Solar Panel Cost Guide in Ray, MI (2024 Update)
- Ray Solar Installation Cost: $17,270
- 25-Year Savings: $13,167
- Payback Period: 17.2 Years
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Average Cost of Solar Panels in Ray
Let’s take a look at the average cost of solar panels in Ray.
The national average cost of solar panels is $2.66 per watt, but in Ray it’s 4 per watt.Using this figure, a typical 6.1-kW system would cost about $17,270 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of going solar can vary depending on several factors, such as how many panels you need, your energy usage and what company you go with.For most homeowners, the upfront investment in solar panels is worth paying. On average you could be looking at about $16,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a vetted solar company in Ray that can help you get a more accurate cost estimate for your home.
Solar savings over time in Ray
| Year | Return on Investment |
|---|---|
| 1 years | $-15,878 |
| 3 years | $-13,093 |
| 5 years | $-10,308 |
| 7 years | $-7,524 |
| 9 years | $-4,739 |
| 11 years | $-1,954 |
| 13 years | $830 |
| 15 years | $3,615 |
| 17 years | $6,400 |
| 19 years | $9,185 |
| 21 years | $11,969 |
| 23 years | $14,754 |
| 25 years | $17,539 |
Top Solar Installers in Ray
When switching to solar energy, many homeowners decide to go with a solar company since handling can be a difficult project. A solar company can also help save you money over time by providing warranties, repairs and system component replacements.
Working with a vetted solar company can help your solar project go smoothly. Here are our recommendations:
See all of the solar companies in Ray
Factors that Affect Solar Panel Costs in Ray
Though the average cost of a solar system in Ray is $17,270, your actual cost may be above or below the average. There are quite a few factors that can have a significant impact on the cost of a solar system installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production use 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 $4,060.There are a lot of different solar panel brands and the one you choose also changes the cost. In general, the brands that have better efficiency tend to also cost more. Additionally, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Ray provide solar loans, which reduce your upfront costs of installing a solar system.While solar loans make adopting solar energy more accessible for Ray homeowners, they can also add to the total you pay for your system due to interest. If you make 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 opt for to handle your switch to sustainable energy can play a part in your total costs. There are about 3 solar panel companies operating in Ray, and each can charge varying amounts for labor and equipment.The company’s size sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $7,069 | 17.9 years |
| 8 kW | $4.14 | $23,191 | $9,880 | 17.5 years |
| 10 kW | $4.06 | $28,420 | $12,918 | 17.2 years |
| 12 kW | $3.98 | $33,422 | $16,184 | 16.8 years |
| 14 kW | $3.90 | $38,196 | $19,677 | 16.5 years |
| 16 kW | $3.82 | $42,744 | $23,397 | 16.2 years |
| 18 kW | $3.74 | $47,064 | $27,345 | 15.8 years |
| 20 kW | $3.65 | $51,156 | $31,520 | 15.5 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Different companies will have various brands and types of panels. If you prefer a specific brand, make sure the solar installer you’re considering has it.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should secure and what the project timeline is.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
- Contract: Look through the contract terms thoroughly to make sure you understand the total cost, completion timeline rebates and warranties.
EcoWatch's Ray, MI Solar Cost FAQs
What is the average cost of installing solar panels in Ray?
The average cost of solar panels in Ray 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 things like the kind of solar panels you want, what size system you need and how much energy you use.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is a key factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Can solar panels completely eradicate my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $826.76 per year.
How long do solar panels last in Ray?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can 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.