Solar Panel Cost Guide in New Baltimore, MI (2024 Update)
- New Baltimore Solar Installation Cost: $17,270
- 25-Year Savings: $13,167
- Payback Period: 17.2 Years
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Average Cost of Solar Panels in New Baltimore
Find out what the average cost of solar panel installation is in New Baltimore.
The average cost of solar panels in New Baltimore is 4 per watt.Since a 6.1-kW system is needed to cover the energy needs of a typical home in New Baltimore, the average price of going solar will be about $17,270 after claiming the federal solar tax credit of 0.
How much you pay can be above or below the average in New Baltimore based on several factors, such as the model of solar panels you choose and the solar installer you hire.With average savings of about $16,000 on utility bills over 20 years, many homeowners in New Baltimore find going solar can pay off big.
You can click the button below to get connected with a pre-vetted solar company in New Baltimore that can help you get a more accurate cost estimate for your home.
Solar savings over time in New Baltimore
| Year | Return on Investment |
|---|---|
| 1 years | $-15,878 |
| 3 years | $-13,093 |
| 5 years | $-10,308 |
| 7 years | $-7,524 |
| 9 years | $-4,739 |
| 11 years | $-1,954 |
| 13 years | $830 |
| 15 years | $3,615 |
| 17 years | $6,400 |
| 19 years | $9,185 |
| 21 years | $11,969 |
| 23 years | $14,754 |
| 25 years | $17,539 |
Top Solar Installers in New Baltimore
Installing solar panels by yourself can be a challenging project, which is why getting a solar installer is a good option for many homeowners. Another benefit of utilizing a solar company is that they can help you optimize your ROI by bringing down your future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.
If you're on the hunt for a solar company in New Baltimore, we've put together a list of our top suggestions here:
See all of the solar companies in New Baltimore
Factors that Affect Solar Panel Costs in New Baltimore
For many New Baltimore homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in New Baltimore, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $4,060.The model of solar panels and equipment you want is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment is more than just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in New Baltimore to be too steep, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest.When considering your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The last key cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in New Baltimore, you’ll have a great number of options to choose from, but each comes at varying price points for labor and equipment.The size of the company sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and better 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 promotion can bring their pricing lower 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 | $4.22 | $17,734 | $7,069 | 17.9 years |
| 8 kW | $4.14 | $23,191 | $9,880 | 17.5 years |
| 10 kW | $4.06 | $28,420 | $12,918 | 17.2 years |
| 12 kW | $3.98 | $33,422 | $16,184 | 16.8 years |
| 14 kW | $3.90 | $38,196 | $19,677 | 16.5 years |
| 16 kW | $3.82 | $42,744 | $23,397 | 16.2 years |
| 18 kW | $3.74 | $47,064 | $27,345 | 15.8 years |
| 20 kW | $3.65 | $51,156 | $31,520 | 15.5 years |
How to Save on Solar Panels
The company that does your solar panel 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 tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Different companies will have different brands and types of panels. If you know you want a specific brand, make sure the solar company you’re considering has it.
- Warranty: If you’re worried about the longevity of your solar energy system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: Make sure you’re on the same page with the installer in regard to how the installation process will go and what needs to be done before your solar system is installed, such as updating your electrical system or roof.
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
EcoWatch's New Baltimore, MI Solar Cost FAQs
How much does it cost to install solar panels in New Baltimore?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Generally 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 cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
What other factors should I consider apart from cost when buying solar panels?
The upfront cost is a very important factor to consider, but whether it’s the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Does New Baltimore have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in New Baltimore?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases 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.