Solar Panel Cost Guide in Marshall, MI (2023 Update)
- Marshall Solar Installation Cost: $12,018
- 25-Year Savings: $20,371
- Payback Period: 9.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Marshall
Let's have a look at the average cost of solar panels in Marshall.
In Marshall, solar panels cost about 2.81 per watt on average. Using this figure, a typical 6.1-kW system would cost about $12,018 before the 30% federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you may differ based on the amount of energy your home requires and what company you go with. For many homeowners, the upfront cost of solar panels is worth paying. On average Marshall homeowners see about $20,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Marshall for a quote for your home.
Solar savings over time in Marshall
| Year | Return on Investment |
|---|---|
| 1 years | $-10,723 |
| 3 years | $-8,132 |
| 5 years | $-5,541 |
| 7 years | $-2,949 |
| 9 years | $-358 |
| 11 years | $2,233 |
| 13 years | $4,824 |
| 15 years | $7,415 |
| 17 years | $10,006 |
| 19 years | $12,597 |
| 21 years | $15,188 |
| 23 years | $17,780 |
| 25 years | $20,371 |
Top Solar Installers in Marshall
Many homeowners choose to use a solar panel company since trying to install solar panels yourself can be a lot of work. Another perk of going with a solar company is that they can help you optimize your ROI by reducing your future costs of repairs and replacements due to warranties and helping you learn about local incentives you can take advantage of.
Working with a professional solar installer can help your solar project go smoothly. 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 Marshall
Factors that Affect Solar Panel Costs in Marshall
Though the average cost of a solar system in Marshall is $12,018, your final cost may be above or below the average. There are many factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
One of the most important 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 power your household uses, the larger your system will likely need to be. You can expect to spend about $2,810 per kilowatt in Marshall. The brand and kind of equipment you get for your solar system can raise or lower 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 a small roof 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. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are a popular route because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. 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're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Marshall is the company you choose to install your solar panel system. As with choosing a company to renovate your kitchen, for instance, there's no shortage of solar installers that offer a range of services for different budgets. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $19,550 | 9.6 years |
| 8 kW | $2.87 | $16,051 | $26,382 | 9.5 years |
| 10 kW | $2.81 | $19,670 | $33,370 | 9.3 years |
| 12 kW | $2.75 | $23,132 | $40,517 | 9.1 years |
| 14 kW | $2.70 | $26,436 | $47,820 | 8.9 years |
| 16 kW | $2.64 | $29,584 | $55,281 | 8.7 years |
| 18 kW | $2.59 | $32,574 | $62,899 | 8.5 years |
| 20 kW | $2.53 | $35,406 | $70,675 | 8.3 years |
How to Save on Solar Panels
The solar panel company you go with will impact not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, such as:
- Reputation: Long-standing companies likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running for years to come and save you money on part replacement and repairs.
- Solar Panel Brands: Different companies offer different brands and types of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
- Contract: Although reading through a contract can take a lot of time, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
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 Marshall, MI Solar Cost FAQs
How much does it cost to install solar panels in Marshall?
The average cost of solar panels in Marshall is about $14,050 for a 5-kW system and $28,100 for a 10-kW system before the ITC, but the actual cost will depend on things like the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Marshall?
Leasing solar panels can be an option if you can't afford to 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 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 financial benefits from going solar.
How will installing solar panels impact my home value?
Solar panels can increase the value of your home remarkably 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 a solar system."
How long do solar panels last in Marshall?
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 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.