Solar Panel Cost Guide in Summit, MI (2023 Update)
- Summit Solar Installation Cost: $12,045
- 25-Year Savings: $22,451
- Payback Period: 8.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Summit
Here's how much it might cost to install solar panels in Summit.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Summit, the typical cost of a solar system is 2.81 per watt. To account for the typical energy usage of the average home in Summit, most homeowners require a 6.1-kilowatt system. Using the figure above, a solar installation costs about $12,038, or $17,214 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The true cost of going solar can vary based on a few factors, such as what size system you need, your energy usage and what company you go with. For most homeowners, the upfront cost of solar power is worth paying. On average homeowners in Summit see about $21,000 in savings on electricity bills over 20 years.
To see your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Summit
| Year | Return on Investment |
|---|---|
| 1 years | $-11,930 |
| 3 years | $-11,700 |
| 5 years | $-11,470 |
| 7 years | $-11,240 |
| 9 years | $-11,010 |
| 11 years | $-10,780 |
| 13 years | $-10,550 |
| 15 years | $-10,320 |
| 17 years | $-10,090 |
| 19 years | $-9,860 |
| 21 years | $-9,630 |
| 23 years | $-9,400 |
| 25 years | $-9,170 |
Top Solar Installers in Summit
When going solar, many homeowners opt to go with a solar installation company since installing solar panels yourself can be a challenging project. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Summit
Factors that Affect Solar Panel Costs in Summit
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few key factors that will push your cost above or below the average in Summit: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price 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 can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are provided by most installers in Summit, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more accessible. 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 can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panels can influence the cost. Summit's solar companies all have different labor costs and add varying upcharges to equipment. The company's size can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower 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 | $21,526 | 9.1 years |
| 8 kW | $2.87 | $16,051 | $29,016 | 8.9 years |
| 10 kW | $2.81 | $19,670 | $36,664 | 8.7 years |
| 12 kW | $2.75 | $23,132 | $44,469 | 8.6 years |
| 14 kW | $2.70 | $26,436 | $52,431 | 8.4 years |
| 16 kW | $2.64 | $29,584 | $60,550 | 8.2 years |
| 18 kW | $2.59 | $32,574 | $68,827 | 8.0 years |
| 20 kW | $2.53 | $35,406 | $77,261 | 7.9 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. Because picking a company can be a challenge, we have some tips to help you, such as:
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Warranty: A comprehensive, long-term warranty can help keep your solar panels running for years to come and save you money on repairs and maintenance.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. While there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to ask for their list of offerings before deciding.
- Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, project timeline rebates and warranties.
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 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 $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 such as the kind 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 Summit?
Leasing solar panels can be an attractive choice, because 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
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 how much energy they produce will have decreased significantly after that point. You can decide to replace them after having 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.