Solar Panel Cost Guide in Saginaw, MI (2024 Update)
- Saginaw Solar Installation Cost: $17,618
- 25-Year Savings: $23,111
- Payback Period: 12.5 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Saginaw
Find out what the average cost of solar panel installation is in Saginaw.
Although the national average of solar panels is $2.66 per watt, solar panels in Saginaw typically cost around 4.The average solar panel system size in Saginaw is around 6.2 kilowatts, meaning a cost of about $17,618 for a solar installation, or $25,194 before the 0 federal solar tax credit is applied.
These figures are just estimates, and your own solar costs will most likely look different based on factors unique to your home and what company you go with.But, after you've paid the initial cost of installation, the ROI for most homeowners is typically rewarding, with a net average savings of about $22,000 over 20 years on power bills.
You can click the button below to get connected with a vetted solar installer in Saginaw that can help you get a more accurate cost estimate for your home.
Solar savings over time in Saginaw
| Year | Return on Investment |
|---|---|
| 1 years | $-16,364 |
| 3 years | $-13,856 |
| 5 years | $-11,349 |
| 7 years | $-8,842 |
| 9 years | $-6,334 |
| 11 years | $-3,827 |
| 13 years | $-1,319 |
| 15 years | $1,188 |
| 17 years | $3,695 |
| 19 years | $6,203 |
| 21 years | $8,710 |
| 23 years | $11,217 |
| 25 years | $13,725 |
Top Solar Installers in Saginaw
Although you can install solar panels by yourself, it involves extra time and handiness. That's one of the reasons the majority of homeowners choose to go with a solar panel installer. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some near you:
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
Outstanding Local Installer
The Green Panel
- Outstanding customer service
- Excellent reputation
- Great warranty coverage
- No leases or PPAs
See all of the solar companies in Saginaw
Factors that Affect Solar Panel Costs in Saginaw
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few key factors that will push your cost above or below the average in Saginaw: 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 size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $4,060. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar companies in Saginaw provide solar loans, which reduce the initial cost of installing solar.It’s wise to add 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
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Saginaw is the company you hire to install your solar system. As with choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that offer a range of services for different budgets.You may see national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $16,437 | 13.0 years |
| 8 kW | $4.14 | $23,191 | $22,370 | 12.7 years |
| 10 kW | $4.06 | $28,420 | $28,531 | 12.5 years |
| 12 kW | $3.98 | $33,422 | $34,920 | 12.2 years |
| 14 kW | $3.90 | $38,196 | $41,535 | 12.0 years |
| 16 kW | $3.82 | $42,744 | $48,378 | 11.7 years |
| 18 kW | $3.74 | $47,064 | $55,449 | 11.5 years |
| 20 kW | $3.65 | $51,156 | $62,747 | 11.2 years |
How to Save on Solar Panels
Since the model of solar panels and the installation company you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- 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 big role in the company you opt for.
- Installation Process: Make sure you’re aligned with the installer regarding how the installation process will go and what you need to do before your solar system is installed, such as updating your electrical system or roof.
- Warranty: If you care about the endurance of your solar panels, checking if your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Contract: Though reading through a contract can take a lot of time, it’s important to do it fully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
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
Outstanding Local Installer
The Green Panel
- Outstanding customer service
- Excellent reputation
- Great warranty coverage
- No leases or PPAs
EcoWatch's Saginaw, MI Solar Cost FAQs
How much does it cost to install solar panels in Saginaw?
This is a difficult question to answer precisely, 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 cost more if you want extra solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Are solar panels free in Saginaw?
Solar panels aren’t free in Saginaw, 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 further reduce the cost.
How much can I save on energy bills after installing solar panels?
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 $1,139.03 per year.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is 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 larger 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.