Solar Panel Cost Guide in Coldwater, MI (2024 Update)
- Coldwater Solar Installation Cost: $17,237
- 25-Year Savings: $19,501
- Payback Period: 13.7 Years
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Average Cost of Solar Panels in Coldwater
Find out how much it might cost to install solar panels in Coldwater.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Coldwater, the typical cost of solar panels is 4 per watt.The average solar panel system size in Coldwater is around 6.1 kilowatts, meaning a cost of about $17,237 for a solar installation, or $24,649 before the 0 federal solar tax credit is applied.
These figures are just estimates, and how much solar costs for you will most likely look different based on your energy needs and what company you go with.With typical savings of about $20,000 on electricity bills over 20 years, many homeowners in Coldwater find installing solar panels has a decent ROI.
For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Coldwater
| Year | Return on Investment |
|---|---|
| 1 years | $-15,983 |
| 3 years | $-13,476 |
| 5 years | $-10,968 |
| 7 years | $-8,461 |
| 9 years | $-5,954 |
| 11 years | $-3,446 |
| 13 years | $-939 |
| 15 years | $1,568 |
| 17 years | $4,076 |
| 19 years | $6,583 |
| 21 years | $9,091 |
| 23 years | $11,598 |
| 25 years | $14,105 |
Top Solar Installers in Coldwater
Putting up solar panels by yourself can be a dangerous task, which is why getting a solar installer is a good option for many homeowners. Another perk of going with a solar company is that they can help you optimize your investment by bringing down your future costs of repairs and replacements due to warranties and helping you learn about local incentives you can take advantage of.
If you're looking for a solar installer in Coldwater, the EcoWatch team has organized a list of our top suggestions here:
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 Coldwater
Factors that Affect Solar Panel Costs in Coldwater
Although the average cost of a solar system in Coldwater is $17,237, your final cost may be above or below the average. There are many factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to keep in mind.
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 energy your household uses, the larger your system will likely need to be. You can expect to spend about $4,060 per kilowatt in Coldwater.There are a lot of different solar panel brands and the one you pick also affects the cost. In general, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you’re looking 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
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are offered by most installers in Coldwater, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible.When figuring out 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
Finally, the company you hire to install your solar panels can impact the cost. Coldwater’s solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It’s best to do some research and find a company that offers the products, warranties and services you want 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 | $13,359 | 14.3 years |
| 8 kW | $4.14 | $23,191 | $18,267 | 14.0 years |
| 10 kW | $4.06 | $28,420 | $23,402 | 13.7 years |
| 12 kW | $3.98 | $33,422 | $28,765 | 13.4 years |
| 14 kW | $3.90 | $38,196 | $34,355 | 13.2 years |
| 16 kW | $3.82 | $42,744 | $40,172 | 12.9 years |
| 18 kW | $3.74 | $47,064 | $46,217 | 12.6 years |
| 20 kW | $3.65 | $51,156 | $52,489 | 12.3 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose significantly impacts 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:
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to clarify any details you need to know with your solar company, such as what permits you should secure and how long the project will take.
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one sign of a quality company.
- Solar Panel Brands: The kind of solar panel you’d like to install plays a role in which company you should opt for, since different companies have different panels.
- Reputation: Long-standing companies 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 quality aftercare and customer service, such as part repairs and replacements.
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 Coldwater, MI Solar Cost FAQs
What is the average cost of installing solar panels in Coldwater?
The average cost of solar panels in Coldwater is about $20,300 for a 5-kW system and $40,600 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will installing solar panels impact my home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Coldwater is currently $202,055, which means you can look forward to a value of about $8,284 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Coldwater is a fruitful investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you need to know how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually 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.