Solar Panel Cost Guide in Summit, MI (2024 Update)
- Summit Solar Installation Cost: $17,403
- 25-Year Savings: $22,451
- Payback Period: 12.6 Years
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Average Cost of Solar Panels in Summit
We go over average solar pricing in Summit.
The national average cost of solar panels is $2.66 per watt, but in Summit it’s 4 per watt.The average Summit homeowner needs a 6.1-kilowatt system, which would cost about $17,403 with the federal tax credit, or $24,886 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The true cost of installing solar panels can vary quite a bit depending on several factors, such as how many panels you need, your energy consumption and what company you go with.Even with the significant upfront cost, the average Summit homeowner can save about $21,000 on their power bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a vetted solar installer in Summit for a quote for your home.
Solar savings over time in Summit
| Year | Return on Investment |
|---|---|
| 1 years | $-16,149 |
| 3 years | $-13,642 |
| 5 years | $-11,135 |
| 7 years | $-8,627 |
| 9 years | $-6,120 |
| 11 years | $-3,612 |
| 13 years | $-1,105 |
| 15 years | $1,402 |
| 17 years | $3,910 |
| 19 years | $6,417 |
| 21 years | $8,925 |
| 23 years | $11,432 |
| 25 years | $13,939 |
Top Solar Installers in Summit
Although it's possible to install solar panels yourself, it takes extra time and knowledge. That's one of the reasons most people 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 with their warranties, repair services and expert design.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some in Summit:
See all of the solar companies in Summit
Factors that Affect Solar Panel Costs in Summit
Although the average cost of a solar system in Summit is $17,403, your actual cost may be higher or lower than that. There are several factors that can have a major impact on the cost of a solar system installation. Below are some of the more crucial things to consider.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. Because of that, it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs.There are a lot of different solar panel brands and the one you choose also affects the cost. In many cases, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you’re looking to get can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That’s why many Summit homeowners decide to finance their solar panel systems to make going solar more affordable.When considering your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panel system can impact how much it costs. Summit’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Summit have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $4.22 | $17,734 | $16,066 | 13.1 years |
| 8 kW | $4.14 | $23,191 | $21,876 | 12.9 years |
| 10 kW | $4.06 | $28,420 | $27,914 | 12.6 years |
| 12 kW | $3.98 | $33,422 | $34,179 | 12.4 years |
| 14 kW | $3.90 | $38,196 | $40,671 | 12.1 years |
| 16 kW | $3.82 | $42,744 | $47,390 | 11.9 years |
| 18 kW | $3.74 | $47,064 | $54,337 | 11.6 years |
| 20 kW | $3.65 | $51,156 | $61,511 | 11.4 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 have access to. When choosing a solar company, there are several important things you should consider, including:
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you opt for.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
- Contract: Although reading through a contract can take a lot of time, it’s important to do it fully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: If you’re concerned about the longevity of your solar energy system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
EcoWatch's Summit, MI Solar Cost FAQs
What is the average cost of installing solar panels in Summit?
The average cost of solar panels in Summit is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the actual cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Summit?
You can’t get solar panels for free in Summit. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
How will having solar panels impact my home value?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.