Solar Panel Cost Guide in Troy, MI (Dec 2022)

  • Troy Solar Installation Cost: $12,156
  • 25-Year Savings: $12,964
  • Payback Period: 12.1 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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Average Cost of Solar Panels in Troy

Find out how much it might cost to install solar panels in Troy.

Although the national average of solar panels is $2.66 per watt, solar panels in Troy typically cost about $3. The average solar panel system size in Troy is around 6.2 kilowatts, meaning a cost of about $12,156 for a solar installation, or $8,995 after the 30% federal solar tax credit is applied.

These figures are just averages, and the cost of going solar for you will look different based on factors unique to your home and what company you want to go with. But, after you've paid the upfront cost of installation, the ROI for most homeowners is quite good, with a net average savings of about $15,000 over 20 years on electricity bills.

To see your potential ROI and connect with a local solar expert, click the button below.

Solar savings over time in Troy

Year Return on Investment
1 years $-11,151
3 years $-9,142
5 years $-7,132
7 years $-5,123
9 years $-3,113
11 years $-1,103
13 years $906
15 years $2,916
17 years $4,925
19 years $6,935
21 years $8,945
23 years $10,954
25 years $12,964

Top Solar Installers in Troy

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. Taking advantage of a solar panel installer can make your swap to solar power much easier. Plus, if you're not certain what brand of solar panels and equipment you need, a solar company can help you find the right equipment for you after a site survey and consultation.

There are a number of licensed solar professionals that can help you install your solar panels. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Solar Veteran

Michigan Solar Solutions

★★★★★
4.5

  • Great warranty coverage
  • Outstanding customer service
  • Offers products from leading manufacturers
  • Slightly limited service offerings
  • No leases or PPAs

Outstanding Local Installer

Strawberry Solar

★★★★★
4.5

  • 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 Troy

Factors that Affect Solar Panel Costs in Troy

While the average cost of a solar system in Troy is $12,156, your final cost may be above or below the average. There are many factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.

Solar Equipment

When it comes to estimating the price of a solar system in Troy, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can figure out by looking at past electricity bills. Your total cost can increase by about $2,810 for each additional kilowatt you need. The kind of solar panels and equipment you get is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.

Solar Financing Terms

For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in Troy, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible. While solar loans make adopting solar energy more accessible for Troy homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

The solar installation company you choose will influence your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor. Larger national companies generally have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on 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 $12,125 12.6 years
8 kW $2.87 $16,051 $16,481 12.3 years
10 kW $2.81 $19,670 $20,995 12.1 years
12 kW $2.75 $23,132 $25,666 11.9 years
14 kW $2.70 $26,436 $30,494 11.6 years
16 kW $2.64 $29,584 $35,480 11.4 years
18 kW $2.59 $32,574 $40,623 11.1 years
20 kW $2.53 $35,406 $45,924 10.9 years

How to Save on Solar Panels

The solar company you go with will influence not only your total 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:

  • Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years in most cases provide high-quality solar panel installation and expertise.
  • Solar Panel Brands: The type of solar panel you'd like to get plays a part in which company you should go with, since different companies have access to different panels.
  • Contract: Read the contract terms closely to make sure you understand the cost breakdown, project timeline incentives and warranties.
  • Warranty: An all-inclusive, long-term warranty can help keep your solar system running smoothly and save you money on repairs and maintenance.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Solar Veteran

Michigan Solar Solutions

★★★★★
4.5

  • Great warranty coverage
  • Outstanding customer service
  • Offers products from leading manufacturers
  • Slightly limited service offerings
  • No leases or PPAs

Outstanding Local Installer

Strawberry Solar

★★★★★
4.5

  • 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 Troy, MI Solar Cost FAQs

What is the average cost of installing solar panels in Troy?

This is a hard question to answer exactly, because the cost depends on many 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 extra solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.

Is it better to lease or buy solar panels in Troy?

Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you don't have access to 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 financial benefits from going solar.

Can you sell solar power back to the grid in Troy?

The majority of states have net metering programs of some kind. Through these, you can receive compensation for the extra power your system produces or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.

How often do you have to replace solar panels?

Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt 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.

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