Solar Panel Cost Guide in Spring Lake, MI (2023 Update)
- Spring Lake Solar Installation Cost: $11,664
- 25-Year Savings: $22,840
- Payback Period: 8.5 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Spring Lake
Let's take a look at the average cost of solar panels in Spring Lake.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Spring Lake, the average cost of solar panels is 2.81 per watt. The average solar panel system size in Spring Lake is around 5.9 kilowatts, meaning a cost of about $11,664 for a solar installation, or $16,680 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Spring Lake homeowner. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. But, once you've paid the upfront cost of installation, the payback for most homeowners is quite rewarding, with a net average savings of about $22,000 over 20 years on electricity bills.
To get a free estimate from a pre-vetted solar company in Spring Lake, you can click the button below.
Solar savings over time in Spring Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-10,284 |
| 3 years | $-7,524 |
| 5 years | $-4,763 |
| 7 years | $-2,003 |
| 9 years | $757 |
| 11 years | $3,518 |
| 13 years | $6,278 |
| 15 years | $9,038 |
| 17 years | $11,799 |
| 19 years | $14,559 |
| 21 years | $17,319 |
| 23 years | $20,080 |
| 25 years | $22,840 |
Top Solar Installers in Spring Lake
Although it's possible to install solar panels by yourself, it takes extra energy and knowledge. That's why most homeowners choose to go with a solar panel installer. The expertise that solar companies offer can be valuable as well, particularly if you don't quite know what kind of solar equipment you need.
If you're on the hunt for a solar installer in Spring Lake, we've organized a list of our top suggestions here:
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 Spring Lake
Factors that Affect Solar Panel Costs in Spring Lake
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that will push your cost above or below the average in Spring Lake: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar panel system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $2,810. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Spring Lake, where sunlight is relatively abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many Spring Lake homeowners decide to finance their solar panel systems to make paying for solar more affordable. Even though solar loans make going solar more accessible for Spring Lake homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The last significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in Spring Lake, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. The size of the company sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more resources and better pricing. Smaller local companies might be more costly, but they generally 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 | $22,637 | 8.8 years |
| 8 kW | $2.87 | $16,051 | $30,497 | 8.6 years |
| 10 kW | $2.81 | $19,670 | $38,514 | 8.5 years |
| 12 kW | $2.75 | $23,132 | $46,689 | 8.3 years |
| 14 kW | $2.70 | $26,436 | $55,022 | 8.1 years |
| 16 kW | $2.64 | $29,584 | $63,512 | 7.9 years |
| 18 kW | $2.59 | $32,574 | $72,159 | 7.8 years |
| 20 kW | $2.53 | $35,406 | $80,963 | 7.6 years |
How to Save on Solar Panels
The solar installer you choose will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, including:
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years in most cases provide quality solar panel installation and expertise.
- Contract: Review the contract terms thoroughly to make sure you understand the cost breakdown, project timeline incentives and warranties.
- Solar Panel Brands: The brand of solar panel you want to install plays a part in which installer you should opt for, since different companies provide different panels.
- Installation Process: Make sure you're on the same page with the company regarding how the installation process will go and what you need to do before your solar panel system is installed, such as repairing your electrical system or roof.
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 Spring Lake, MI Solar Cost FAQs
What is the average cost of installing solar panels in Spring Lake?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $14,050 for a 5-kW system and $28,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want other 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 cheaper solar panels.
Is it better to lease or buy solar panels in Spring Lake?
Leasing solar panels can be an appealing choice, as it usually 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Is it worth going solar in Spring Lake?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and the amount of direct sunlight your roof gets.
How often do you have to replace solar panels?
Although 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 decide to replace them after having 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.