Solar Panel Cost Guide in Paw Paw Lake, MI (2024 Update)
- Paw Paw Lake Solar Installation Cost: $16,836
- 25-Year Savings: $19,377
- Payback Period: 13.6 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Paw Paw Lake
Let’s have a look at the average cost of solar panels in Paw Paw Lake.
In Paw Paw Lake, solar panels cost about 4 per watt on average.Since a 5.9-kW system is needed to cover the energy consumption of a typical home in Paw Paw Lake, the average price of going solar will be about $16,836 after claiming the federal solar tax credit of 0.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy consumption, the type of solar panels you want to get, your solar contractor and more.For many homeowners, the upfront cost of solar is worth paying. On average Paw Paw Lake homeowners see about $20,000 in savings on utility bills over 20 years.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Paw Paw Lake
Year | Return on Investment |
---|---|
1 years | $-15,597 |
3 years | $-13,119 |
5 years | $-10,641 |
7 years | $-8,162 |
9 years | $-5,684 |
11 years | $-3,206 |
13 years | $-728 |
15 years | $1,750 |
17 years | $4,228 |
19 years | $6,706 |
21 years | $9,184 |
23 years | $11,663 |
25 years | $14,141 |
Top Solar Installers in Paw Paw Lake
When going solar, many homeowners prefer to use a solar company since putting up solar panels yourself can be a challenging project. The expertise that solar companies provide can be helpful as well, especially if you don’t quite know what kind of solar equipment you need.
Working with a professional solar installer can help your solar project go smoothly. Here are our recommendations:
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 Paw Paw Lake
Factors that Affect Solar Panel Costs in Paw Paw Lake
There are a number of factors that can play into your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. For that reason, it’s crucial to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use.The brand of solar panels and equipment you want is another factor that will greatly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Furthermore, solar equipment consists of 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 Paw Paw Lake to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar company in the area provides financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in a higher cost over time due to interest.While solar loans make adopting solar energy more accessible for Paw Paw Lake homeowners, they can also raise the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Lastly, the company you get to install your solar panels can play a part in determining how much it costs. Paw Paw Lake’s solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and decide on the company that offers the products, warranties and services you want and also is within your budget.
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 | $13,693 | 14.1 years |
8 kW | $4.14 | $23,191 | $18,712 | 13.8 years |
10 kW | $4.06 | $28,420 | $23,959 | 13.6 years |
12 kW | $3.98 | $33,422 | $29,433 | 13.3 years |
14 kW | $3.90 | $38,196 | $35,134 | 13.0 years |
16 kW | $3.82 | $42,744 | $41,063 | 12.8 years |
18 kW | $3.74 | $47,064 | $47,219 | 12.5 years |
20 kW | $3.65 | $51,156 | $53,602 | 12.2 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Different companies carry various brands and models of panels. If you know you want a specific brand, make sure the solar panel company you’re considering has it.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
- Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Before signing a contract with a solar company, make sure to read it through fully so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
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 Paw Paw Lake, MI Solar Cost FAQs
How much does it cost to install solar panels in Paw Paw Lake?
The average cost of solar panels in Paw Paw Lake is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to think about when buying solar panels?
The upfront 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 places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Do solar panels increase the value of your home?
Solar panels can increase your home value considerably 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% with a solar installation."
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them after having them for that long or you can keep using 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.