Solar Panel Cost Guide in Vernon, MI (2023 Update)
- Vernon Solar Installation Cost: $12,215
- 25-Year Savings: $23,089
- Payback Period: 8.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Vernon
Find out what the average cost of solar panel installation is in Vernon.
The national average cost of solar panels is $2.66 per watt, but in Vernon it's 2.81 per watt. The average solar panel system size in Vernon is around 6.2 kilowatts, meaning a cost of about $12,215 for a solar installation, or $17,467 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may vary based on your household energy use, the type of solar panels you choose, your solar contractor and more. Despite the large initial cost, the average Vernon homeowner can save around $22,000 on their energy bills over 20 years, which is one of the benefits of solar.
To get a free quote from a vetted solar installation company in Vernon, you can click the button below.
Solar savings over time in Vernon
| Year | Return on Investment |
|---|---|
| 1 years | $-10,803 |
| 3 years | $-7,979 |
| 5 years | $-5,154 |
| 7 years | $-2,330 |
| 9 years | $494 |
| 11 years | $3,319 |
| 13 years | $6,143 |
| 15 years | $8,967 |
| 17 years | $11,792 |
| 19 years | $14,616 |
| 21 years | $17,440 |
| 23 years | $20,265 |
| 25 years | $23,089 |
Top Solar Installers in Vernon
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Going with a solar company can make your swap to solar power much easier. The payback period of solar panels will vary depending on factors like your roof configuration and energy usage, but working with a solar company can shorten that period. Your provider will be able to help you identify incentives available in your area.
If you're looking for a solar installer in Vernon, 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 Vernon
Factors that Affect Solar Panel Costs in Vernon
Even though the average cost of a solar system in Vernon is $12,215, your final cost may differ. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,810. The brand of solar panels and equipment you get is another factor that will considerably influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Moreover, solar equipment is more than just the solar panels themselves. You'll also need to make decisions 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 looking for a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Vernon to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also lead to higher prices over time due to interest. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar installer you go with to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar installation companies operating in Vernon, and each can charge different amounts for labor and equipment. The company's size can sometimes play the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
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 | $21,850 | 9.0 years |
| 8 kW | $2.87 | $16,051 | $29,448 | 8.8 years |
| 10 kW | $2.81 | $19,670 | $37,204 | 8.6 years |
| 12 kW | $2.75 | $23,132 | $45,117 | 8.5 years |
| 14 kW | $2.70 | $26,436 | $53,187 | 8.3 years |
| 16 kW | $2.64 | $29,584 | $61,415 | 8.1 years |
| 18 kW | $2.59 | $32,574 | $69,799 | 8.0 years |
| 20 kW | $2.53 | $35,406 | $78,342 | 7.8 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Contract: Read the contract terms thoroughly to make sure you understand the total cost, project completion timeline rebates and warranties.
- Warranty: A comprehensive, 25-year warranty can help keep your solar system running smoothly and save you money on repairs and maintenance.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like EcoWatch.
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 Vernon, MI Solar Cost FAQs
What is the average cost of installing solar panels in Vernon?
The average cost of solar panels in Vernon is about $14,050 for a 5-kW system and $28,100 for a 10-kW system before the ITC, but the actual 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.
Should I lease or buy solar panels in Vernon?
Leasing solar panels can be an attractive choice, as it typically comes with low or $0 upfront payments. The downside 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Do solar panels increase how much your home is worth?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Vernon?
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 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.