Solar Panel Cost Guide in Rives, MI (2023 Update)
- Rives Solar Installation Cost: $12,038
- 25-Year Savings: $21,650
- Payback Period: 8.9 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Rives
We break down average solar pricing in Rives.
The national average cost of solar panels is $2.66 per watt, but in Rives it's 2.81 per watt. Using this figure, a typical 6.1-kW system would cost about $12,038 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of installing solar panels can vary depending on a few factors, such as how many panels you need, your energy usage and what solar installer you go with. Even with the large initial cost, the average Rives homeowner can save about $21,000 on their electricity bills over 20 years, which is one of the positives of solar.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Rives
| Year | Return on Investment |
|---|---|
| 1 years | $-10,690 |
| 3 years | $-7,995 |
| 5 years | $-5,300 |
| 7 years | $-2,605 |
| 9 years | $90 |
| 11 years | $2,785 |
| 13 years | $5,480 |
| 15 years | $8,175 |
| 17 years | $10,870 |
| 19 years | $13,565 |
| 21 years | $16,260 |
| 23 years | $18,955 |
| 25 years | $21,650 |
Top Solar Installers in Rives
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Taking advantage of a solar company can make swapping over to solar power much easier. Plus, if you'd like to maximize your investment in solar, opting for a solar company can help with that too. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives and net metering programs.
Working with a professional solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 Rives
Factors that Affect Solar Panel Costs in Rives
There are a number of factors that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
When it comes to estimating the price of a solar energy system in Rives, one of the most crucial 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 usage, which you can figure out by looking at past electricity bills. Your overall cost can increase by around $2,810 for each additional kilowatt you need. The type of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Plus, solar equipment consists of more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are available from most installers in Rives, which can bring down, or in some cases completely eliminate, your upfront costs to make 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 more than the principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
The final major cost factor you should consider is the installer you choose. Given the growing popularity of renewable energy solutions in Rives, 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 Rives have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $20,735 | 9.3 years |
| 8 kW | $2.87 | $16,051 | $27,961 | 9.1 years |
| 10 kW | $2.81 | $19,670 | $35,344 | 8.9 years |
| 12 kW | $2.75 | $23,132 | $42,885 | 8.8 years |
| 14 kW | $2.70 | $26,436 | $50,584 | 8.6 years |
| 16 kW | $2.64 | $29,584 | $58,439 | 8.4 years |
| 18 kW | $2.59 | $32,574 | $66,452 | 8.2 years |
| 20 kW | $2.53 | $35,406 | $74,623 | 8.0 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: Review the contract terms thoroughly to make sure you understand the total cost, project completion timeline incentives and warranties.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years in most cases offer high-quality solar panel installation and expertise.
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While 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 make sure you ask for their list of options before deciding.
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 Rives, MI Solar Cost FAQs
How much does it cost to install solar panels in Rives?
The average cost of solar panels in Rives 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 such as the type of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Rives?
You can't get solar panels for free in Rives. However, you may still be able to afford 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.
Can solar panels eliminate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,100.29 per year.
How long do solar panels last in Rives?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them once you've had them for that long or you can continue to use 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.