Solar Panel Cost Guide in Lowell, MI (2023 Update)
- Lowell Solar Installation Cost: $12,156
- 25-Year Savings: $22,340
- Payback Period: 8.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Lowell
Find out what the average cost of solar panels are in Lowell.
The national average cost of solar panels is $2.66 per watt, but in Lowell it's 2.81 per watt. The average solar panel system size in Lowell is around 6.2 kilowatts, meaning a cost of about $12,156 for a solar installation, or $17,383 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Lowell homeowners. The cost 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. With typical savings of about $21,000 on utility bills over 20 years, many homeowners in Lowell find installing solar panels can pay off big.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Lowell
| Year | Return on Investment |
|---|---|
| 1 years | $-10,776 |
| 3 years | $-8,016 |
| 5 years | $-5,257 |
| 7 years | $-2,497 |
| 9 years | $263 |
| 11 years | $3,022 |
| 13 years | $5,782 |
| 15 years | $8,542 |
| 17 years | $11,302 |
| 19 years | $14,061 |
| 21 years | $16,821 |
| 23 years | $19,581 |
| 25 years | $22,340 |
Top Solar Installers in Lowell
Putting up solar panels yourself can be a time-consuming undertaking, which is why hiring a solar installation company is a good option for many homeowners. Some solar installers, especially local ones, can help you better understand incentives in Lowell, optimizing your ROI.
Working with a licensed solar installer can make going solar easier. Here are our recommendations:
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 Lowell
Factors that Affect Solar Panel Costs in Lowell
Cost is usually one of the most important factors for homeowners considering investing in solar. There are a few major factors that affect your total cost in Lowell: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Lowell, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy consumption, which you can determine by looking at past power bills. Your total cost can increase by about $2,810 for each additional kilowatt you need. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Lowell, where sunlight isn't as abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That's why many Lowell homeowners opt to finance their solar panel systems to make paying for solar more affordable. You'll have to consider the long-term cost of loans, including the total 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 principal cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can impact your pricing. Lowell's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and bulk 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 | $2.92 | $12,274 | $21,242 | 9.2 years |
| 8 kW | $2.87 | $16,051 | $28,637 | 9.0 years |
| 10 kW | $2.81 | $19,670 | $36,189 | 8.8 years |
| 12 kW | $2.75 | $23,132 | $43,899 | 8.6 years |
| 14 kW | $2.70 | $26,436 | $51,767 | 8.5 years |
| 16 kW | $2.64 | $29,584 | $59,791 | 8.3 years |
| 18 kW | $2.59 | $32,574 | $67,973 | 8.1 years |
| 20 kW | $2.53 | $35,406 | $76,313 | 7.9 years |
How to Save on Solar Panels
The solar installer you opt for will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, such as:
- Contract: Before you sign a contract with a solar installer, be sure to look it over carefully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and what services you can expect from them.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can check your installer's reputation is by reading reviews.
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Different companies will carry different brands and types of panels. If you know you want a specific brand, make sure the solar panel installer you're considering has it.
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 Lowell, MI Solar Cost FAQs
What is the average cost of installing solar panels in Lowell?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $14,050 for a 5-kW system and $28,100 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Lowell?
Leasing solar panels can be an appealing choice, as it usually comes with low or $0 upfront payments. The drawback 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Is it worth going solar in Lowell?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to replace them after having them for that long or you can keep using them at a lower efficiency.
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.