Solar Panel Cost Guide in Laketown, MI (2024 Update)
- Laketown Solar Installation Cost: $16,895
- 25-Year Savings: $21,771
- Payback Period: 12.6 Years
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Average Cost of Solar Panels in Laketown
See how much it might cost to switch to solar power in Laketown.
In Laketown, solar panels cost about 4 per watt on average.The average solar panel system size in Laketown is around 5.9 kilowatts, meaning a cost of about $16,895 for a solar installation, or $24,160 before the 0 federal solar tax credit is applied.
The true cost of your system can go above or below the average in Laketown based on a variety of factors, such as the brand of solar panels you choose and the solar contractor you hire.Even with the significant upfront cost, the average Laketown homeowner can save around $21,000 on their electricity bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a highly rated solar panel company in your area for a customized quote.
Solar savings over time in Laketown
| Year | Return on Investment |
|---|---|
| 1 years | $-15,641 |
| 3 years | $-13,133 |
| 5 years | $-10,626 |
| 7 years | $-8,119 |
| 9 years | $-5,611 |
| 11 years | $-3,104 |
| 13 years | $-596 |
| 15 years | $1,911 |
| 17 years | $4,418 |
| 19 years | $6,926 |
| 21 years | $9,433 |
| 23 years | $11,940 |
| 25 years | $14,448 |
Top Solar Installers in Laketown
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Going with a solar panel installer can make your swap to solar power much easier. Local solar installers can also help you maximize your return on investment by walking you through any local incentives you can benefit from and by offering warranties and repairs.
If you're on the hunt for a solar installer in Laketown, 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 Laketown
Factors that Affect Solar Panel Costs in Laketown
For many Laketown homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Laketown, with typical prices between $20,000 to $40,000. There are numerous factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $4,060.The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar companies in Laketown provide solar loans, which reduce the initial cost of installing a solar system.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
The last significant cost factor you should take into consideration is the installer you choose. Given the booming popularity of renewable energy solutions in Laketown, you’ll have many options to choose from, but each comes at varying 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 go with the company that has the products, warranties and services you’re looking for 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 | $16,042 | 13.1 years |
| 8 kW | $4.14 | $23,191 | $21,844 | 12.9 years |
| 10 kW | $4.06 | $28,420 | $27,873 | 12.6 years |
| 12 kW | $3.98 | $33,422 | $34,130 | 12.4 years |
| 14 kW | $3.90 | $38,196 | $40,614 | 12.1 years |
| 16 kW | $3.82 | $42,744 | $47,325 | 11.9 years |
| 18 kW | $3.74 | $47,064 | $54,264 | 11.6 years |
| 20 kW | $3.65 | $51,156 | $61,430 | 11.4 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: The type of solar panel you want plays a part in which company you should opt for, since different companies have different panels.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years likely offer quality solar panel installation and expertise.
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 Laketown, MI Solar Cost FAQs
What is the average cost of installing solar panels in Laketown?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Generally 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 additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Laketown?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How will installing solar panels impact the value of my home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Laketown is currently $421,437, so you could be looking at a value of about $17,279 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Laketown is a worthwhile investment.
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 uses 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.