Solar Panel Cost Guide in Lincoln, MI (2023 Update)
- Lincoln Solar Installation Cost: $11,645
- 25-Year Savings: $13,537
- Payback Period: 11.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lincoln
Find out what the average cost of installing solar panels is in Lincoln.
Although the national average of solar panels is $2.66 per watt, solar panels in Lincoln typically cost around 2.81. To account for the typical energy usage of the average home in Lincoln, most homeowners require a 5.9-kilowatt system. Using the per-watt figure above, a solar installation costs around $11,645, or $16,652 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of going solar can vary depending on multiple factors, such as how many panels you need, your energy usage and what installation company you go with. But, once you've paid the upfront cost of installation, the savings for most homeowners is quite good, with a net average savings of about $16,000 over 20 years on energy bills.
You can click the button below to get connected with a pre-vetted solar installer in Lincoln that can help you get a more accurate cost estimate for your home.
Solar savings over time in Lincoln
| Year | Return on Investment |
|---|---|
| 1 years | $-10,637 |
| 3 years | $-8,623 |
| 5 years | $-6,608 |
| 7 years | $-4,594 |
| 9 years | $-2,579 |
| 11 years | $-565 |
| 13 years | $1,450 |
| 15 years | $3,464 |
| 17 years | $5,479 |
| 19 years | $7,493 |
| 21 years | $9,508 |
| 23 years | $11,522 |
| 25 years | $13,537 |
Top Solar Installers in Lincoln
Many homeowners choose to hire a solar panel installer since figuring out how to install solar panels by yourself can be hard. The payback period on an investment in solar panels will vary depending on factors like your roof configuration and energy consumption, but working with a solar company can shorten that period. Your provider will be able to help you apply for incentives available in your area.
If you're on the hunt for a solar company in Lincoln, the EcoWatch team has 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 Lincoln
Factors that Affect Solar Panel Costs in Lincoln
The cost of installing a solar system in Lincoln can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. Because of that, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. The solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose 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 in the long run on your power bills. In addition, add-on products, like solar batteries, can bump up your total well above the Lincoln average.
Solar Financing Terms
Most solar installers in Lincoln have solar loans, which reduce the initial cost of installing a solar system. Although solar loans make adopting solar energy more accessible for Lincoln homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Lincoln is the company you choose to install your solar panel system. Similar to choosing a company to install new cabinets, for example, there's no shortage of solar installers that offer a range of services at different price points. You may come across national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions 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 | $13,230 | 12.0 years |
| 8 kW | $2.87 | $16,051 | $17,955 | 11.8 years |
| 10 kW | $2.81 | $19,670 | $22,837 | 11.6 years |
| 12 kW | $2.75 | $23,132 | $27,877 | 11.3 years |
| 14 kW | $2.70 | $26,436 | $33,074 | 11.1 years |
| 16 kW | $2.64 | $29,584 | $38,428 | 10.9 years |
| 18 kW | $2.59 | $32,574 | $43,939 | 10.6 years |
| 20 kW | $2.53 | $35,406 | $49,608 | 10.4 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 efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: When looking over your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Warranty: If you're worried about the longevity of your solar panel system, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Solar installers that have great reviews from their customers and that have been operating for many years in most cases offer high-quality solar panel installation and expertise.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Even though there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of offerings before deciding.
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 Lincoln, MI Solar Cost FAQs
What is the average cost of installing solar panels in Lincoln?
The average cost of solar panels in Lincoln is about $14,050 for a 5-kW system and $28,100 for a 10-kW system before the ITC, but the actual cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Lincoln?
You can't get solar panels for free in Lincoln. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Lincoln?
Solar panels can be a beneficial investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
How many solar panels should I get to power 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 buy between 20 and 35 panels to cover 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.