Solar Panel Cost Guide in Waverly, MI (2023 Update)
- Waverly Solar Installation Cost: $12,136
- 25-Year Savings: $21,300
- Payback Period: 9.1 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Waverly
Let's take a look at the average cost of solar in Waverly.
In Waverly, solar panels cost about 2.81 per watt on average. Using this figure, a typical 6.2-kW system would cost about $12,136 before 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 the amount of energy your home requires and what company you go with. Despite the significant upfront cost, the average Waverly homeowner can save around $21,000 on their power bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a vetted solar panel company in your area for a custom quote.
Solar savings over time in Waverly
| Year | Return on Investment |
|---|---|
| 1 years | $-10,799 |
| 3 years | $-8,124 |
| 5 years | $-5,449 |
| 7 years | $-2,774 |
| 9 years | $-99 |
| 11 years | $2,576 |
| 13 years | $5,251 |
| 15 years | $7,926 |
| 17 years | $10,601 |
| 19 years | $13,276 |
| 21 years | $15,950 |
| 23 years | $18,625 |
| 25 years | $21,300 |
Top Solar Installers in Waverly
Although you can install solar panels on your own, it requires extra energy and knowledge. Because of that, almost all homeowners choose a solar panel installer. Plus, warranties and repairs from your solar panel installer can protect your investment and reduce the cost of maintenance in the long run.
If you'd like to go solar but still aren't sure which solar system installer to go with, here are our suggestions for providers nearby:
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 Waverly
Factors that Affect Solar Panel Costs in Waverly
For many Waverly homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Waverly, with typical prices between $20,000 to $40,000. There are several 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 some different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require 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. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for 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, higher efficiency could save you more in the long run on your electric bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Waverly average.
Solar Financing Terms
Many homeowners find the average cost of solar in Waverly to be too steep, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in a higher cost over time due to interest. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The remaining significant cost factor you should consider is the installer you choose. Given the growing popularity of clean energy solutions in Waverly, you'll have lots of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Waverly know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 | $2.92 | $12,274 | $20,233 | 9.4 years |
| 8 kW | $2.87 | $16,051 | $27,291 | 9.3 years |
| 10 kW | $2.81 | $19,670 | $34,508 | 9.1 years |
| 12 kW | $2.75 | $23,132 | $41,881 | 8.9 years |
| 14 kW | $2.70 | $26,436 | $49,412 | 8.7 years |
| 16 kW | $2.64 | $29,584 | $57,101 | 8.5 years |
| 18 kW | $2.59 | $32,574 | $64,946 | 8.4 years |
| 20 kW | $2.53 | $35,406 | $72,950 | 8.2 years |
How to Save on Solar Panels
The solar company you opt for will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are some important things you should consider, such as:
- Contract: Although reading through a contract can be tedious, it's important to do it fully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one indication of a good company.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the project timeline.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
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 Waverly, MI Solar Cost FAQs
How much does it cost to install solar panels in Waverly?
The average cost of solar panels in Waverly is about $14,050 for a 5-kW system and $28,100 for a 10-kW system before the ITC, but the real cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider other than cost when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels significantly reduce my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $1,083.56 per year.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of 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 install between 20 and 35 panels to cover 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.