Solar Panel Cost Guide in Wolverine Lake, MI (2024 Update)
- Wolverine Lake Solar Installation Cost: $17,556
- 25-Year Savings: $12,969
- Payback Period: 17.5 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Wolverine Lake
Find out what the average cost of solar panels are in Wolverine Lake.
Although the national average of solar panels is $2.66 per watt, solar panels in Wolverine Lake typically cost about 4.The average Wolverine Lake homeowner needs a 6.2-kilowatt system, which would cost about $17,556 with the federal tax credit, or $25,105 before the 0 tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Wolverine Lake homeowner. The cost 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 typical savings of about $15,000 on power bills over 20 years, many homeowners in Wolverine Lake find installing solar panels has a decent ROI.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Wolverine Lake
| 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 Wolverine Lake
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Going with an installer can make your switch to solar power much easier. Since solar panels are exposed to temperature swings and extreme weather, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
Working with a professional solar installer can make going solar easier. Here are our recommendations:
See all of the solar companies in Wolverine Lake
Factors that Affect Solar Panel Costs in Wolverine Lake
While the average cost of a solar system in Wolverine Lake is $17,556, your actual cost may be above or below the average. There are quite a few factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household consumes, the larger your system will likely need to be. You can expect to pay around $4,060 per kilowatt in Wolverine Lake.The type of solar panels and equipment you get is another factor that will greatly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Further, solar equipment goes beyond 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’s in your budget.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are offered by most installers in Wolverine Lake, which can lower, or in some cases completely eliminate, your upfront costs to make solar more affordable.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
The final key cost factor you should take into consideration is the installer you choose. Given the growing popularity of clean energy solutions in Wolverine Lake, you’ll have a great number of options to choose from, but each comes at varying price points for labor and equipment.Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle 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 | $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
There are a lot of companies to choose from in Wolverine Lake, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Contract: Look through the contract terms carefully to make sure you understand the cost breakdown, project completion timeline incentives and warranties.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Solar Panel Brands: The brand of solar panel you need to install plays a role in which company you should go with, since different companies offer different panels.
- Warranty: If you care about the durability of your solar energy system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
EcoWatch's Wolverine Lake, MI Solar Cost FAQs
How much does it cost to install solar panels in Wolverine Lake?
This is a tough question to answer precisely, because the cost depends on many factors. Generally 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 higher-than-average energy needs. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Wolverine Lake?
Leasing solar panels can be an option if you are unable to pay upfront or get 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 financial benefits from going solar.
How will solar panels impact my property value?
Solar panels can increase your property’s value remarkably as long as you buy or finance your panels and don’t opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.