Solar Panel Cost Guide in Lincoln, MI (2024 Update)

  • Lincoln Solar Installation Cost: $16,836
  • 25-Year Savings: $13,529
  • Payback Period: 16.7 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Lincoln

We break down average solar pricing in Lincoln.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Lincoln, the typical cost of a solar system is 4 per watt.The average Lincoln homeowner needs a 5.9-kilowatt system, which would cost about $16,836 with the federal tax credit, or $24,075 before the 0 tax credit is applied.

The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of going solar can vary based on multiple factors, such as how many panels you need, your energy usage and what solar installer you go with.Despite the high upfront cost, the average Lincoln homeowner can save about $16,000 on their electricity bills over 20 years, which is one of the positives of solar.

For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.

Solar savings over time in Lincoln

Year Return on Investment
1 years $-15,611
3 years $-13,163
5 years $-10,714
7 years $-8,265
9 years $-5,816
11 years $-3,367
13 years $-918
15 years $1,531
17 years $3,979
19 years $6,428
21 years $8,877
23 years $11,326
25 years $13,775

Top Solar Installers in Lincoln

DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a pain. Hiring an installer can make switching to solar power much easier. Plus, if you aren’t sure what kind of solar panels and equipment you want, a solar installer can help you figure that out after a site survey and consultation.

There are several licensed solar professionals that can help you install your solar panels. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Solar Veteran

Michigan Solar Solutions

★★★★★
4.5

  • Great warranty coverage
  • Outstanding customer service
  • Offers products from leading manufacturers
  • Slightly limited service offerings
  • No leases or PPAs

Outstanding Local Installer

Strawberry Solar

★★★★★
4.5

  • 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

For many Lincoln homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Lincoln, with typical prices between $20,000 to $40,000. There are several factors that greatly influence the price you’ll pay, which we'll go over below.

Solar Equipment

The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $4,060. There are many different solar panel brands and the one you pick also changes the cost. In general, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you want 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

Solar panels can save you money on power bills over time, but they can also be a big investment. That’s why many Lincoln homeowners opt to finance their solar panel systems to make paying for solar more affordable.When trying to figure out your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.

Solar Panel Installation Company

The solar installation company you select will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor.The company’s size can sometimes play the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount 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 $7,770 17.4 years
8 kW $4.14 $23,191 $10,815 17.0 years
10 kW $4.06 $28,420 $14,087 16.7 years
12 kW $3.98 $33,422 $17,587 16.4 years
14 kW $3.90 $38,196 $21,314 16.0 years
16 kW $3.82 $42,744 $25,268 15.7 years
18 kW $3.74 $47,064 $29,449 15.4 years
20 kW $3.65 $51,156 $33,858 15.0 years

How to Save on Solar Panels

The solar panel company you opt for will be a major factor in determining not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should take into account, including:

  • Installation Process: When going solar, it’s important to maintain an open line of communication with your solar company. See to it that you understand how the installation process works and the completion timeline.
  • Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
  • Solar Panel Brands: The brand of solar panel you want plays a part in which installer you should choose, since different companies have access to different panels.
  • Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Solar Veteran

Michigan Solar Solutions

★★★★★
4.5

  • Great warranty coverage
  • Outstanding customer service
  • Offers products from leading manufacturers
  • Slightly limited service offerings
  • No leases or PPAs

Outstanding Local Installer

Strawberry Solar

★★★★★
4.5

  • 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

How much does it cost to install solar panels in Lincoln?

This is a tough question to answer exactly, because the cost depends on a few different 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. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.

What other factors should I consider in addition to cost when buying solar panels?

The initial cost is a crucial factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.

How will installing solar panels impact my home value?

Solar panels can increase the value of your home considerably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."

What solar power system size is right for my home?

To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.

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.

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