally cost around 4.To account for the typical energy needs of the average home in Lima, most homeowners require a 6.1-kilowatt system. Using the per-watt figure above, a solar installation costs around $17,419, or $24,909 before the federal solar tax credit of 0 is applied.
The true cost of your system can go above or below the average in Lima depending on a variety of factors, such as the kind of solar panels you choose and the solar installer you hire.Despite the large upfront cost, the average Lima homeowner can save around $17,000 on their energy bills over 20 years, which is one of the advantages of solar.
To get a free quote from a top solar installer in Lima, you can click the button below.
Solar savings over time in Lima
| Year | Return on Investment |
|---|---|
| 1 years | $-16,073 |
| 3 years | $-13,381 |
| 5 years | $-10,688 |
| 7 years | $-7,996 |
| 9 years | $-5,304 |
| 11 years | $-2,612 |
| 13 years | $81 |
| 15 years | $2,773 |
| 17 years | $5,465 |
| 19 years | $8,157 |
| 21 years | $10,850 |
| 23 years | $13,542 |
| 25 years | $16,234 |
Top Solar Installers in Lima
Many homeowners decide to hire a solar installer since trying to put up solar panels yourself can be time-consuming. Solar installers offer key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Lima
Factors that Affect Solar Panel Costs in Lima
There are many factors that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That’s why it’s important to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs.There are several different solar panel brands and the one you choose also affects the cost. In many cases, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you’re looking to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be financially overwhelming. Solar loans are offered by most installers in Lima, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable.Though solar loans make adopting solar energy more accessible for Lima 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 cut back on how much interest you have to pay.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Lima is the company you choose to install your solar system. Similar to choosing a company to install new cabinets, for instance, you’ll have many options for solar installers that offer a range of services for different budgets.You may notice national solar installers that have lower prices due to 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 larger companies.
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 | $8,953 | 16.6 years |
| 8 kW | $4.14 | $23,191 | $12,393 | 16.3 years |
| 10 kW | $4.06 | $28,420 | $16,059 | 16.0 years |
| 12 kW | $3.98 | $33,422 | $19,953 | 15.7 years |
| 14 kW | $3.90 | $38,196 | $24,074 | 15.3 years |
| 16 kW | $3.82 | $42,744 | $28,423 | 15.0 years |
| 18 kW | $3.74 | $47,064 | $32,999 | 14.7 years |
| 20 kW | $3.65 | $51,156 | $37,802 | 14.4 years |
How to Save on Solar Panels
There are a lot of 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:
- Contract: When reading over your solar company’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 part breaking or if the company goes out of business.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose affects which solar panel brands you have access to.
- Warranty: Warranties that provide coverage for replacement parts and repairs over around 25 years are the best you can get in the business, and offering that kind of warranty is one mark of a good company.
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 Lima, MI Solar Cost FAQs
What is the average cost of installing solar panels in Lima?
The average cost of solar panels in Lima is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Lima?
Leasing solar panels can be an attractive choice, because it usually comes with low or $0 upfront payments. The downside 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 eradicate your electricity bills with solar panels, but for most homeowners throughout Lima, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage 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 install 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.