Solar Panel Cost Guide in Thomas, MI (2023 Update)
- Thomas Solar Installation Cost: $12,193
- 25-Year Savings: $23,111
- Payback Period: 8.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Thomas
Let's have a look at the average cost of solar panels in Thomas.
The national average cost of solar panels is $2.66 per watt, but in Thomas it's 2.81 per watt. Since a 6.2-kW system is needed to cover the energy needs of a typical home in Thomas, the average price of going solar will be about $12,195 after claiming the federal solar tax credit of 30%.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of making the switch to solar can vary based on a few factors, such as what size system you need, your energy consumption and what company you go with. But, once you've paid the initial cost of installation, the savings for most homeowners is usually rewarding, with a net average savings of about $22,000 over 20 years on energy bills.
To get a free estimate from a top solar company in Thomas, you can click the button below.
Solar savings over time in Thomas
| Year | Return on Investment |
|---|---|
| 1 years | $-10,940 |
| 3 years | $-8,432 |
| 5 years | $-5,925 |
| 7 years | $-3,418 |
| 9 years | $-910 |
| 11 years | $1,597 |
| 13 years | $4,105 |
| 15 years | $6,612 |
| 17 years | $9,119 |
| 19 years | $11,627 |
| 21 years | $14,134 |
| 23 years | $16,642 |
| 25 years | $19,149 |
Top Solar Installers in Thomas
DIY solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Hiring a solar panel installer can make converting to solar power much easier. A solar company can also help save you money in the long run by offering warranties, repairs and part replacements.
If you're searching for a solar installer in Thomas, 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 Thomas
Factors that Affect Solar Panel Costs in Thomas
The cost of installing a solar system in Thomas can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the price of a solar panel system in Thomas, one of the most crucial 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 figure out by looking at past energy bills. Your overall cost can increase by about $2,810 for each additional kilowatt you need. There are several different solar panel brands and the one you choose also affects the cost. Generally speaking, the brands that are more efficient tend to also cost more. Plus, the type of equipment you're looking to install 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
If paying for solar panels in cash is difficult, solar loans are a solid choice because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When trying to figure out 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
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Thomas is the company you get to install your solar system. As with choosing a company to build a deck or pool, for instance, there are plenty of solar installers that provide a range of services for different budgets. Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 | $21,897 | 9.0 years |
| 8 kW | $2.87 | $16,051 | $29,510 | 8.8 years |
| 10 kW | $2.81 | $19,670 | $37,281 | 8.6 years |
| 12 kW | $2.75 | $23,132 | $45,210 | 8.5 years |
| 14 kW | $2.70 | $26,436 | $53,295 | 8.3 years |
| 16 kW | $2.64 | $29,584 | $61,538 | 8.1 years |
| 18 kW | $2.59 | $32,574 | $69,939 | 7.9 years |
| 20 kW | $2.53 | $35,406 | $78,497 | 7.8 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While there are many options for which model 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 making your decision.
- Reputation: Your solar installer should have a good reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running for years to come and save you money on part replacement and repairs.
- Contract: Before signing a contract with a solar company, make sure you read it through fully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and what services you can expect from them.
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 Thomas, MI Solar Cost FAQs
What is the average cost of installing solar panels in Thomas?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $14,050 for a 5-kW system and $28,100 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Thomas?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Can solar panels completely eradicate my power bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Thomas, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household will need 20 to 35 panels.
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.