Solar Panel Cost Guide in Lincoln, MI (2023 Update)
- Lincoln Solar Installation Cost: $11,652
- 25-Year Savings: $13,529
- Payback Period: 11.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lincoln
We go over average solar pricing in Lincoln.
In Lincoln, solar panels cost about 2.81 per watt on average. The average Lincoln homeowner needs a 5.9-kilowatt system, which would cost about $11,645 with the federal tax credit, or $16,652 before the 30% tax credit is applied.
The true price you pay can go above or below the average in Lincoln depending on a few factors, such as the type of solar panels you choose and the solar company you hire. With average savings of about $16,000 on energy bills over 20 years, many homeowners in Lincoln find installing solar panels can pay off big.
Click the button below to get connected to a top solar company in your area for a customized estimate.
Solar savings over time in Lincoln
| Year | Return on Investment |
|---|---|
| 1 years | $-10,428 |
| 3 years | $-7,979 |
| 5 years | $-5,530 |
| 7 years | $-3,081 |
| 9 years | $-633 |
| 11 years | $1,816 |
| 13 years | $4,265 |
| 15 years | $6,714 |
| 17 years | $9,163 |
| 19 years | $11,612 |
| 21 years | $14,061 |
| 23 years | $16,510 |
| 25 years | $18,958 |
Top Solar Installers in Lincoln
Many homeowners choose to use a solar panel company since installing solar panels by yourself can be challenging. Some solar installers, especially local ones, can help you make the most of incentives in Lincoln, thereby optimizing your ROI.
If you're searching for a solar company in Lincoln, we've put together 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
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that will push your cost above or below the average in Lincoln: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to spend about $2,810 per kilowatt in Lincoln. There are a lot of different solar panel brands and the one you pick also affects the cost. Generally, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a popular route because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar company you hire to handle your switch to clean energy can play a role in your total costs. There are about 3 solar panel companies in Lincoln, and each can charge varying amounts for labor and equipment. Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on 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 | $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
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be a challenge, we have some tips to help you, such as:
- Contract: Look through the contract terms closely to make sure you understand the cost breakdown, project timeline rebates and warranties.
- Solar Panel Brands: Different companies will have different brands and models of panels. If you want a specific brand, make sure the solar company you're considering has it.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 real cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Lincoln?
You can't get solar panels for free in Lincoln. 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 it worth going solar in Lincoln?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.