Solar Panel Cost Guide in Spencer, MI (2025 Update)
- Spencer Solar Installation Cost: $17,551
- 25-Year Savings: $21,871
- Payback Period: 12.9 Years
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Average Cost of Solar Panels in Spencer
Find out what the average cost of solar panel installation is in Spencer.
Although the national average of solar panels is $2.66 per watt, solar panels in Spencer typically cost around 4.To account for the typical energy needs of the average home in Spencer, most homeowners require a 6.2-kilowatt system. Using the per-watt figure above, a solar installation costs around $17,551, or $25,098 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The actual cost of installing solar panels can vary based on multiple factors, such as how many panels you need, your energy usage and what company you go with.Many homeowners find adopting solar power is a solid investment. The average homeowner in Spencer can save about $21,000 on their energy bills over 20 years.
You can click the button below to get connected with a top solar installer in Spencer for a quote for your home.
Solar savings over time in Spencer
| Year | Return on Investment |
|---|---|
| 1 years | $-16,297 |
| 3 years | $-13,790 |
| 5 years | $-11,282 |
| 7 years | $-8,775 |
| 9 years | $-6,268 |
| 11 years | $-3,760 |
| 13 years | $-1,253 |
| 15 years | $1,255 |
| 17 years | $3,762 |
| 19 years | $6,269 |
| 21 years | $8,777 |
| 23 years | $11,284 |
| 25 years | $13,792 |
Top Solar Installers in Spencer
Trying to install solar panels by yourself can be a difficult task, which is why hiring a solar installation company is a good option for many homeowners. Since solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some in Spencer:
See all of the solar companies in Spencer
Factors that Affect Solar Panel Costs in Spencer
For many Spencer homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Spencer, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Spencer, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home’s energy usage, which you can gauge by looking at past power bills. Your total cost can increase by around $4,060 for each additional kilowatt you need.The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a 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 greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar installers in Spencer provide solar loans, which reduce the initial cost of installing solar.However, the interest on solar loans also adds to your overall costs, so it’s crucial to consider that as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar installation company you select will impact your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor.Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
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 | $15,317 | 13.4 years |
| 8 kW | $4.14 | $23,191 | $20,877 | 13.2 years |
| 10 kW | $4.06 | $28,420 | $26,665 | 12.9 years |
| 12 kW | $3.98 | $33,422 | $32,680 | 12.6 years |
| 14 kW | $3.90 | $38,196 | $38,922 | 12.4 years |
| 16 kW | $3.82 | $42,744 | $45,392 | 12.1 years |
| 18 kW | $3.74 | $47,064 | $52,089 | 11.9 years |
| 20 kW | $3.65 | $51,156 | $59,014 | 11.6 years |
How to Save on Solar Panels
The solar panel company you go with will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, such as:
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Solar Panel Brands: Different companies will have different brands and kinds of panels. If you want a specific brand, make sure the solar company you’re considering has it.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to get the job done well. Another way you can verify your installer’s reputation is by reading reviews.
- Contract: Before you sign a contract with a solar company, make sure you read it through fully so you understand the terms. Also, ask questions if you’re unsure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
EcoWatch's Spencer, MI Solar Cost FAQs
What is the average cost of installing solar panels in Spencer?
This is a hard question to answer precisely, because the cost depends on many factors. Broadly 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 be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Spencer?
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 savings from going solar.
Is it worth going solar in Spencer?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
How long do solar panels last in Spencer?
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 the amount of energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can keep using 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.