Solar Panel Cost Guide in Royalton, MI (2023 Update)
- Royalton Solar Installation Cost: $11,645
- 25-Year Savings: $13,537
- Payback Period: 11.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Royalton
Here's how much it might cost to go solar in Royalton.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Royalton, the typical cost of a solar system is 2.81 per watt. Since a 5.9-kW system is needed to cover the energy usage of a typical home in Royalton, the average price of going solar will be about $11,645 after claiming the federal solar tax credit of 30%.
Keep in mind that the figures above are only estimates based on the average energy use of Royalton homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. But, after you've paid the upfront cost of installation, the payback for most homeowners is usually fruitful, with a net average savings of about $16,000 over 20 years on electricity bills.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Royalton
| Year | Return on Investment |
|---|---|
| 1 years | $-10,637 |
| 3 years | $-8,623 |
| 5 years | $-6,608 |
| 7 years | $-4,594 |
| 9 years | $-2,579 |
| 11 years | $-565 |
| 13 years | $1,450 |
| 15 years | $3,464 |
| 17 years | $5,479 |
| 19 years | $7,493 |
| 21 years | $9,508 |
| 23 years | $11,522 |
| 25 years | $13,537 |
Top Solar Installers in Royalton
When switching to solar energy, many homeowners prefer to go with a solar installation company since installing solar panels yourself can be a time-consuming project. Some solar companies, especially local ones, can help you make the most of incentives in Royalton, optimizing your ROI.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some in Royalton:
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 Royalton
Factors that Affect Solar Panel Costs in Royalton
The cost of installing a solar system in Royalton can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. Because of that, it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. There are a lot of different solar panel brands and the one you choose also affects the cost. Generally, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you're looking to get 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
Many homeowners find the average cost of solar in Royalton to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The remaining significant cost factor you should keep in mind is the installer you choose. Given the booming popularity of green energy solutions in Royalton, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. The size of the company sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
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 | $13,230 | 12.0 years |
| 8 kW | $2.87 | $16,051 | $17,955 | 11.8 years |
| 10 kW | $2.81 | $19,670 | $22,837 | 11.6 years |
| 12 kW | $2.75 | $23,132 | $27,877 | 11.3 years |
| 14 kW | $2.70 | $26,436 | $33,074 | 11.1 years |
| 16 kW | $2.64 | $29,584 | $38,428 | 10.9 years |
| 18 kW | $2.59 | $32,574 | $43,939 | 10.6 years |
| 20 kW | $2.53 | $35,406 | $49,608 | 10.4 years |
How to Save on Solar Panels
The solar installer you go with will impact not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should consider, including:
- Contract: Review the contract terms thoroughly to make sure you understand how much it will cost, completion timeline incentives and warranties.
- Solar Panel Brands: The model of solar panel you'd like to get plays a part in which company you should go with, since different companies offer different panels.
- Reputation: Well-established companies likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running for years to come and save you money on repairs and maintenance.
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 Royalton, MI Solar Cost FAQs
What is the average cost of installing solar panels in Royalton?
The average cost of solar panels in Royalton is about $14,050 for a 5-kW system and $28,100 for a 10-kW system before the ITC, but the real cost will depend on things like the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Royalton?
Leasing solar panels can be an attractive 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them after having 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.