Solar Panel Cost Guide in Meridian, MI (2024 Update)
- Meridian Solar Installation Cost: $17,543
- 25-Year Savings: $18,228
- Payback Period: 14.4 Years
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Average Cost of Solar Panels in Meridian
Find out what the average cost of installing solar panels is in Meridian.
The national average cost of solar panels is $2.66 per watt, but in Meridian it’s 4 per watt.The average solar panel system size in Meridian is around 6.2 kilowatts, meaning a cost of about $17,543 for a solar installation, or $25,086 before the 0 federal solar tax credit is applied.
The actual price you pay can go above or below the average in Meridian depending on several factors, such as the kind of solar panels you choose and the solar contractor you hire.Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Meridian can save around $19,000 on their energy bills over 20 years.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Meridian
| Year | Return on Investment |
|---|---|
| 1 years | $-16,289 |
| 3 years | $-13,782 |
| 5 years | $-11,274 |
| 7 years | $-8,767 |
| 9 years | $-6,259 |
| 11 years | $-3,752 |
| 13 years | $-1,245 |
| 15 years | $1,263 |
| 17 years | $3,770 |
| 19 years | $6,278 |
| 21 years | $8,785 |
| 23 years | $11,292 |
| 25 years | $13,800 |
Top Solar Installers in Meridian
Although you can install solar panels by yourself, it takes extra effort and know-how. That's one of the reasons the majority of homeowners choose to hire a solar panel installer. A solar company can also help save you money over time by offering warranties, repairs and system component replacements.
There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:
Best National Provider
SunPower
- 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
- 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 Meridian
Factors that Affect Solar Panel Costs in Meridian
While the average cost of a solar system in Meridian is $17,543, your final cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
The size of the solar system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $4,060. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Meridian, where sunlight isn’t as abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a solid route because they reduce your upfront costs and let you 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 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 considerably.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Meridian is the company you choose to install your solar panel system. As with choosing a company to renovate your kitchen, for example, there’s no shortage of solar installers that offer a range of services for different budgets.The company’s size can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because of greater resources and better 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 companies.
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 | $11,786 | 15.0 years |
| 8 kW | $4.14 | $23,191 | $16,170 | 14.7 years |
| 10 kW | $4.06 | $28,420 | $20,781 | 14.4 years |
| 12 kW | $3.98 | $33,422 | $25,619 | 14.2 years |
| 14 kW | $3.90 | $38,196 | $30,684 | 13.9 years |
| 16 kW | $3.82 | $42,744 | $35,977 | 13.6 years |
| 18 kW | $3.74 | $47,064 | $41,497 | 13.3 years |
| 20 kW | $3.65 | $51,156 | $47,245 | 13.0 years |
How to Save on Solar Panels
The solar panel company you choose will affect not only your total costs, but also the kinds 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 keep in mind, such as:
- Contract: It’s important to look over your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running smoothly and save you money on repairs and maintenance.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely offer quality solar panel installation and expertise.
Best National Provider
SunPower
- 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
- 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 Meridian, MI Solar Cost FAQs
How much does it cost to install solar panels in Meridian?
The average cost of solar panels in Meridian is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the real cost will depend on things like the model of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Meridian?
Leasing solar panels can be an appealing choice, because it often 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Can solar panels significantly reduce my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $984.01 per year.
How long do solar panels last in Meridian?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can continue to use 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.