Solar Panel Cost Guide in Lima, MI (2024 Update)
- Lima Solar Installation Cost: $17,419
- 25-Year Savings: $15,206
- Payback Period: 16.0 Years
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Average Cost of Solar Panels in Lima
See how much it might cost to install solar panels in Lima.
In Lima, solar panels cost about 4 per watt on average.The average solar panel system size in Lima is around 6.1 kilowatts, meaning a cost of about $17,419 for a solar installation, or $24,909 before the 0 federal solar tax credit is applied.
The true cost of your system can go above or below the average in Lima depending on a variety of factors, such as the kind of solar panels you choose and the solar installer you hire.Despite the large upfront cost, the average Lima homeowner can save about $17,000 on their electricity bills over 20 years, which is one of the positives of solar.
For a free quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Lima
| Year | Return on Investment |
|---|---|
| 1 years | $-16,073 |
| 3 years | $-13,381 |
| 5 years | $-10,688 |
| 7 years | $-7,996 |
| 9 years | $-5,304 |
| 11 years | $-2,612 |
| 13 years | $81 |
| 15 years | $2,773 |
| 17 years | $5,465 |
| 19 years | $8,157 |
| 21 years | $10,850 |
| 23 years | $13,542 |
| 25 years | $16,234 |
Top Solar Installers in Lima
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Taking advantage of a solar panel installer can make switching to solar power much easier. Plus, warranties and repairs from your solar panel installer can protect your investment and bring down the cost of maintenance over time.
If you're looking for a solar company in Lima, we've compiled 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 Lima
Factors that Affect Solar Panel Costs in Lima
There are many factors that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That’s why it’s important to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs.There are several different solar panel brands and the one you choose also affects the cost. In many cases, 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 just 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 solar out of pocket can be financially overwhelming. Solar loans are offered by most installers in Lima, which can lower, or in some cases eliminate, your upfront costs to make solar more accessible.However, the interest on solar loans also increases your all-in costs, so it’s important to take that into consideration as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Lima is the company you choose to install your solar system. Similar to choosing a company to install new cabinets, for instance, you’ll have many options for solar installers that offer a range of services for different budgets.You may notice national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $8,953 | 16.6 years |
| 8 kW | $4.14 | $23,191 | $12,393 | 16.3 years |
| 10 kW | $4.06 | $28,420 | $16,059 | 16.0 years |
| 12 kW | $3.98 | $33,422 | $19,953 | 15.7 years |
| 14 kW | $3.90 | $38,196 | $24,074 | 15.3 years |
| 16 kW | $3.82 | $42,744 | $28,423 | 15.0 years |
| 18 kW | $3.74 | $47,064 | $32,999 | 14.7 years |
| 20 kW | $3.65 | $51,156 | $37,802 | 14.4 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:
- Contract: When looking through your solar company’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Installation Process: One of the most important things to understand when going solar 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 acquire and how long the project will take.
- Solar Panel Brands: Different companies will offer different brands and types of panels. If you know you want a specific brand, make sure the solar panel installer you’re considering has it.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
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 Lima, MI Solar Cost FAQs
What is the average cost of installing solar panels in Lima?
The average cost of solar panels in Lima 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 certain factors like the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Lima?
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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to get the most savings.
Can solar panels completely eradicate my power bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Lima, that will require at least a 10-kW system. Not all homes will have the roof space for 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 needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average household 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.