Solar Panel Cost Guide in Wright, MI (2023 Update)
- Wright Solar Installation Cost: $11,664
- 25-Year Savings: $22,954
- Payback Period: 8.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Wright
Find out what the average cost of a solar system is in Wright.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Wright, the typical cost of solar panels is 2.81 per watt. The average Wright homeowner needs a 5.9-kilowatt system, which would cost about $11,664 with the federal tax credit, or $16,680 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy needs, the type of solar system you want to get, your solar contractor and more. Many homeowners find adopting solar power is a sound investment. The average homeowner in Wright can save about $22,000 on their power bills over 20 years.
Click the button below to get connected to a highly rated solar panel company in your area for a custom estimate.
Solar savings over time in Wright
| Year | Return on Investment |
|---|---|
| 1 years | $-10,280 |
| 3 years | $-7,510 |
| 5 years | $-4,741 |
| 7 years | $-1,971 |
| 9 years | $798 |
| 11 years | $3,568 |
| 13 years | $6,337 |
| 15 years | $9,107 |
| 17 years | $11,876 |
| 19 years | $14,646 |
| 21 years | $17,415 |
| 23 years | $20,185 |
| 25 years | $22,954 |
Top Solar Installers in Wright
Although you can install solar panels on your own, it involves extra labor and expertise. That's why most people choose to hire a solar panel installer. The expertise that solar installers offer can be useful as well, particularly if you don't quite know what brand of solar equipment would be right for your home.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Wright
Factors that Affect Solar Panel Costs in Wright
For many Wright homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Wright, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you'll pay, which we'll go over below.
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 electricity your household uses, the larger your system will likely need to be. You can expect to pay about $2,810 per kilowatt in Wright. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a popular choice because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When considering your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installer you choose to handle your switch to green energy can play a part in your total costs. There are about 3 solar installation companies in Wright, and each can charge varying amounts for labor and equipment. Additionally, some companies in Wright have more knowledge about local solar incentives and can help you make good use 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 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 | $2.92 | $12,274 | $22,752 | 8.8 years |
| 8 kW | $2.87 | $16,051 | $30,651 | 8.6 years |
| 10 kW | $2.81 | $19,670 | $38,707 | 8.4 years |
| 12 kW | $2.75 | $23,132 | $46,921 | 8.3 years |
| 14 kW | $2.70 | $26,436 | $55,292 | 8.1 years |
| 16 kW | $2.64 | $29,584 | $63,820 | 7.9 years |
| 18 kW | $2.59 | $32,574 | $72,505 | 7.7 years |
| 20 kW | $2.53 | $35,406 | $81,348 | 7.6 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer 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:
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you opt for.
- Contract: Review the contract terms closely to make sure you understand the overall cost, completion timeline incentives and warranties.
- Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean 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 check your installer's reputation is by reading reviews.
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 Wright, MI Solar Cost FAQs
What is the average cost of installing solar panels in Wright?
The average cost of solar panels in Wright 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 things like the kind 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 Wright?
Leasing solar panels can be an attractive choice, because it often comes with low or $0 upfront payments. The downside 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 option if you want to maximize your savings.
Does Wright have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future power bills.
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 choose to replace them once you've had 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.