Solar Panel Cost Guide in Wolf Lake, MI (2023 Update)
- Wolf Lake Solar Installation Cost: $16,349
- 25-Year Savings: $23,189
- Payback Period: 11.8 Years
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Updated October 25, 2023
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Average Cost of Solar Panels in Wolf Lake
We break down average solar pricing in Wolf Lake.
The national average cost of solar panels is $2.66 per watt, but in Wolf Lake it’s 4 per watt.To cover the typical energy usage of the average home in Wolf Lake, most homeowners require a 5.8-kilowatt system. Using the figure above, a solar installation costs around $16,349, or $23,379 before the federal solar tax credit of 0 is applied.
The true cost of your system can be higher or lower than the average in Wolf Lake depending on several factors, such as the kind of solar panels you choose and the solar company you hire.Even with the large initial cost, the average Wolf Lake homeowner can save around $23,000 on their electricity bills over 20 years, which is one of the benefits of solar.
To calculate your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Wolf Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-15,095 |
| 3 years | $-12,587 |
| 5 years | $-10,080 |
| 7 years | $-7,573 |
| 9 years | $-5,065 |
| 11 years | $-2,558 |
| 13 years | $-50 |
| 15 years | $2,457 |
| 17 years | $4,964 |
| 19 years | $7,472 |
| 21 years | $9,979 |
| 23 years | $12,486 |
| 25 years | $14,994 |
Top Solar Installers in Wolf Lake
Trying to put up solar panels yourself can be a time-consuming task, which is why hiring a solar installation company is a good option for many homeowners. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long run because of their warranties, repair services and expert design.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some in Wolf Lake:
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 Wolf Lake
Factors that Affect Solar Panel Costs in Wolf Lake
The cost of installing a solar system in Wolf Lake can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend around $4,060 per kilowatt in Wolf Lake.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get 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 over time on your power bills. In addition, add-on products, like solar batteries, can bring your total well above the Wolf Lake average.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are an affordable choice because they decrease your upfront costs and let you pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also increases your total costs, so it’s vital to include that in your estimate as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can affect how much it costs. Wolf Lake’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric car charger installation, they might be cheaper overall.
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 | $18,255 | 12.3 years |
| 8 kW | $4.14 | $23,191 | $24,794 | 12.1 years |
| 10 kW | $4.06 | $28,420 | $31,561 | 11.8 years |
| 12 kW | $3.98 | $33,422 | $38,556 | 11.6 years |
| 14 kW | $3.90 | $38,196 | $45,778 | 11.4 years |
| 16 kW | $3.82 | $42,744 | $53,227 | 11.1 years |
| 18 kW | $3.74 | $47,064 | $60,903 | 10.9 years |
| 20 kW | $3.65 | $51,156 | $68,807 | 10.7 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:
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: When going solar, it’s essential to keep an open line of communication with your solar panel installer. Make sure you understand how the installation process will go and the project timeline.
- Contract: Look through the contract terms carefully to make sure you understand the total cost, completion timeline rebates and warranties.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
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 Wolf Lake, MI Solar Cost FAQs
How much does it cost to install solar panels in Wolf Lake?
This is a tough question to answer exactly, 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. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Are solar panels free in Wolf Lake?
Solar panels aren’t free in Wolf Lake, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,199.63 per year.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much 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 keep using 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.