Solar Panel Cost Guide in Yankee Springs, MI (2024 Update)
- Yankee Springs Solar Installation Cost: $17,425
- 25-Year Savings: $22,444
- Payback Period: 12.6 Years
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Average Cost of Solar Panels in Yankee Springs
We go over average solar pricing in Yankee Springs.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Yankee Springs, the average cost of a solar system is 4 per watt.To cover the typical energy needs of the average home in Yankee Springs, most homeowners require a 6.1-kilowatt system. Using the figure above, a solar installation costs around $17,425, or $24,918 before the federal solar tax credit of 0 is applied.
These figures are just averages, and how much solar costs for you will most likely look different based on factors unique to your home and what company you go with.Many homeowners find installing a solar system is a fruitful investment. The average homeowner in Yankee Springs can save about $21,000 on their electricity bills over 20 years.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Yankee Springs
| Year | Return on Investment |
|---|---|
| 1 years | $-16,171 |
| 3 years | $-13,664 |
| 5 years | $-11,156 |
| 7 years | $-8,649 |
| 9 years | $-6,141 |
| 11 years | $-3,634 |
| 13 years | $-1,127 |
| 15 years | $1,381 |
| 17 years | $3,888 |
| 19 years | $6,396 |
| 21 years | $8,903 |
| 23 years | $11,410 |
| 25 years | $13,918 |
Top Solar Installers in Yankee Springs
Many homeowners choose to use a solar panel installer since trying to install solar panels on your own can be a labor-intensive endeavor. Solar warranties and repairs are often included in the cost of installation when you hire a solar company as well, which can save you more money after your initial investment.
If you’d like to switch to solar energy but still aren’t certain which solar system company to go with, here are our recommendations for providers nearby:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Yankee Springs
Factors that Affect Solar Panel Costs in Yankee Springs
For many Yankee Springs homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Yankee Springs, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household consumes, the larger your system will likely need to be. You can expect to pay about $4,060 per kilowatt in Yankee Springs.The kind of solar panels and equipment you get is another factor that will significantly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Further, solar equipment is more than just the solar panels themselves. You’ll also need to think 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 researching a solar system that’s in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Yankee Springs to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest.It’s wise to include the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Yankee Springs is the company you hire to install your solar system. Similar to choosing a company to build a deck or pool, for example, there’s no shortage of solar installers that provide a range of services at different costs.Additionally, some companies in Yankee Springs know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. 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 | $4.22 | $17,734 | $16,032 | 13.1 years |
| 8 kW | $4.14 | $23,191 | $21,831 | 12.9 years |
| 10 kW | $4.06 | $28,420 | $27,857 | 12.6 years |
| 12 kW | $3.98 | $33,422 | $34,111 | 12.4 years |
| 14 kW | $3.90 | $38,196 | $40,591 | 12.1 years |
| 16 kW | $3.82 | $42,744 | $47,300 | 11.9 years |
| 18 kW | $3.74 | $47,064 | $54,235 | 11.6 years |
| 20 kW | $3.65 | $51,156 | $61,398 | 11.4 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, 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:
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Installation Process: Make sure you’re on the same page with the company in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Yankee Springs, MI Solar Cost FAQs
What is the average cost of installing solar panels in Yankee Springs?
This is a difficult question to answer exactly, because the cost depends on a variety of 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 additional solar equipment or higher quality panels, or if you have above-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or cheaper solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will solar panels impact my home value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don’t go 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 a solar system."
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.