Solar Panel Cost Guide in Ravenna, MI (2023 Update)
- Ravenna Solar Installation Cost: $11,315
- 25-Year Savings: $23,189
- Payback Period: 8.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Ravenna
Let's take a look at the average cost of solar panels in Ravenna.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Ravenna, the typical cost of solar panels is 2.81 per watt. To account for the typical energy needs of the average home in Ravenna, most homeowners require a 5.8-kilowatt system. Using the figure above, a solar installation costs about $11,310, or $16,173 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The true cost of installing solar panels can vary based on a few factors, such as what size system you need, your energy consumption and what installation company you go with. Many homeowners find adopting solar power is a solid investment. The average homeowner in Ravenna can save around $23,000 on their energy bills over 20 years.
To get a free quote from a vetted solar installation company in Ravenna, you can click the button below.
Solar savings over time in Ravenna
| Year | Return on Investment |
|---|---|
| 1 years | $-11,200 |
| 3 years | $-10,970 |
| 5 years | $-10,740 |
| 7 years | $-10,510 |
| 9 years | $-10,280 |
| 11 years | $-10,050 |
| 13 years | $-9,820 |
| 15 years | $-9,590 |
| 17 years | $-9,360 |
| 19 years | $-9,130 |
| 21 years | $-8,900 |
| 23 years | $-8,670 |
| 25 years | $-8,440 |
Top Solar Installers in Ravenna
Many homeowners choose to use a solar installation company since installing solar panels on your own can be a lot of work. A solar company can also help save you money in the long run by providing warranties, repairs and part replacements.
If you're looking for a solar installer in Ravenna, we've put together 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 Ravenna
Factors that Affect Solar Panel Costs in Ravenna
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that determine your overall cost in Ravenna: solar equipment and system size, financing options and the solar installation company you choose. We'll cover 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 with higher efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,810. There are many different solar panel brands and the one you choose also affects the cost. In many cases, the brands that are more efficient tend to also cost more. Plus, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are an affordable choice because they decrease your upfront costs and let you pay for your system over five to seven years on average. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Ravenna is the company you hire to install your PV system. Similar to choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that offer a range of services for different budgets. The size of the company sometimes plays the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
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 | $23,715 | 8.5 years |
| 8 kW | $2.87 | $16,051 | $31,934 | 8.4 years |
| 10 kW | $2.81 | $19,670 | $40,311 | 8.2 years |
| 12 kW | $2.75 | $23,132 | $48,846 | 8.0 years |
| 14 kW | $2.70 | $26,436 | $57,538 | 7.9 years |
| 16 kW | $2.64 | $29,584 | $66,387 | 7.7 years |
| 18 kW | $2.59 | $32,574 | $75,393 | 7.5 years |
| 20 kW | $2.53 | $35,406 | $84,557 | 7.4 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be a challenge, we have some tips to help you, such as:
- Contract: Although reading through a contract can take a lot of time, it's important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Solar Panel Brands: Different companies have different brands and types of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
- Reputation: Your solar installer should have a solid 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 previous customers.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be completed and what the project timeline is.
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 Ravenna, MI Solar Cost FAQs
What is the average cost of installing solar panels in Ravenna?
The average cost of solar panels in Ravenna is about $14,050 for a 5-kW system and $28,100 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Ravenna?
You can't get solar panels for free in Ravenna. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
How will installing solar panels impact the value of my home?
Solar panels can increase your property's value considerably as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption 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 account for 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.