Solar Panel Cost Guide in Peninsula, MI (2024 Update)
- Peninsula Solar Installation Cost: $17,958
- 25-Year Savings: $17,695
- Payback Period: 14.9 Years
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Average Cost of Solar Panels in Peninsula
We go over average solar pricing in Peninsula.
In Peninsula, solar panels cost about 4 per watt on average.Since a 6.3-kW system is needed to cover the energy consumption of a typical home in Peninsula, the average price of going solar will be about $17,958 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of going solar can vary depending on multiple factors, such as how many panels you need, your energy usage and what installation company you go with.But, once you've paid the upfront cost of installation, the return on investment for most homeowners is quite good, with a net average savings of about $18,000 over 20 years on electricity bills.
You can click the button below to get connected with a top solar installer in Peninsula that can help you get a more accurate cost estimate for your home.
Solar savings over time in Peninsula
| Year | Return on Investment |
|---|---|
| 1 years | $-16,704 |
| 3 years | $-14,197 |
| 5 years | $-11,689 |
| 7 years | $-9,182 |
| 9 years | $-6,675 |
| 11 years | $-4,167 |
| 13 years | $-1,660 |
| 15 years | $848 |
| 17 years | $3,355 |
| 19 years | $5,862 |
| 21 years | $8,370 |
| 23 years | $10,877 |
| 25 years | $13,385 |
Top Solar Installers in Peninsula
Installing solar panels by yourself can be a stressful project, which is why getting a solar installer is a good option for many homeowners. Another advantage of working with a solar installer is that they can help you optimize your return of investment 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 installer to go with, here are our recommendations 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
Outstanding Local Installer
The Green Panel
- Outstanding customer service
- Excellent reputation
- Great warranty coverage
- No leases or PPAs
See all of the solar companies in Peninsula
Factors that Affect Solar Panel Costs in Peninsula
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that will push your cost above or below the average in Peninsula: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar system in Peninsula, 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 consumption, which you can gauge by looking at past power bills. Your overall cost can increase by about $4,060 for each additional kilowatt you need.The brand and type 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 come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That’s why many Peninsula homeowners opt to finance their solar panel systems to make going solar more affordable.While solar loans make switching to solar energy more accessible for Peninsula 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
The solar company you go with to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar panel companies in Peninsula, and each can charge varying amounts for labor and equipment.Larger national companies usually have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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 | $10,870 | 15.5 years |
| 8 kW | $4.14 | $23,191 | $14,948 | 15.2 years |
| 10 kW | $4.06 | $28,420 | $19,253 | 14.9 years |
| 12 kW | $3.98 | $33,422 | $23,786 | 14.6 years |
| 14 kW | $3.90 | $38,196 | $28,546 | 14.3 years |
| 16 kW | $3.82 | $42,744 | $33,534 | 14.0 years |
| 18 kW | $3.74 | $47,064 | $38,749 | 13.7 years |
| 20 kW | $3.65 | $51,156 | $44,191 | 13.4 years |
How to Save on Solar Panels
The solar installer you choose will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, such as:
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: When going solar, it’s crucial to keep an open line of communication with your solar company. See to it that you understand how the installation process works and the project timeline.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years likely offer high-quality solar panel installation and expertise.
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
Outstanding Local Installer
The Green Panel
- Outstanding customer service
- Excellent reputation
- Great warranty coverage
- No leases or PPAs
EcoWatch's Peninsula, MI Solar Cost FAQs
How much does it cost to install solar panels in Peninsula?
The average cost of solar panels in Peninsula 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 stuff like the model 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?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and the amount of direct sunlight your roof gets.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.