Solar Panel Cost Guide in Park, MI (2023 Update)
- Park Solar Installation Cost: $11,665
- 25-Year Savings: $21,840
- Payback Period: 8.7 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Park
Find out what the average cost of installing solar panels is in Park.
The average cost of a solar panel system in Park is 2.81 per watt. Since a 5.9-kW system is needed to cover the energy consumption of a typical home in Park, the average price of going solar will be about $11,664 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of going solar can vary depending on a few factors, such as how many panels you need, your energy consumption and what installation company you go with. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Park can save about $21,000 on their energy bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Park that can help you get a more accurate cost estimate for your home.
Solar savings over time in Park
| Year | Return on Investment |
|---|---|
| 1 years | $-10,411 |
| 3 years | $-7,903 |
| 5 years | $-5,396 |
| 7 years | $-2,889 |
| 9 years | $-381 |
| 11 years | $2,126 |
| 13 years | $4,633 |
| 15 years | $7,141 |
| 17 years | $9,648 |
| 19 years | $12,156 |
| 21 years | $14,663 |
| 23 years | $17,170 |
| 25 years | $19,678 |
Top Solar Installers in Park
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Using an installer can make swapping over to solar power much easier. Another perk of working with a solar installer is that they can help you make the most of your ROI by bringing down your future costs of repairs and replacements because of warranties and giving you information on local incentives you can take advantage of.
If you'd like to make the switch to solar but still aren't certain which solar system installer to go with, here are our suggestions for providers near you:
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 Park
Factors that Affect Solar Panel Costs in Park
Although the average cost of a solar system in Park is $11,664, your final cost may differ. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to consider.
Solar Equipment
When it comes to estimating the cost of solar panels in Park, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can gauge by looking at past energy bills. Your total cost can increase by around $2,810 for each additional kilowatt you need. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Park to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in a higher cost over time because of interest. Even though solar loans make going solar more accessible for Park homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The last significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of sustainable energy solutions in Park, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions 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 | $21,625 | 9.1 years |
| 8 kW | $2.87 | $16,051 | $29,148 | 8.9 years |
| 10 kW | $2.81 | $19,670 | $36,828 | 8.7 years |
| 12 kW | $2.75 | $23,132 | $44,666 | 8.5 years |
| 14 kW | $2.70 | $26,436 | $52,661 | 8.4 years |
| 16 kW | $2.64 | $29,584 | $60,813 | 8.2 years |
| 18 kW | $2.59 | $32,574 | $69,123 | 8.0 years |
| 20 kW | $2.53 | $35,406 | $77,590 | 7.8 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose greatly influences your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of options before making your decision.
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one indication of a quality company.
- 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.
- Contract: When reading over your solar company'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 component breaking or if the company goes out of business.
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 Park, MI Solar Cost FAQs
How much does it cost to install solar panels in Park?
This is a difficult question to answer precisely, 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 above-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to consider when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on why you decided to go solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to think about are the quality and durability of your solar panels.
How will solar panels impact my home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Park is currently $175,573, so you can look forward to a value of about $7,198 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Park is a rewarding investment.
How often do you have to replace solar panels?
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 higher amount 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.