Solar Panel Cost Guide in Thomas, MI (2024 Update)
- Thomas Solar Installation Cost: $17,618
- 25-Year Savings: $23,111
- Payback Period: 12.5 Years
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Average Cost of Solar Panels in Thomas
See how much it might cost to switch to solar power in Thomas.
While the national average of solar panels is $2.66 per watt, solar panels in Thomas typically cost around 4.To account for the typical energy usage of the average home in Thomas, most homeowners require a 6.2-kilowatt system. Using the figure above, a solar installation costs about $17,618, or $25,194 before the federal solar tax credit of 0 is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy consumption, the type of equipment you want, your solar contractor and more.But, after you've paid the initial cost of installation, the payback for most homeowners is typically fruitful, with a net average savings of about $22,000 over 20 years on power bills.
To get a free estimate from a vetted solar installation company in Thomas, you can click the button below.
Solar savings over time in Thomas
| Year | Return on Investment |
|---|---|
| 1 years | $-16,364 |
| 3 years | $-13,856 |
| 5 years | $-11,349 |
| 7 years | $-8,842 |
| 9 years | $-6,334 |
| 11 years | $-3,827 |
| 13 years | $-1,319 |
| 15 years | $1,188 |
| 17 years | $3,695 |
| 19 years | $6,203 |
| 21 years | $8,710 |
| 23 years | $11,217 |
| 25 years | $13,725 |
Top Solar Installers in Thomas
Trying to install solar panels yourself can be a difficult project, which is why hiring a solar installation company is a good option for many homeowners. Solar warranties and repairs are ordinarily included in the cost of installation when you opt for a solar contractor too, which can save you more money over time.
If you’d like to make the switch to solar but still aren’t certain which solar system company to go with, here are our recommendations for providers near you:
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 Thomas
Factors that Affect Solar Panel Costs in Thomas
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that determine your overall cost in Thomas: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Thomas, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can figure out by looking at past electricity bills. Your overall cost can increase by around $4,060 for each additional kilowatt you need.There are several different solar panel brands and the one you pick also changes the cost. Usually, the brands that are more efficient tend to also cost more. Additionally, the type of equipment you’re looking to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That’s why many Thomas homeowners choose to finance their solar panel systems to make paying for solar more affordable.However, the interest on solar loans also adds to your overall costs, so it’s crucial to take that into consideration as well. You can always reduce the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you go with to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar installation companies operating throughout Thomas, and each can charge different amounts for labor and equipment.Additionally, some companies in Thomas know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
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 | $16,437 | 13.0 years |
| 8 kW | $4.14 | $23,191 | $22,370 | 12.7 years |
| 10 kW | $4.06 | $28,420 | $28,531 | 12.5 years |
| 12 kW | $3.98 | $33,422 | $34,920 | 12.2 years |
| 14 kW | $3.90 | $38,196 | $41,535 | 12.0 years |
| 16 kW | $3.82 | $42,744 | $48,378 | 11.7 years |
| 18 kW | $3.74 | $47,064 | $55,449 | 11.5 years |
| 20 kW | $3.65 | $51,156 | $62,747 | 11.2 years |
How to Save on Solar Panels
The solar installer you go with will impact not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should consider, such as:
- Contract: Review the contract terms closely to make sure you understand the overall cost, project completion timeline incentives and warranties.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, including when the site survey will be completed and how long it will take.
- Solar Panel Brands: Different companies will carry different brands and models of panels. If you prefer a specific brand, make sure the solar company you’re considering has it.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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 Thomas, MI Solar Cost FAQs
What is the average cost of installing solar panels in Thomas?
The average cost of solar panels in Thomas 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 things such as the type of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
The initial cost is a key 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.
How much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,139.03 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and how much 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 buy 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.