Solar Panel Cost Guide in Waterford, MI (2024 Update)
- Waterford Solar Installation Cost: $17,556
- 25-Year Savings: $12,969
- Payback Period: 17.5 Years
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Average Cost of Solar Panels in Waterford
Let’s take a look at the average cost of solar in Waterford.
The national average cost of solar panels is $2.66 per watt, but in Waterford it’s 4 per watt.Using this figure, a typical 6.2-kW system would cost about $17,556 before the 0 federal solar tax credit is applied.
The actual price you pay can be above or below the average in Waterford depending on a few factors, such as the model of solar panels you choose and the solar company you hire.For many homeowners, the upfront investment in solar power is worth paying. On average homeowners in Waterford see about $15,000 in savings on electricity bills over 20 years.
To receive a free quote from a highly rated solar installation company in Waterford, you can click the button below.
Solar savings over time in Waterford
| Year | Return on Investment |
|---|---|
| 1 years | $-16,163 |
| 3 years | $-13,379 |
| 5 years | $-10,594 |
| 7 years | $-7,809 |
| 9 years | $-5,025 |
| 11 years | $-2,240 |
| 13 years | $545 |
| 15 years | $3,329 |
| 17 years | $6,114 |
| 19 years | $8,899 |
| 21 years | $11,683 |
| 23 years | $14,468 |
| 25 years | $17,253 |
Top Solar Installers in Waterford
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Taking advantage of a solar company can make swapping over to solar power much easier. Also, if you’d like to maximize your investment in solar, going with a solar installer can help with that too. Different providers can offer repairs, expertise on how to install solar panels and sometimes even information on local incentives and net metering programs.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some near you:
See all of the solar companies in Waterford
Factors that Affect Solar Panel Costs in Waterford
Though the average cost of a solar system in Waterford is $17,556, your final cost may differ. There are several factors that can have a major impact on the cost of a solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production require 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 $4,060.The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your electric bills. Additionally, extra products, like solar batteries, can bump up your total well above the Waterford average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are provided by most installers in Waterford, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar company you select will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Waterford have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.22 | $17,734 | $6,665 | 18.2 years |
| 8 kW | $4.14 | $23,191 | $9,341 | 17.8 years |
| 10 kW | $4.06 | $28,420 | $12,245 | 17.5 years |
| 12 kW | $3.98 | $33,422 | $15,376 | 17.1 years |
| 14 kW | $3.90 | $38,196 | $18,734 | 16.8 years |
| 16 kW | $3.82 | $42,744 | $22,320 | 16.4 years |
| 18 kW | $3.74 | $47,064 | $26,133 | 16.1 years |
| 20 kW | $3.65 | $51,156 | $30,174 | 15.7 years |
How to Save on Solar Panels
Since the type of solar panels and the installer 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 things to keep in mind to help with your decision:
- Solar Panel Brands: Different companies will have various brands and types of panels. If you prefer a specific brand, make sure the solar panel installer you’re considering has it.
- Contract: Though reading through a contract can take a lot of time, it’s important to do it thoroughly so you can be 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.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
EcoWatch's Waterford, MI Solar Cost FAQs
What is the average cost of installing solar panels in Waterford?
This is a hard question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $20,300 for a 5-kW system and $40,600 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 needs. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Waterford?
Leasing solar panels can be an option if you can’t 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 bang for your buck from going solar.
Is it worth going solar in Waterford?
Solar panels can be a good investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
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 how much 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 get 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.