Solar Panel Cost Guide in Ray, MI (2023 Update)

  • Ray Solar Installation Cost: $11,959
  • 25-Year Savings: $13,160
  • Payback Period: 11.9 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated May 04, 2023

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Ray

Here's how much it might cost to install solar panels in Ray.

In Ray, solar panels cost about 2.81 per watt on average. Using this figure, a typical 6.1-kW system would cost about $11,959 before the 30% federal solar tax credit is applied.

These figures are just averages, and your own solar costs will differ based on the amount of energy your home requires and what company you choose to go with. With typical savings of about $16,000 on electricity bills over 20 years, many homeowners in Ray find installing solar panels can be quite rewarding.

To see your potential savings and connect with a local solar installer, click the button below.

Solar savings over time in Ray

Year Return on Investment
1 years $-10,955
3 years $-8,945
5 years $-6,935
7 years $-4,926
9 years $-2,916
11 years $-907
13 years $1,103
15 years $3,112
17 years $5,122
19 years $7,132
21 years $9,141
23 years $11,151
25 years $13,160

Top Solar Installers in Ray

Many homeowners opt for a solar installation company since trying to install solar panels by yourself can be a lot of work. A solar installer can also help save you money over time by offering warranties, repairs and system component replacements.

There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Outstanding customer service
  • Offers products from leading manufacturers
  • Slightly limited service offerings
  • No leases or PPAs

Outstanding Local Installer

Strawberry Solar

★★★★★
4.5

  • 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 Ray

Factors that Affect Solar Panel Costs in Ray

For many Ray homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Ray, with typical prices between $20,000 to $40,000. There are a few factors that greatly influence the price you'll pay, which we'll go over below.

Solar Equipment

System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That's why it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Ray, where sunlight is relatively abundant, efficiency can quickly pay off. Also, 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

If paying for a solar system out of pocket is out of reach, solar loans are an affordable choice because they cut back your upfront costs and let you pay for your system over five to seven years on average. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.

Solar Panel Installation Company

A final factor to consider when trying to figure out the cost of solar for your home or business in Ray is the company you choose to install your PV system. Similar to choosing a company to install new cabinets, for example, there's no shortage of solar installers that provide a range of services at different price points. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.

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 $12,529 12.4 years
8 kW $2.87 $16,051 $17,020 12.1 years
10 kW $2.81 $19,670 $21,668 11.9 years
12 kW $2.75 $23,132 $26,474 11.7 years
14 kW $2.70 $26,436 $31,437 11.4 years
16 kW $2.64 $29,584 $36,557 11.2 years
18 kW $2.59 $32,574 $41,835 10.9 years
20 kW $2.53 $35,406 $47,270 10.7 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 models and price points. To help you select the right company for you, here are some tips to keep in mind:

  • Warranty: Warranties that provide coverage for defective panels and repairs over a couple decades are the best you can get in the business, and offering such a warranty is one sign of a quality company.
  • Reputation: Solar installers that have great reviews from their customers and that have been in business for many years likely offer high-quality solar panel installation and expertise.
  • Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what expectations you should have about the cost.
  • 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 model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of options before making your decision.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Outstanding customer service
  • Offers products from leading manufacturers
  • Slightly limited service offerings
  • No leases or PPAs

Outstanding Local Installer

Strawberry Solar

★★★★★
4.5

  • 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 Ray, MI Solar Cost FAQs

How much does it cost to install solar panels in Ray?

This is a tough question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $14,050 for a 5-kW system and $28,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.

Is it better to lease or buy solar panels in Ray?

Leasing solar panels can be an appealing choice, as it typically comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.

Is it worth going solar in Ray?

Solar panels can be a fruitful investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already fairly 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 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 install 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.

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