Solar Panel Cost Guide in Putnam, MI (2023 Update)
- Putnam Solar Installation Cost: $12,169
- 25-Year Savings: $16,346
- Payback Period: 10.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Putnam
We break down average solar pricing in Putnam.
The national average cost of solar panels is $2.66 per watt, but in Putnam it's 2.81 per watt. The average solar panel system size in Putnam is around 6.2 kilowatts, meaning a cost of about $12,176 for a solar installation, or $17,412 before the 30% federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you will most likely look different based on your energy needs and what company you choose to go with. Even with the large upfront cost, the average Putnam homeowner can save around $18,000 on their energy bills over 20 years, which is one of the benefits of solar.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Putnam
| Year | Return on Investment |
|---|---|
| 1 years | $-10,915 |
| 3 years | $-8,408 |
| 5 years | $-5,900 |
| 7 years | $-3,393 |
| 9 years | $-885 |
| 11 years | $1,622 |
| 13 years | $4,129 |
| 15 years | $6,637 |
| 17 years | $9,144 |
| 19 years | $11,652 |
| 21 years | $14,159 |
| 23 years | $16,666 |
| 25 years | $19,174 |
Top Solar Installers in Putnam
When going solar, many homeowners opt to hire a solar installer since overseeing your solar installation yourself can be a time-consuming project. Companies can also provide access to quality options of the best solar panels and help you pick which one will be right for your family.
If you're searching for a solar installer in Putnam, we've organized a list of our top suggestions here:
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 Putnam
Factors that Affect Solar Panel Costs in Putnam
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that affect your total cost in Putnam: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
When it comes to estimating the cost of solar panels in Putnam, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can determine by looking at past power bills. Your overall cost can increase by around $2,810 for each additional kilowatt you need. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Putnam, where sunlight isn't as abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That's why many Putnam homeowners opt to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also adds to your overall costs, so it's crucial to consider that as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The remaining significant cost factor you should keep in mind is the installer you choose. Given the growing popularity of green energy solutions in Putnam, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in Putnam know more about local solar incentives and can help you make good use 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 end up saving you 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 | $15,381 | 11.1 years |
| 8 kW | $2.87 | $16,051 | $20,823 | 10.9 years |
| 10 kW | $2.81 | $19,670 | $26,422 | 10.7 years |
| 12 kW | $2.75 | $23,132 | $32,179 | 10.5 years |
| 14 kW | $2.70 | $26,436 | $38,092 | 10.2 years |
| 16 kW | $2.64 | $29,584 | $44,164 | 10.0 years |
| 18 kW | $2.59 | $32,574 | $50,392 | 9.8 years |
| 20 kW | $2.53 | $35,406 | $56,778 | 9.6 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Installation Process: When going solar, it's essential to keep an open line of communication with your solar panel company. See to it that you understand how the installation process will go and the project timeline.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years in most cases offer high-quality solar panel installation and expertise.
- Contract: When reading over your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you opt for.
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 Putnam, MI Solar Cost FAQs
What is the average cost of installing solar panels in Putnam?
This is a tough 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. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Are solar panels free in Putnam?
Solar panels aren't free in Putnam, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is it worth going solar in Putnam?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already reasonably low, solar panels might not be for you.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can 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.