Solar Panel Cost Guide in Wolf Lake, MI (Mar 2023)
- Wolf Lake Solar Installation Cost: $11,310
- 25-Year Savings: $23,194
- Payback Period: 8.2 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Wolf Lake
Let's have a look at the average cost of solar in Wolf Lake.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Wolf Lake, the typical cost of solar panels is 2.81 per watt. To account for the typical energy usage of the average home in Wolf Lake, most homeowners require a 5.8-kilowatt system. Using the per-watt figure above, a solar installation costs about $11,310, or $16,173 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The actual cost of going solar can vary quite a bit based on multiple factors, such as what size system you need, your energy usage and what installation company you go with. Many homeowners find installing a solar system is a solid investment. The average homeowner in Wolf Lake can save about $23,000 on their energy bills over 20 years.
Click the button below to get connected to a top solar installer in Wolf Lake for a personalized estimate.
Solar savings over time in Wolf Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-9,930 |
| 3 years | $-7,170 |
| 5 years | $-4,409 |
| 7 years | $-1,649 |
| 9 years | $1,111 |
| 11 years | $3,872 |
| 13 years | $6,632 |
| 15 years | $9,392 |
| 17 years | $12,153 |
| 19 years | $14,913 |
| 21 years | $17,674 |
| 23 years | $20,434 |
| 25 years | $23,194 |
Top Solar Installers in Wolf Lake
DIY solar panel installation is a possibility, but it's an undertaking that can take a lot of hard work. Using a solar panel installer can make swapping over to solar power much easier. The expertise that solar installers offer can be invaluable as well, particularly if you aren't sure what type of solar equipment would be right for your home.
Working with a licensed solar installer can make going solar easier. Here are our recommendations:
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 biggest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Wolf Lake, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can gauge by looking at past electricity bills. Your overall cost can increase by about $2,810 for each additional kilowatt you need. The kind of solar panels and equipment you get is another factor that will significantly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Further, solar equipment consists of more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Wolf Lake to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in paying more over time due to interest. However, the interest on solar loans also adds to your all-in costs, so it's vital to take that into consideration as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you go with to handle your switch to clean energy can play a part in your total costs. There are about 3 solar panel companies operating in Wolf Lake, and each can charge different amounts for labor and equipment. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and go with the company that offers the products, warranties and services you want and also fits within your budget.
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 | $23,715 | 8.5 years |
| 8 kW | $2.87 | $16,051 | $31,934 | 8.4 years |
| 10 kW | $2.81 | $19,670 | $40,311 | 8.2 years |
| 12 kW | $2.75 | $23,132 | $48,846 | 8.0 years |
| 14 kW | $2.70 | $26,436 | $57,538 | 7.9 years |
| 16 kW | $2.64 | $29,584 | $66,387 | 7.7 years |
| 18 kW | $2.59 | $32,574 | $75,393 | 7.5 years |
| 20 kW | $2.53 | $35,406 | $84,557 | 7.4 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Read the contract terms closely to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- Solar Panel Brands: Different companies carry different brands and models of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can research your installer's reputation is by reading reviews.
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one indication of a good company.
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
What is the average cost of installing solar panels in Wolf Lake?
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 cost more if you want other solar equipment or more efficient panels, or if you have above-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Wolf Lake?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
Can solar panels eliminate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $1,199.63 per year.
How often do you have to replace solar panels?
Even though 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 replace them once you've had 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.