Solar Panel Cost Guide in Riverview, MI (Mar 2023)
- Riverview Solar Installation Cost: $12,038
- 25-Year Savings: $14,595
- Payback Period: 11.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Riverview
Find out what the average cost of a solar system is in Riverview.
The average cost of a solar system in Riverview is 2.81 per watt. To account for the typical energy needs of the average home in Riverview, most homeowners require a 6.1-kilowatt system. Using the per-watt figure above, a solar installation costs about $12,038, or $17,214 before the federal solar tax credit of 30% is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy consumption, the type of solar panels you want to get, your solar contractor and more. But, after you've paid the initial cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $17,000 over 20 years on utility bills.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Riverview
| Year | Return on Investment |
|---|---|
| 1 years | $-10,973 |
| 3 years | $-8,842 |
| 5 years | $-6,711 |
| 7 years | $-4,581 |
| 9 years | $-2,450 |
| 11 years | $-319 |
| 13 years | $1,811 |
| 15 years | $3,942 |
| 17 years | $6,073 |
| 19 years | $8,203 |
| 21 years | $10,334 |
| 23 years | $12,465 |
| 25 years | $14,595 |
Top Solar Installers in Riverview
Although it's possible to install solar panels yourself, it takes extra time and know-how. That's why the majority of homeowners choose to hire a solar panel installer. The expertise that solar installers offer can be useful as well, especially if you don't quite know what brand of solar equipment you need.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Riverview
Factors that Affect Solar Panel Costs in Riverview
Even though the average cost of a solar system in Riverview is $12,038, your final 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 take into consideration.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Riverview, 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 figure out by looking at past electricity bills. Your overall cost can increase by about $2,810 for each additional kilowatt you need. There are a lot of different solar panel brands and the one you choose also affects the cost. Usually, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Riverview homeowners choose to finance their solar panel systems to make paying for solar more affordable. 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're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The remaining major cost factor you should consider is the installer you choose. Given the growing popularity of renewable energy solutions in Riverview, you'll have a great number of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Riverview have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 | $13,858 | 11.7 years |
| 8 kW | $2.87 | $16,051 | $18,792 | 11.5 years |
| 10 kW | $2.81 | $19,670 | $23,883 | 11.3 years |
| 12 kW | $2.75 | $23,132 | $29,132 | 11.1 years |
| 14 kW | $2.70 | $26,436 | $34,538 | 10.8 years |
| 16 kW | $2.64 | $29,584 | $40,102 | 10.6 years |
| 18 kW | $2.59 | $32,574 | $45,823 | 10.4 years |
| 20 kW | $2.53 | $35,406 | $51,701 | 10.2 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Riverview, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Contract: It's important to read through your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Different companies have various brands and types of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
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 Riverview, MI Solar Cost FAQs
How much does it cost to install solar panels in Riverview?
This is a tough question to answer exactly, because the cost depends on many 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 other solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Are solar panels free in Riverview?
A solar panel system isn't free in Riverview, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
How will having solar panels impact my home value?
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?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.