Solar Panel Cost Guide in Yankee Springs, MI (2023 Update)
- Yankee Springs Solar Installation Cost: $12,058
- 25-Year Savings: $22,447
- Payback Period: 8.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Yankee Springs
Let's have a look at the average cost of solar in Yankee Springs.
The national average cost of solar panels is $2.66 per watt, but in Yankee Springs it's 2.81 per watt. The average solar panel system size in Yankee Springs is around 6.1 kilowatts, meaning a cost of about $12,058 for a solar installation, or $17,243 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Yankee Springs homeowners. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. For many homeowners, the upfront investment in solar panels is worth paying. On average Yankee Springs homeowners see about $21,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Yankee Springs for a quote for your home.
Solar savings over time in Yankee Springs
| Year | Return on Investment |
|---|---|
| 1 years | $-10,678 |
| 3 years | $-7,917 |
| 5 years | $-5,157 |
| 7 years | $-2,396 |
| 9 years | $364 |
| 11 years | $3,124 |
| 13 years | $5,885 |
| 15 years | $8,645 |
| 17 years | $11,405 |
| 19 years | $14,166 |
| 21 years | $16,926 |
| 23 years | $19,686 |
| 25 years | $22,447 |
Top Solar Installers in Yankee Springs
Many homeowners choose to hire a solar installation company since installing solar panels yourself can be a lot of work. Some solar installers, particularly local ones, can help you take advantage of incentives in Yankee Springs, therefore optimizing your ROI.
If you'd like to go solar but still aren't certain which solar panel company to go with, here are our recommendations for providers in Yankee Springs:
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
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that will push your cost above or below the average in Yankee Springs: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That's why it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. There are several different solar panel brands and the one you pick also changes the cost. In many cases, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you're looking to get can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a popular choice because they lower your upfront costs and allow you to pay for your system over five to seven years on average. However, the interest on solar loans also adds to your overall costs, so it's vital to consider that as well. You can always reduce 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 company you opt for to handle your switch to sustainable energy can play a part in your total costs. There are about 3 solar panel companies in Yankee Springs, and each can charge varying amounts for labor and equipment. You may see national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $21,492 | 9.1 years |
| 8 kW | $2.87 | $16,051 | $28,971 | 8.9 years |
| 10 kW | $2.81 | $19,670 | $36,607 | 8.7 years |
| 12 kW | $2.75 | $23,132 | $44,401 | 8.6 years |
| 14 kW | $2.70 | $26,436 | $52,351 | 8.4 years |
| 16 kW | $2.64 | $29,584 | $60,460 | 8.2 years |
| 18 kW | $2.59 | $32,574 | $68,725 | 8.0 years |
| 20 kW | $2.53 | $35,406 | $77,148 | 7.9 years |
How to Save on Solar Panels
Since the brand of solar panels and the 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:
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Warranty: A 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: Homeowners will have different preferences for panels based on their locations and energy needs. While there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to ask for their list of options before making your decision.
- Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
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 tough question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $14,050 for a 5-kW system and $28,100 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 consumption. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Yankee Springs?
Leasing solar panels can be an attractive choice, because 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 get the most savings.
Can you sell solar power back to the grid in Yankee Springs?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future power bills.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to cover their typical energy usage.
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.