Solar Panel Cost Guide in Victor, MI (2023 Update)
- Victor Solar Installation Cost: $12,153
- 25-Year Savings: $21,811
- Payback Period: 8.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Victor
Let's have a look at the average cost of solar panels in Victor.
The national average cost of solar panels is $2.66 per watt, but in Victor it's 2.81 per watt. Since a 6.2-kW system is needed to cover the energy needs of a typical home in Victor, the average price of going solar will be about $12,156 after claiming the federal solar tax credit of 30%.
The true cost of your system can go higher or lower than the average in Victor based on a variety of factors, such as the brand of solar panels you choose and the solar contractor you hire. For most homeowners, the upfront cost of solar is worth paying. On average homeowners in Victor see about $21,000 in savings on utility bills over 20 years.
To get a free quote from a pre-vetted solar company in Victor, you can click the button below.
Solar savings over time in Victor
| Year | Return on Investment |
|---|---|
| 1 years | $-12,040 |
| 3 years | $-11,813 |
| 5 years | $-11,587 |
| 7 years | $-11,360 |
| 9 years | $-11,134 |
| 11 years | $-10,908 |
| 13 years | $-10,681 |
| 15 years | $-10,455 |
| 17 years | $-10,228 |
| 19 years | $-10,002 |
| 21 years | $-9,775 |
| 23 years | $-9,549 |
| 25 years | $-9,323 |
Top Solar Installers in Victor
Although it's possible to install solar panels on your own, it takes extra labor and handiness. That's why the majority of homeowners choose to go with a solar panel installer. A solar company can also help save you money over time by offering warranties, repairs and component replacements.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 Victor
Factors that Affect Solar Panel Costs in Victor
For many Victor homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Victor, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,810. There are many different solar panel brands and the one you choose also changes the cost. Generally, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you choose 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 a solar system out of pocket is too expensive, solar loans are a popular choice because they cut back your upfront costs and let you pay for your system over five to seven years on average. However, the interest on solar loans also increases your total costs, so it's important to include that in your estimate as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Victor is the company you get to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, there's no shortage of solar installers that provide a range of services at different price points. You may see national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger 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 | $20,709 | 9.3 years |
| 8 kW | $2.87 | $16,051 | $27,927 | 9.1 years |
| 10 kW | $2.81 | $19,670 | $35,302 | 8.9 years |
| 12 kW | $2.75 | $23,132 | $42,834 | 8.8 years |
| 14 kW | $2.70 | $26,436 | $50,524 | 8.6 years |
| 16 kW | $2.64 | $29,584 | $58,371 | 8.4 years |
| 18 kW | $2.59 | $32,574 | $66,375 | 8.2 years |
| 20 kW | $2.53 | $35,406 | $74,537 | 8.1 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because picking a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Different companies offer various brands and models of panels. If you want a specific brand, make sure the solar company you're considering has it.
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should acquire and what the project timeline is.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business 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 Victor, MI Solar Cost FAQs
What is the average cost of installing solar panels in Victor?
This is a hard question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $14,050 for a 5-kW system and $28,100 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is cost the most important consideration when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Victor?
Solar panels can be a good investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house 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.