Solar Panel Cost Guide in Waverly, MI (2024 Update)
- Waverly Solar Installation Cost: $17,540
- 25-Year Savings: $21,297
- Payback Period: 13.1 Years
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Average Cost of Solar Panels in Waverly
We go over average solar pricing in Waverly.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Waverly, the average cost of solar panels is 4 per watt.Since a 6.2-kW system is needed to cover the energy costs of a typical home in Waverly, the average price of going solar will be about $17,540 after claiming the federal solar tax credit of 0.
Bear in mind that the figures above are only estimates based on the average Waverly homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.With average savings of about $21,000 on energy bills over 20 years, many homeowners in Waverly find investing in solar can pay off big.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Waverly
| Year | Return on Investment |
|---|---|
| 1 years | $-16,286 |
| 3 years | $-13,779 |
| 5 years | $-11,271 |
| 7 years | $-8,764 |
| 9 years | $-6,257 |
| 11 years | $-3,749 |
| 13 years | $-1,242 |
| 15 years | $1,266 |
| 17 years | $3,773 |
| 19 years | $6,280 |
| 21 years | $8,788 |
| 23 years | $11,295 |
| 25 years | $13,803 |
Top Solar Installers in Waverly
Installing solar panels by yourself can be a challenging task, which is why getting a solar installation company is a good option for many homeowners. Another advantage of utilizing a solar company is that they can help you maximize your return of investment by cutting back on future costs of repairs and replacements due to warranties and informing you of local incentives you can take advantage of.
If you're looking for a solar company in Waverly, we've put together a list of our top suggestions here:
See all of the solar companies in Waverly
Factors that Affect Solar Panel Costs in Waverly
Cost is typically one of the most important factors for homeowners who want to invest in solar. There are a few key factors that will push your cost above or below the average in Waverly: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The size of the solar energy system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $4,060. There are several different solar panel brands and the one you choose also changes the cost. In general, the brands that are more efficient tend to also cost more. Plus, 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 solar panels out of pocket is out of reach, solar loans are a solid option 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.It’s a good idea 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 the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
The solar company you hire to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies in Waverly, and each can charge different amounts for labor and equipment.Additionally, some companies in Waverly 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 that service. 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 | $14,773 | 13.6 years |
| 8 kW | $4.14 | $23,191 | $20,151 | 13.4 years |
| 10 kW | $4.06 | $28,420 | $25,758 | 13.1 years |
| 12 kW | $3.98 | $33,422 | $31,591 | 12.9 years |
| 14 kW | $3.90 | $38,196 | $37,652 | 12.6 years |
| 16 kW | $3.82 | $42,744 | $43,941 | 12.3 years |
| 18 kW | $3.74 | $47,064 | $50,456 | 12.1 years |
| 20 kW | $3.65 | $51,156 | $57,200 | 11.8 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose considerably influences your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can look into your installer’s reputation is by reading reviews.
- Contract: When reading over your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and energy needs. Even though there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so be sure to ask for their list of offerings before making your decision.
- Installation Process: Make sure you’re on the same page with the installer regarding how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.
EcoWatch's Waverly, MI Solar Cost FAQs
What is the average cost of installing solar panels in Waverly?
The average cost of solar panels in Waverly is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Waverly?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property 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.
Does Waverly have a net metering program?
The majority of states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Waverly?
Even 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 the amount of energy they produce will have decreased significantly after that point. You can decide 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.