Solar Panel Cost Guide in Traverse City, MI (2024 Update)
- Traverse City Solar Installation Cost: $17,688
- 25-Year Savings: $17,882
- Payback Period: 14.7 Years
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Average Cost of Solar Panels in Traverse City
Find out what the average cost of a solar system is in Traverse City.
While the national average of solar panels is $2.66 per watt, solar panels in Traverse City generally cost around 4.To cover the typical energy usage of the average home in Traverse City, most homeowners require a 6.2-kilowatt system. Using the figure above, a solar installation costs around $17,688, or $25,294 before the federal solar tax credit of 0 is applied.
These figures are only averages, and how much solar costs for you will most likely look different based on your energy needs and what company you go with.Many homeowners find going solar is a solid investment. The average homeowner in Traverse City can save around $18,000 on their power bills over 20 years.
You can click the button below to get connected with a top solar company in Traverse City that can help you get a more accurate cost estimate for your home.
Solar savings over time in Traverse City
| Year | Return on Investment |
|---|---|
| 1 years | $-16,434 |
| 3 years | $-13,927 |
| 5 years | $-11,419 |
| 7 years | $-8,912 |
| 9 years | $-6,405 |
| 11 years | $-3,897 |
| 13 years | $-1,390 |
| 15 years | $1,117 |
| 17 years | $3,625 |
| 19 years | $6,132 |
| 21 years | $8,640 |
| 23 years | $11,147 |
| 25 years | $13,654 |
Top Solar Installers in Traverse City
When switching to solar energy, many homeowners prefer to go with a solar company since installing solar panels yourself can be a difficult project. Solar companies provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
If you're on the hunt for a solar company in Traverse City, we've put together 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 Traverse City
Factors that Affect Solar Panel Costs in Traverse City
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few key factors that affect your total cost in Traverse City: 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 cost of solar panels varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,060.There are several different solar panel brands and the one you pick also affects the cost. Typically, the brands that have better efficiency tend to also cost more. Plus, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar installers in Traverse City offer solar loans, which reduce the initial cost of installing solar.Though solar loans make going solar more accessible for Traverse City homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you go with to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies operating throughout Traverse City, and each can charge varying amounts for labor and equipment.Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional 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 | $11,306 | 15.3 years |
| 8 kW | $4.14 | $23,191 | $15,530 | 15.0 years |
| 10 kW | $4.06 | $28,420 | $19,981 | 14.7 years |
| 12 kW | $3.98 | $33,422 | $24,659 | 14.4 years |
| 14 kW | $3.90 | $38,196 | $29,565 | 14.1 years |
| 16 kW | $3.82 | $42,744 | $34,698 | 13.8 years |
| 18 kW | $3.74 | $47,064 | $40,058 | 13.5 years |
| 20 kW | $3.65 | $51,156 | $45,645 | 13.2 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years most likely provide good-quality solar panel installation and expertise.
- Solar Panel Brands: Different companies have different brands and models of panels. If you know you want a specific brand, make sure the solar company you’re considering has it.
- Contract: Review the contract terms carefully to make sure you understand the total cost, completion timeline incentives and warranties.
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 Traverse City, MI Solar Cost FAQs
How much does it cost to install solar panels in Traverse City?
This is a tough question to answer precisely, 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. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Are solar panels free in Traverse City?
Solar panels aren’t free in Traverse City, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Does Traverse City have a net metering program?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future electricity bills.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely 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 keep using 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.