Solar Panel Cost Guide in Petoskey, MI (2024 Update)
- Petoskey Solar Installation Cost: $17,504
- 25-Year Savings: $20,450
- Payback Period: 13.4 Years
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Average Cost of Solar Panels in Petoskey
Let’s take a look at the average cost of solar in Petoskey.
The average cost of a solar system in Petoskey is 4 per watt.The average Petoskey homeowner needs a 6.2-kilowatt system, which would cost about $17,504 with the federal tax credit, or $25,031 before the 0 tax credit is applied.
These figures are just averages, and the cost of going solar for you will differ based on the amount of energy your home requires and what company you want to go with.But, after you've paid the upfront cost of installation, the payback for most homeowners is usually good, with a net average savings of about $20,000 over 20 years on power bills.
You can click the button below to get connected with a vetted solar company in Petoskey that can help you get a more accurate cost estimate for your home.
Solar savings over time in Petoskey
| Year | Return on Investment |
|---|---|
| 1 years | $-16,250 |
| 3 years | $-13,743 |
| 5 years | $-11,235 |
| 7 years | $-8,728 |
| 9 years | $-6,221 |
| 11 years | $-3,713 |
| 13 years | $-1,206 |
| 15 years | $1,302 |
| 17 years | $3,809 |
| 19 years | $6,316 |
| 21 years | $8,824 |
| 23 years | $11,331 |
| 25 years | $13,839 |
Top Solar Installers in Petoskey
When making the switch to solar, many homeowners prefer to use a solar company since installing solar panels yourself can be a time-consuming project. Another good thing about going with a reputable solar installer is that it'll provide warranties and free repairs, which help protect your solar system over time.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Petoskey
Factors that Affect Solar Panel Costs in Petoskey
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that determine your overall cost in Petoskey: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of 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 production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,060.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Petoskey, where sunlight isn’t as abundant, efficiency can quickly pay off. Plus, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Petoskey to be too costly, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can play a role in determining your pricing. Petoskey’s solar companies all have different labor costs and add varying upcharges to equipment. You may see national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $13,990 | 14.0 years |
| 8 kW | $4.14 | $23,191 | $19,108 | 13.7 years |
| 10 kW | $4.06 | $28,420 | $24,453 | 13.4 years |
| 12 kW | $3.98 | $33,422 | $30,025 | 13.2 years |
| 14 kW | $3.90 | $38,196 | $35,825 | 12.9 years |
| 16 kW | $3.82 | $42,744 | $41,853 | 12.6 years |
| 18 kW | $3.74 | $47,064 | $48,108 | 12.4 years |
| 20 kW | $3.65 | $51,156 | $54,590 | 12.1 years |
How to Save on Solar Panels
There are a large number of companies available in Petoskey, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Installation Process: When making the switch to solar power, it’s important to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process will go and the project timeline.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Even though there are many options for which brand 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 ask for their list of offerings before making your decision.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. A couple of 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.
- 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.
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 Petoskey, MI Solar Cost FAQs
What is the average cost of installing solar panels in Petoskey?
This is a hard question to answer exactly, because the cost depends on a few different factors. Broadly 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 additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
The initial cost is a very important 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 trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Can solar panels significantly reduce my power bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Petoskey, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires 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 house 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.