Solar Panel Cost Guide in Saginaw, MI (2023 Update)
- Saginaw Solar Installation Cost: $12,193
- 25-Year Savings: $23,111
- Payback Period: 8.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Saginaw
Here's how much it might cost to switch to solar power in Saginaw.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Saginaw, the typical cost of solar panels is 2.81 per watt. Using this figure, a typical 6.2-kW system would cost about $12,195 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of installing solar panels can vary quite a bit depending on a few factors, such as what size system you need, your energy usage and what solar installer you go with. For many homeowners, the upfront investment in solar is worth paying. On average Saginaw homeowners see about $22,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a top solar company in Saginaw for a quote for your home.
Solar savings over time in Saginaw
| Year | Return on Investment |
|---|---|
| 1 years | $-10,940 |
| 3 years | $-8,432 |
| 5 years | $-5,925 |
| 7 years | $-3,418 |
| 9 years | $-910 |
| 11 years | $1,597 |
| 13 years | $4,105 |
| 15 years | $6,612 |
| 17 years | $9,119 |
| 19 years | $11,627 |
| 21 years | $14,134 |
| 23 years | $16,642 |
| 25 years | $19,149 |
Top Solar Installers in Saginaw
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Hiring an installer can make switching to solar power much easier. Another benefit of using a solar company is that they can help you maximize your ROI by cutting back on future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.
If you'd like to go solar but still aren't sure which solar panel installer to go with, here are our recommendations for providers in Saginaw:
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 Saginaw
Factors that Affect Solar Panel Costs in Saginaw
Though the average cost of a solar system in Saginaw is $12,195, your actual cost may differ. 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 keep in mind.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to spend about $2,810 per kilowatt in Saginaw. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Saginaw, where sunlight isn't as abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That's why many Saginaw homeowners decide to finance their solar panel systems to make going solar more affordable. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to solar energy can play a part in your total costs. There are about 3 solar installation companies operating in Saginaw, and each can charge different amounts for labor and equipment. Additionally, some companies in Saginaw are more knowledgeable 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 | $21,897 | 9.0 years |
| 8 kW | $2.87 | $16,051 | $29,510 | 8.8 years |
| 10 kW | $2.81 | $19,670 | $37,281 | 8.6 years |
| 12 kW | $2.75 | $23,132 | $45,210 | 8.5 years |
| 14 kW | $2.70 | $26,436 | $53,295 | 8.3 years |
| 16 kW | $2.64 | $29,584 | $61,538 | 8.1 years |
| 18 kW | $2.59 | $32,574 | $69,939 | 7.9 years |
| 20 kW | $2.53 | $35,406 | $78,497 | 7.8 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 find the right company for you, here are some tips to keep in mind:
- Contract: It's important to read through your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- 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 how much efficiency they need. While there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of offerings before deciding.
- Reputation: Your solar installer should have a solid reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
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 Saginaw, MI Solar Cost FAQs
What is the average cost of installing solar panels in Saginaw?
The average cost of solar panels in Saginaw 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 stuff like the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Saginaw?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home 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 savings from going solar.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. 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 many solar panels should I get to power my home?
To figure out how many solar panels you need, you should find out how much energy your home uses 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.