Solar Panel Cost Guide in Thetford, MI (Mar 2023)
- Thetford Solar Installation Cost: $12,254
- 25-Year Savings: $17,282
- Payback Period: 10.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Thetford
Find out what the average cost of a solar system is in Thetford.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Thetford, the typical cost of solar panels is 2.81 per watt. The average Thetford homeowner needs a 6.2-kilowatt system, which would cost about $12,254 with the federal tax credit, or $17,523 before the 30% tax credit is applied.
How much you pay can go higher or lower than the average in Thetford based on a variety of factors, such as the kind of solar panels you choose and the solar company you hire. For most homeowners, the upfront investment in solar is worth paying. On average homeowners in Thetford see about $18,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a top solar company in Thetford for a quote for your home.
Solar savings over time in Thetford
| Year | Return on Investment |
|---|---|
| 1 years | $-11,073 |
| 3 years | $-8,710 |
| 5 years | $-6,347 |
| 7 years | $-3,984 |
| 9 years | $-1,621 |
| 11 years | $741 |
| 13 years | $3,104 |
| 15 years | $5,467 |
| 17 years | $7,830 |
| 19 years | $10,193 |
| 21 years | $12,556 |
| 23 years | $14,919 |
| 25 years | $17,282 |
Top Solar Installers in Thetford
Although you can install solar panels by yourself, it requires extra effort and know-how. For that reason, most people choose to hire a solar panel installer. Another perk of using a solar installer is that they can help you make the most of your return of investment by lowering your future costs of repairs and replacements due to warranties and informing you of local incentives you can take advantage of.
If you're on the hunt for a solar company in Thetford, we've put together 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 Thetford
Factors that Affect Solar Panel Costs in Thetford
For many Thetford homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Thetford, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar system in Thetford, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home's energy usage, which you can gauge by looking at past power bills. Your overall cost can increase by about $2,810 for each additional kilowatt you need. The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive 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 greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be a challenge. Solar loans are offered by most installers in Thetford, which can reduce, or in some cases eliminate, your upfront costs to make solar more affordable. 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 above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Thetford is the company you choose to install your solar panel system. As with choosing a company to build a deck or pool, for instance, you'll have many options for solar installers that provide a range of services at different costs. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car 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 | $2.92 | $12,274 | $16,152 | 10.8 years |
| 8 kW | $2.87 | $16,051 | $21,851 | 10.6 years |
| 10 kW | $2.81 | $19,670 | $27,707 | 10.4 years |
| 12 kW | $2.75 | $23,132 | $33,721 | 10.2 years |
| 14 kW | $2.70 | $26,436 | $39,891 | 10.0 years |
| 16 kW | $2.64 | $29,584 | $46,220 | 9.8 years |
| 18 kW | $2.59 | $32,574 | $52,705 | 9.5 years |
| 20 kW | $2.53 | $35,406 | $59,348 | 9.3 years |
How to Save on Solar Panels
There are numerous companies to choose from in Thetford, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Contract: Though reading through a contract can be tedious, it's important to do it thoroughly so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years most likely offer good-quality solar panel installation and expertise.
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 Thetford, MI Solar Cost FAQs
How much does it cost to install solar panels in Thetford?
The average cost of solar panels in Thetford 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 certain factors such as the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Thetford?
You can't get solar panels for free in Thetford. 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'd prefer to own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Thetford?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage 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 install 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.