Solar Panel Cost Guide in Spencer, MI (2024 Update)

  • Spencer Solar Installation Cost: $17,551
  • 25-Year Savings: $21,871
  • Payback Period: 12.9 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Spencer

Find out what the average cost of solar panel installation is in Spencer.

The national average cost of solar panels is $2.66 per watt, but in Spencer it’s 4 per watt.To account for the typical energy needs of the average home in Spencer, most homeowners require a 6.2-kilowatt system. Using the per-watt figure above, a solar installation costs about $17,551, or $25,098 before the federal solar tax credit of 0 is applied.

The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of installing solar panels can vary quite a bit depending on multiple factors, such as what size system you need, your energy consumption and what company you go with.But, once you've paid the initial cost of installation, the return on investment for most homeowners is quite rewarding, with a net average savings of about $21,000 over 20 years on power bills.

To see your potential savings and connect with a local solar company, click the button below.

Solar savings over time in Spencer

Year Return on Investment
1 years $-16,297
3 years $-13,790
5 years $-11,282
7 years $-8,775
9 years $-6,268
11 years $-3,760
13 years $-1,253
15 years $1,255
17 years $3,762
19 years $6,269
21 years $8,777
23 years $11,284
25 years $13,792

Top Solar Installers in Spencer

Many homeowners decide to hire a solar panel company since figuring out how to install solar panels by yourself can be a labor-intensive endeavor. Plus, warranties and repairs from your solar panel company can protect your investment and reduce the cost of maintenance over the lifespan of your panels.

If you’d like to switch to solar energy but still aren’t certain which solar installer to go with, here are our recommendations for providers near you:

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Outstanding customer service
  • Offers products from leading manufacturers
  • Slightly limited service offerings
  • No leases or PPAs

Outstanding Local Installer

Strawberry Solar

★★★★★
4.5

  • 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 Spencer

Factors that Affect Solar Panel Costs in Spencer

Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few major factors that affect your total cost in Spencer: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.

Solar Equipment

The size of the solar energy system you need for your household, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $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 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 will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

Most solar installers in Spencer have solar loans, which reduce your upfront costs of installing a solar system.However, the interest on solar loans also adds to your overall costs, so it’s crucial to consider that as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.

Solar Panel Installation Company

The solar installation company you select will impact your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor.Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.

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 $15,317 13.4 years
8 kW $4.14 $23,191 $20,877 13.2 years
10 kW $4.06 $28,420 $26,665 12.9 years
12 kW $3.98 $33,422 $32,680 12.6 years
14 kW $3.90 $38,196 $38,922 12.4 years
16 kW $3.82 $42,744 $45,392 12.1 years
18 kW $3.74 $47,064 $52,089 11.9 years
20 kW $3.65 $51,156 $59,014 11.6 years

How to Save on Solar Panels

There are a large number of companies available in Spencer, 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:

  • Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should secure and what the project timeline is.
  • Solar Panel Brands: Different companies will offer different brands and kinds of panels. If you prefer a specific brand, make sure the solar company you’re considering has it.
  • Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from previous customers.
  • Contract: Before signing a contract with a solar company, make sure you read it through completely 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 what services you can expect from them.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Great warranty coverage
  • Outstanding customer service
  • Offers products from leading manufacturers
  • Slightly limited service offerings
  • No leases or PPAs

Outstanding Local Installer

Strawberry Solar

★★★★★
4.5

  • 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 Spencer, MI Solar Cost FAQs

What is the average cost of installing solar panels in Spencer?

This is a difficult question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $20,300 for a 5-kW system and $40,600 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.

Should I lease or buy solar panels in Spencer?

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 don’t have access to many solar incentives. Also your property 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 bang for your buck from going solar.

Is it worth going solar in Spencer?

Solar panels can be a good investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already pretty low, solar panels might not be for you.

How often do you have to replace solar panels?

Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can replace them after having them for that long or you can continue to use them at a lower efficiency.

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.

Follow us