Solar Panel Cost Guide in Roosevelt Park, MI (Mar 2023)
- Roosevelt Park Solar Installation Cost: $11,310
- 25-Year Savings: $23,994
- Payback Period: 8.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Roosevelt Park
See how much it might cost to install solar panels in Roosevelt Park.
While the national average of solar panels is $2.66 per watt, solar panels in Roosevelt Park typically cost around 2.81. Since a 5.8-kW system is needed to cover the energy costs of a typical home in Roosevelt Park, the average price of going solar will be about $11,310 after claiming the federal solar tax credit of 30%.
These figures are just averages, and the cost of going solar for you will most likely look different based on factors unique to your home and what company you want to go with. With typical savings of about $23,000 on utility bills over 20 years, many homeowners in Roosevelt Park find installing solar panels can be quite rewarding.
Click the button below to get connected to a vetted solar panel company in your area for a customized estimate.
Solar savings over time in Roosevelt Park
| Year | Return on Investment |
|---|---|
| 1 years | $-9,898 |
| 3 years | $-7,074 |
| 5 years | $-4,249 |
| 7 years | $-1,425 |
| 9 years | $1,399 |
| 11 years | $4,224 |
| 13 years | $7,048 |
| 15 years | $9,872 |
| 17 years | $12,697 |
| 19 years | $15,521 |
| 21 years | $18,345 |
| 23 years | $21,170 |
| 25 years | $23,994 |
Top Solar Installers in Roosevelt Park
Trying to put up solar panels yourself can be a dangerous undertaking, which is why hiring a solar installation company is a good option for many homeowners. Some solar companies, especially local ones, can help you better understand incentives in Roosevelt Park, optimizing your ROI.
If you're searching for a solar installer in Roosevelt Park, the EcoWatch team has put together a list of our top suggestions here:
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 Roosevelt Park
Factors that Affect Solar Panel Costs in Roosevelt Park
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few primary factors that determine your overall cost in Roosevelt Park: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the main 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 increase costs. For each additional kilowatt you need, your cost can go up by about $2,810. There are a lot of different solar panel brands and the one you pick also changes the cost. In general, the brands that are more efficient tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you just 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 big investment. That's why many Roosevelt Park 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 amount of 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 interest rate could reduce your costs significantly.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panel system can influence the cost. Roosevelt Park's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Roosevelt Park are more knowledgeable 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 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 | $24,549 | 8.3 years |
| 8 kW | $2.87 | $16,051 | $33,047 | 8.2 years |
| 10 kW | $2.81 | $19,670 | $41,702 | 8.0 years |
| 12 kW | $2.75 | $23,132 | $50,514 | 7.9 years |
| 14 kW | $2.70 | $26,436 | $59,484 | 7.7 years |
| 16 kW | $2.64 | $29,584 | $68,612 | 7.5 years |
| 18 kW | $2.59 | $32,574 | $77,896 | 7.4 years |
| 20 kW | $2.53 | $35,406 | $87,338 | 7.2 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be difficult, we have some tips to help you, such as:
- Warranty: If you're worried about the endurance of your solar system, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Contract: Before you sign a contract with a solar installer, make sure to look it over completely so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you choose.
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 Roosevelt Park, MI Solar Cost FAQs
How much does it cost to install solar panels in Roosevelt Park?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Generally 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 cost more if you want other 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 less expensive solar panels.
Is it better to lease or buy solar panels in Roosevelt Park?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Is making the switch to solar worth it?
Solar panels can be a fruitful investment for many 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 long do solar panels last in Roosevelt Park?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.