Solar Panel Cost Guide in Somerset, MI (2024 Update)
- Somerset Solar Installation Cost: $17,293
- 25-Year Savings: $23,094
- Payback Period: 12.3 Years
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Average Cost of Solar Panels in Somerset
Let’s take a look at the average cost of solar in Somerset.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Somerset, the typical cost of a solar system is 4 per watt.Using this figure, a typical 6.1-kW system would cost about $17,293 before the 0 federal solar tax credit is applied.
How much you pay can be above or below the average in Somerset based on a few factors, such as the kind of solar panels you choose and the solar contractor you hire.With typical savings of about $22,000 on power bills over 20 years, many homeowners in Somerset find going solar has a decent ROI.
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 Somerset
| Year | Return on Investment |
|---|---|
| 1 years | $-16,039 |
| 3 years | $-13,531 |
| 5 years | $-11,024 |
| 7 years | $-8,517 |
| 9 years | $-6,009 |
| 11 years | $-3,502 |
| 13 years | $-995 |
| 15 years | $1,513 |
| 17 years | $4,020 |
| 19 years | $6,528 |
| 21 years | $9,035 |
| 23 years | $11,542 |
| 25 years | $14,050 |
Top Solar Installers in Somerset
When making the switch to solar, many homeowners opt to use a solar company since installing a solar system yourself can be a time-consuming project. Also, if you’d like to maximize your investment in solar, going with a solar company can help with that as well. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives, rebates and net metering programs.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Somerset
Factors that Affect Solar Panel Costs in Somerset
Although the average cost of a solar system in Somerset is $17,293, your final cost may differ. There are many factors that can have a major impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $4,060. The brand of solar panels and equipment you choose is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Most solar installers in Somerset have solar loans, which reduce your upfront costs of installing a solar system.You’ll have to consider the long-term cost of loans, including the amount of 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 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
The last major cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in Somerset, you’ll have plenty of options to choose from, but each comes at various price points for labor and equipment.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and go with the company that has the products, warranties and services you’re looking for and also fits within your budget.
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 | $16,840 | 12.8 years |
| 8 kW | $4.14 | $23,191 | $22,909 | 12.6 years |
| 10 kW | $4.06 | $28,420 | $29,204 | 12.3 years |
| 12 kW | $3.98 | $33,422 | $35,727 | 12.1 years |
| 14 kW | $3.90 | $38,196 | $42,477 | 11.8 years |
| 16 kW | $3.82 | $42,744 | $49,455 | 11.6 years |
| 18 kW | $3.74 | $47,064 | $56,660 | 11.3 years |
| 20 kW | $3.65 | $51,156 | $64,092 | 11.1 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be a challenge, we have some tips to help you, such as:
- Warranty: If you’re concerned about the endurance of your solar panels, checking if your company offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Different companies carry different brands and models of panels. If you know you want a specific brand, make sure the solar panel installer you’re considering has it.
- Installation Process: Make sure you’re on the same page with the company in regard to how the installation process will go and what you need to do before your solar panels are installed, such as updating your electrical system or roof.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases offer high-quality solar panel installation and expertise.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Somerset, MI Solar Cost FAQs
How much does it cost to install solar panels in Somerset?
The average cost of solar panels in Somerset is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the real cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Somerset?
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 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 financial benefits from going solar.
How will solar panels impact my home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Somerset is currently $221,253, so you can expect a value of about $9,071 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Somerset is a worthwhile investment.
How often do you have to replace solar panels?
Even 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 their energy production will have decreased significantly after that point. You can choose to 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.