Solar Panel Cost Guide in Elba, MI (2024 Update)
- Elba Solar Installation Cost: $17,632
- 25-Year Savings: $14,371
- Payback Period: 16.6 Years
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Average Cost of Solar Panels in Elba
Find out what the average cost of solar panels are in Elba.
The average cost of a solar panel system in Elba is 4 per watt.The average Elba homeowner needs a 6.2-kilowatt system, which would cost about $17,632 with the federal tax credit, or $25,214 before the 0 tax credit is applied.
The true cost of your system can go higher or lower than the average in Elba based on several factors, such as the brand of solar panels you choose and the solar contractor you hire.But, after you've paid the upfront cost of installation, the return on investment for most homeowners is quite good, with a net average savings of about $16,000 over 20 years on power bills.
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 Elba
| Year | Return on Investment |
|---|---|
| 1 years | $-16,286 |
| 3 years | $-13,594 |
| 5 years | $-10,902 |
| 7 years | $-8,209 |
| 9 years | $-5,517 |
| 11 years | $-2,825 |
| 13 years | $-133 |
| 15 years | $2,560 |
| 17 years | $5,252 |
| 19 years | $7,944 |
| 21 years | $10,636 |
| 23 years | $13,329 |
| 25 years | $16,021 |
Top Solar Installers in Elba
Many homeowners choose to use a solar installation company since trying to put up solar panels on your own can be a labor-intensive endeavor. The expertise that solar installers offer can be useful as well, especially if you aren’t sure what brand of solar equipment you need.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Elba
Factors that Affect Solar Panel Costs in Elba
For many Elba homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Elba, with typical prices between $20,000 to $40,000. There are a number of factors that significantly 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 adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay about $4,060 per kilowatt in Elba.There are many different solar panel brands and the one you pick also changes the cost. In general, the brands that offer higher efficiency tend to also be more expensive. Plus, 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
Many homeowners find the average cost of solar in Elba to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also lead to paying more over time because of interest.Though solar loans make switching to solar energy more accessible for Elba homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The last key cost factor you should take into consideration is the installer you choose. Given the growing popularity of renewable energy solutions in Elba, you’ll have many options to choose from, but each comes at different price points for labor and 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 come with an above-average cost. It’s best to do some research and choose a company that offers the products, warranties and services you want and also is 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 | $7,966 | 17.3 years |
| 8 kW | $4.14 | $23,191 | $11,076 | 16.9 years |
| 10 kW | $4.06 | $28,420 | $14,413 | 16.6 years |
| 12 kW | $3.98 | $33,422 | $17,978 | 16.3 years |
| 14 kW | $3.90 | $38,196 | $21,770 | 15.9 years |
| 16 kW | $3.82 | $42,744 | $25,790 | 15.6 years |
| 18 kW | $3.74 | $47,064 | $30,037 | 15.3 years |
| 20 kW | $3.65 | $51,156 | $34,511 | 14.9 years |
How to Save on Solar Panels
The solar installer you opt for will affect not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, including:
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running smoothly and save you money on repairs and maintenance.
- Solar Panel Brands: The kind of solar panel you need plays a part in which company you should choose, since different companies provide different panels.
- Contract: Before signing a contract with a solar company, make sure you look it over carefully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
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 Elba, MI Solar Cost FAQs
How much does it cost to install solar panels in Elba?
The average cost of solar panels in Elba 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 certain factors such as the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to think about when buying solar panels?
Cost is a crucial factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
Do solar panels increase your property value?
Solar panels can increase the value of your home 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 many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can take a 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 get between 20 and 35 panels to account for 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.