Solar Panel Cost Guide in Marquette, MI (2023 Update)
- Marquette Solar Installation Cost: $12,439
- 25-Year Savings: $33,586
- Payback Period: 6.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Marquette
Find out what the average cost of solar panels are in Marquette.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Marquette, the typical cost of a solar system is 2.81 per watt. Because a 6.3-kW system is needed to cover the energy usage of a typical home in Marquette, the average price of going solar will be about $12,431 after claiming the federal solar tax credit of 30%.
These figures are just estimates, and the cost of going solar for you may vary based on the amount of energy your home requires and what company you want to go with. With typical savings of about $28,000 on utility bills over 20 years, many homeowners in Marquette find installing solar panels has a decent ROI.
To get a free estimate from a top solar installer in Marquette, you can click the button below.
Solar savings over time in Marquette
| Year | Return on Investment |
|---|---|
| 1 years | $-10,644 |
| 3 years | $-7,055 |
| 5 years | $-3,465 |
| 7 years | $124 |
| 9 years | $3,713 |
| 11 years | $7,303 |
| 13 years | $10,892 |
| 15 years | $14,482 |
| 17 years | $18,071 |
| 19 years | $21,661 |
| 21 years | $25,250 |
| 23 years | $28,839 |
| 25 years | $32,429 |
Top Solar Installers in Marquette
Many homeowners opt for a solar panel installer since figuring out how to install solar panels by yourself can be time-consuming. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some in Marquette:
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 Marquette
Factors that Affect Solar Panel Costs in Marquette
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few major factors that determine your overall cost in Marquette: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That's why it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Marquette to be prohibitively costly, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in paying more over time because of interest. However, the interest on solar loans also increases your overall costs, so it's vital to take that into consideration as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The final key cost factor you should take into consideration is the installer you choose. Given the growing popularity of green energy solutions in Marquette, you'll have many options to choose from, but each comes at varying price points for labor and equipment. The size of the company can sometimes play the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally 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 | $31,394 | 7.0 years |
| 8 kW | $2.87 | $16,051 | $42,173 | 6.9 years |
| 10 kW | $2.81 | $19,670 | $53,110 | 6.8 years |
| 12 kW | $2.75 | $23,132 | $64,204 | 6.6 years |
| 14 kW | $2.70 | $26,436 | $75,455 | 6.5 years |
| 16 kW | $2.64 | $29,584 | $86,864 | 6.4 years |
| 18 kW | $2.59 | $32,574 | $98,430 | 6.2 years |
| 20 kW | $2.53 | $35,406 | $110,153 | 6.1 years |
How to Save on Solar Panels
The solar panel company you choose will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, such as:
- Contract: When looking over your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should secure and how long the project will take.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you choose.
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 Marquette, MI Solar Cost FAQs
What is the average cost of installing solar panels in Marquette?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally 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 additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Marquette?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home 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 savings from going solar.
Do solar panels increase your property value?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't go 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 solar panels."
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household 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.