Solar Panel Cost Guide in Olive, MI (2023 Update)
- Olive Solar Installation Cost: $11,664
- 25-Year Savings: $20,654
- Payback Period: 9.0 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Olive
Find out what the average cost of solar panel installation is in Olive.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Olive, the typical cost of solar panels is 2.81 per watt. The average solar panel system size in Olive is around 5.9 kilowatts, meaning a cost of about $11,664 for a solar installation, or $16,680 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy consumption, the type of solar panels you choose, your solar contractor and more. Many homeowners find going solar is a fruitful investment. The average homeowner in Olive can save about $21,000 on their energy bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Olive
| Year | Return on Investment |
|---|---|
| 1 years | $-10,372 |
| 3 years | $-7,786 |
| 5 years | $-5,201 |
| 7 years | $-2,615 |
| 9 years | $-30 |
| 11 years | $2,556 |
| 13 years | $5,141 |
| 15 years | $7,727 |
| 17 years | $10,312 |
| 19 years | $12,898 |
| 21 years | $15,483 |
| 23 years | $18,069 |
| 25 years | $20,654 |
Top Solar Installers in Olive
Many homeowners opt for a solar panel installer since trying to install solar panels by yourself can be a lot of work. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
Working with a licensed solar company can make going solar easier. 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 Olive
Factors that Affect Solar Panel Costs in Olive
The cost of installing a solar system in Olive can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The size of the solar energy system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,810. There are several different solar panel brands and the one you choose also changes the cost. In general, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Olive to be prohibitively costly, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in a higher cost over time due to interest. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay back the loan.
Solar Panel Installation Company
The final significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of clean energy solutions in Olive, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Olive are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $20,425 | 9.4 years |
| 8 kW | $2.87 | $16,051 | $27,548 | 9.2 years |
| 10 kW | $2.81 | $19,670 | $34,829 | 9.0 years |
| 12 kW | $2.75 | $23,132 | $42,267 | 8.8 years |
| 14 kW | $2.70 | $26,436 | $49,862 | 8.7 years |
| 16 kW | $2.64 | $29,584 | $57,615 | 8.5 years |
| 18 kW | $2.59 | $32,574 | $65,525 | 8.3 years |
| 20 kW | $2.53 | $35,406 | $73,592 | 8.1 years |
How to Save on Solar Panels
The solar panel company you opt for will influence 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 some important things you should consider, including:
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose has an impact on which solar panel brands you have access to.
- Installation Process: When making the switch to solar energy, it's essential to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process will go and the completion timeline.
- Contract: Before signing a contract with a solar installer, make sure to look it over fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Warranty: A comprehensive, 25-year warranty can help keep your solar system running for a long time and save you money on repairs and maintenance.
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 Olive, MI Solar Cost FAQs
What is the average cost of installing solar panels in Olive?
The average cost of solar panels in Olive is about $14,050 for a 5-kW system and $28,100 for a 10-kW system before the ITC, but the real cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider other than cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Olive?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
How many solar panels should I get to power my home?
To figure out how many solar panels 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 home 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.