Solar Panel Cost Guide in Chocolay, MI (2024 Update)
- Chocolay Solar Installation Cost: $17,972
- 25-Year Savings: $35,854
- Payback Period: 9.3 Years
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Average Cost of Solar Panels in Chocolay
Find out what the average cost of solar panels are in Chocolay.
The average cost of a solar panel system in Chocolay is 4 per watt.The average solar panel system size in Chocolay is around 6.3 kilowatts, meaning a cost of about $17,972 for a solar installation, or $25,700 before the 0 federal solar tax credit is applied.
The actual price you pay can be above or below the average in Chocolay depending on a few factors, such as the brand of solar panels you choose and the solar contractor you hire.Many homeowners find going solar is a fruitful investment. The average homeowner in Chocolay can save about $29,000 on their power bills over 20 years.
Click the button below to get connected to a reputable solar installer in Chocolay for a personalized quote.
Solar savings over time in Chocolay
| Year | Return on Investment |
|---|---|
| 1 years | $-16,178 |
| 3 years | $-12,588 |
| 5 years | $-8,999 |
| 7 years | $-5,409 |
| 9 years | $-1,820 |
| 11 years | $1,769 |
| 13 years | $5,359 |
| 15 years | $8,948 |
| 17 years | $12,538 |
| 19 years | $16,127 |
| 21 years | $19,717 |
| 23 years | $23,306 |
| 25 years | $26,895 |
Top Solar Installers in Chocolay
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Taking advantage of an installer can make switching to solar power much easier. Another upside of going with a solar company is that they can help you optimize your return of investment by bringing down your future costs of repairs and replacements because of warranties and giving you information on local incentives you can take advantage of.
If you're looking for a solar installer in Chocolay, the EcoWatch team has compiled a list of our top suggestions here:
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
Outstanding Local Installer
The Green Panel
- Outstanding customer service
- Excellent reputation
- Great warranty coverage
- No leases or PPAs
See all of the solar companies in Chocolay
Factors that Affect Solar Panel Costs in Chocolay
While the average cost of a solar system in Chocolay is $17,972, your actual cost may be above or below the average. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. That’s why it’s important to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Chocolay, where sunlight isn’t as abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are available from most installers in Chocolay, which can bring down, or in some cases eliminate, your upfront costs to make solar more affordable.However, the interest on solar loans also adds to your overall costs, so it’s important to keep that in mind as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
Finally, the company you get to install your solar panels can affect how much it costs. Chocolay’s solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and find a company that offers the products, warranties and services you’re looking for and also fits within your budget.
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 | $28,085 | 9.7 years |
| 8 kW | $4.14 | $23,191 | $37,901 | 9.5 years |
| 10 kW | $4.06 | $28,420 | $47,945 | 9.3 years |
| 12 kW | $3.98 | $33,422 | $58,216 | 9.1 years |
| 14 kW | $3.90 | $38,196 | $68,715 | 8.9 years |
| 16 kW | $3.82 | $42,744 | $79,441 | 8.7 years |
| 18 kW | $3.74 | $47,064 | $90,394 | 8.6 years |
| 20 kW | $3.65 | $51,156 | $101,574 | 8.4 years |
How to Save on Solar Panels
There are numerous companies to choose from in Chocolay, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you opt for.
- Contract: When reading over your solar company’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios like a system component breaking or if the company goes out of business.
- Installation Process: Make sure you’re aligned with the installer regarding how the installation process will go and what you need to do before your solar panels are installed, such as repairing your electrical system or roof.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running smoothly and save you money on repairs and maintenance.
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
Outstanding Local Installer
The Green Panel
- Outstanding customer service
- Excellent reputation
- Great warranty coverage
- No leases or PPAs
EcoWatch's Chocolay, MI Solar Cost FAQs
How much does it cost to install solar panels in Chocolay?
The average cost of solar panels in Chocolay is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the real cost will depend on things like the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Chocolay?
Leasing solar panels can be an appealing choice, as it commonly 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 tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
How much can I save on power bills after switching to solar?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Chocolay, that will require at least a 10-kW system. Not all homes 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.
How many solar panels do I need to power 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 home 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.