Solar Panel Cost Guide in Algoma, MI (2024 Update)

  • Algoma Solar Installation Cost: $17,551
  • 25-Year Savings: $22,471
  • Payback Period: 12.7 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Algoma

Find out what the average cost of installing solar panels is in Algoma.

In Algoma, solar panels cost about 4 per watt on average.The average Algoma homeowner needs a 6.2-kilowatt system, which would cost about $17,551 with the federal tax credit, or $25,098 before the 0 tax credit is applied.

Remember that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy needs, the type of equipment you want, your solar contractor and more.Even with the large upfront cost, the average Algoma homeowner can save about $21,000 on their electricity bills over 20 years, which is one of the advantages of solar.

To see your potential ROI and connect with a local solar expert, click the button below.

Solar savings over time in Algoma

Year Return on Investment
1 years $-16,297
3 years $-13,790
5 years $-11,282
7 years $-8,775
9 years $-6,268
11 years $-3,760
13 years $-1,253
15 years $1,255
17 years $3,762
19 years $6,269
21 years $8,777
23 years $11,284
25 years $13,792

Top Solar Installers in Algoma

Although you can install solar panels by yourself, it takes extra labor and expertise. That's one of the reasons almost all homeowners choose to hire a solar panel installer. Local solar installers can also help you maximize your return on investment by assisting with any local incentives you can benefit from and by offering warranties and repairs.

There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Outstanding customer service
  • Offers products from leading manufacturers
  • Slightly limited service offerings
  • No leases or PPAs

Outstanding Local Installer

Strawberry Solar

★★★★★
4.5

  • 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 Algoma

Factors that Affect Solar Panel Costs in Algoma

The cost of installing a solar system in Algoma can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.

Solar Equipment

When it comes to estimating the cost of a solar panel system in Algoma, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can figure out by looking at past energy bills. Your overall cost can increase by around $4,060 for each additional kilowatt you need.There are many different solar panel brands and the one you choose also affects the cost. Generally, the brands that are more efficient tend to also be more expensive. Additionally, the type of equipment you want to install 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

Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That’s why many Algoma homeowners choose to finance their solar panel systems to offset upfront costs.When estimating your overall cost, you should also calculate the interest you’ll pay if you choose to go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.

Solar Panel Installation Company

The solar company you choose will influence your total cost to go solar. Different companies will bill different amounts for the equipment and labor.Larger national companies usually 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 add-on 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 $15,900 13.2 years
8 kW $4.14 $23,191 $21,655 12.9 years
10 kW $4.06 $28,420 $27,637 12.7 years
12 kW $3.98 $33,422 $33,847 12.4 years
14 kW $3.90 $38,196 $40,284 12.2 years
16 kW $3.82 $42,744 $46,948 11.9 years
18 kW $3.74 $47,064 $53,840 11.7 years
20 kW $3.65 $51,156 $60,959 11.4 years

How to Save on Solar Panels

The solar company you opt for will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should consider, including:

  • Contract: When looking over your solar installer’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system part breaking or if the company goes out of business.
  • Reputation: Solar companies that have great reviews from their customers and that have been in business for many years most likely offer quality solar panel installation and expertise.
  • Installation Process: One of the most important things to understand when adopting solar power is the installation process itself. Be sure to clarify any details you should know with your solar company, such as what permits you should secure and what the project timeline is.
  • Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running for years to come and save you money on repairs and maintenance.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Outstanding customer service
  • Offers products from leading manufacturers
  • Slightly limited service offerings
  • No leases or PPAs

Outstanding Local Installer

Strawberry Solar

★★★★★
4.5

  • 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 Algoma, MI Solar Cost FAQs

How much does it cost to install solar panels in Algoma?

This is a hard question to answer precisely, 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. It will be more expensive if you want other solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.

Are solar panels free in Algoma?

You can’t get solar panels for free in Algoma. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.

How much can I save on energy bills after installing solar panels?

It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Algoma, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.

What solar power system size is right for my home?

To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.

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.

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