Solar Panel Cost Guide in Redford, MI (2024 Update)
- Redford Solar Installation Cost: $17,379
- 25-Year Savings: $13,091
- Payback Period: 17.3 Years
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Average Cost of Solar Panels in Redford
We break down average solar pricing in Redford.
The national average cost of solar panels is $2.66 per watt, but in Redford it’s 4 per watt.The average solar panel system size in Redford is around 6.1 kilowatts, meaning a cost of about $17,379 for a solar installation, or $24,852 before the 0 federal solar tax credit is applied.
How much you pay can go above or below the average in Redford based on a variety of factors, such as the brand of solar panels you choose and the solar installer you hire.For many homeowners, the upfront investment in solar power is worth paying. On average homeowners in Redford see about $16,000 in savings on energy bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Redford
| Year | Return on Investment |
|---|---|
| 1 years | $-15,987 |
| 3 years | $-13,202 |
| 5 years | $-10,417 |
| 7 years | $-7,633 |
| 9 years | $-4,848 |
| 11 years | $-2,063 |
| 13 years | $721 |
| 15 years | $3,506 |
| 17 years | $6,291 |
| 19 years | $9,075 |
| 21 years | $11,860 |
| 23 years | $14,645 |
| 25 years | $17,429 |
Top Solar Installers in Redford
Although it's possible to install solar panels yourself, it requires extra time and expertise. For that reason, the majority of homeowners choose to hire a solar panel installer. In addition, if you’d like to maximize your investment in solar power, using a solar installer can help with that too. Different providers can offer repairs, expertise on installation and sometimes even information on local incentives, rebates and net metering programs.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
See all of the solar companies in Redford
Factors that Affect Solar Panel Costs in Redford
Cost is typically 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 Redford: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation use 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 brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer higher efficiency. In a city like Redford, where sunlight isn’t as abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of 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
Most solar installers in Redford provide solar loans, which reduce the initial cost of installing solar.You’ll have to consider the long-term cost of financing options, including the total 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 more than the original cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The solar company you opt for to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Redford, and each can charge different amounts for labor and equipment.Additionally, some companies in Redford 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 | $4.22 | $17,734 | $6,913 | 18.0 years |
| 8 kW | $4.14 | $23,191 | $9,672 | 17.6 years |
| 10 kW | $4.06 | $28,420 | $12,658 | 17.3 years |
| 12 kW | $3.98 | $33,422 | $15,872 | 17.0 years |
| 14 kW | $3.90 | $38,196 | $19,313 | 16.6 years |
| 16 kW | $3.82 | $42,744 | $22,981 | 16.3 years |
| 18 kW | $3.74 | $47,064 | $26,877 | 15.9 years |
| 20 kW | $3.65 | $51,156 | $31,000 | 15.6 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. Even though there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of options before deciding.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years most likely provide high-quality solar panel installation and expertise.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Though reading through a contract can be tedious, it’s important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
EcoWatch's Redford, MI Solar Cost FAQs
How much does it cost to install solar panels in Redford?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally 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 be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to keep in mind when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase the value of your home?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don’t choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs 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.