Solar Panel Cost Guide in Summit, MI (Mar 2023)
- Summit Solar Installation Cost: $12,038
- 25-Year Savings: $22,458
- Payback Period: 8.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Summit
Find out what the average cost of solar panels are in Summit.
In Summit, solar panels cost about 2.81 per watt on average. To cover 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 around $12,038, or $17,214 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average Summit homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. But, once you've paid the upfront cost of installation, the ROI for most homeowners is usually rewarding, with a net average savings of about $21,000 over 20 years on energy bills.
To get a free quote from a pre-vetted solar company in Summit, you can click the button below.
Solar savings over time in Summit
| Year | Return on Investment |
|---|---|
| 1 years | $-10,658 |
| 3 years | $-7,898 |
| 5 years | $-5,139 |
| 7 years | $-2,379 |
| 9 years | $381 |
| 11 years | $3,140 |
| 13 years | $5,900 |
| 15 years | $8,660 |
| 17 years | $11,420 |
| 19 years | $14,179 |
| 21 years | $16,939 |
| 23 years | $19,699 |
| 25 years | $22,458 |
Top Solar Installers in Summit
Putting up solar panels yourself can be a difficult task, which is why getting a solar installer is a good option for many homeowners. Companies can also offer access to a large variety of the best solar panels and help you decide which one will be right for your family.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some nearby:
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
Though the average cost of a solar system in Summit is $12,038, your final cost may be above or below the average. There are quite a few factors that can have a significant impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend about $2,810 per kilowatt in Summit. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Summit, where sunlight isn't as 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 time, but they can also be a big investment. That's why many Summit homeowners opt to finance their solar panel systems to make going solar more affordable. However, the interest on solar loans also increases your all-in costs, so it's important to keep that in mind as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Summit is the company you choose to install your PV system. As with choosing a company to renovate your kitchen, for example, there's no shortage of solar installers that provide a range of services at different price points. Companies that only sell high-efficiency and high-priced products — 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 choose a company that provides 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 | $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 system installation will affect the warranties and brands available to you, 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: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Although there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you take a look at their list of offerings before deciding.
- Contract: Look through the contract terms thoroughly to make sure you understand the total cost, project timeline incentives and warranties.
- Installation Process: When going solar, it's essential to maintain an open line of communication with your solar company. See to it that you understand how the installation process will go and the project completion timeline.
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
How much does it cost to install 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 things 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.