Solar Panel Cost Guide in Marathon, MI (2024 Update)
- Marathon Solar Installation Cost: $17,632
- 25-Year Savings: $15,872
- Payback Period: 15.7 Years
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Average Cost of Solar Panels in Marathon
We go over average solar pricing in Marathon.
In Marathon, solar panels cost about 4 per watt on average.The average solar panel system size in Marathon is around 6.2 kilowatts, meaning a cost of about $17,632 for a solar installation, or $25,214 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of installing solar panels can vary based on a few factors, such as how many panels you need, your energy consumption and what installation company you go with.For most homeowners, the upfront cost of solar is worth paying. On average Marathon homeowners see about $17,000 in savings on energy bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Marathon
| Year | Return on Investment |
|---|---|
| 1 years | $-16,344 |
| 3 years | $-13,767 |
| 5 years | $-11,190 |
| 7 years | $-8,614 |
| 9 years | $-6,037 |
| 11 years | $-3,460 |
| 13 years | $-884 |
| 15 years | $1,693 |
| 17 years | $4,270 |
| 19 years | $6,846 |
| 21 years | $9,423 |
| 23 years | $12,000 |
| 25 years | $14,577 |
Top Solar Installers in Marathon
DIY solar panel installation is a possibility, but it's an undertaking that can be a pain. Using a solar company can make your swap to solar power much easier. The expertise that solar companies offer can be helpful as well, especially if you don’t quite know what brand of solar equipment would be right for your home.
If you’d like to go solar but still aren’t sure which solar company to go with, here are our suggestions for providers in Marathon:
See all of the solar companies in Marathon
Factors that Affect Solar Panel Costs in Marathon
While the average cost of a solar system in Marathon is $17,632, your final cost may be higher or lower than that. There are quite a few factors that can have a significant impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay around $4,060 per kilowatt in Marathon.The kind of solar panels and equipment you choose is another factor that will greatly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that’s in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are available from most installers in Marathon, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more affordable.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
The solar company you select will affect your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor.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 extra 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 | $4.22 | $17,734 | $9,418 | 16.3 years |
| 8 kW | $4.14 | $23,191 | $13,012 | 16.0 years |
| 10 kW | $4.06 | $28,420 | $16,833 | 15.7 years |
| 12 kW | $3.98 | $33,422 | $20,882 | 15.4 years |
| 14 kW | $3.90 | $38,196 | $25,158 | 15.1 years |
| 16 kW | $3.82 | $42,744 | $29,661 | 14.8 years |
| 18 kW | $3.74 | $47,064 | $34,392 | 14.4 years |
| 20 kW | $3.65 | $51,156 | $39,350 | 14.1 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years most likely provide high-quality solar panel installation and expertise.
- Contract: Read the contract terms carefully to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
- Solar Panel Brands: Different companies will offer different brands and kinds of panels. If you prefer a specific brand, make sure the solar panel installer you’re considering has it.
EcoWatch's Marathon, MI Solar Cost FAQs
How much does it cost to install solar panels in Marathon?
This is a difficult question to answer precisely, because the cost depends on a variety of 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. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Marathon?
Leasing solar panels can be an option if you can’t pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $905.06 per year.
How long do solar panels last in Marathon?
On average, the lifespan of solar panels is 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 larger 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.