Solar Panel Cost Guide in Victor, MI (2024 Update)
- Victor Solar Installation Cost: $17,559
- 25-Year Savings: $21,811
- Payback Period: 12.9 Years
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Average Cost of Solar Panels in Victor
Here’s how much it might cost to install solar panels in Victor.
While the national average of solar panels is $2.66 per watt, solar panels in Victor typically cost about 4.Using this figure, a typical 6.2-kW system would cost about $17,559 before the 0 federal solar tax credit is applied.
How much you pay can go above or below the average in Victor depending on several factors, such as the model of solar panels you choose and the solar installer you hire.With typical savings of about $21,000 on energy bills over 20 years, many homeowners in Victor find installing solar panels can pay off big.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Victor
| Year | Return on Investment |
|---|---|
| 1 years | $-16,305 |
| 3 years | $-13,798 |
| 5 years | $-11,290 |
| 7 years | $-8,783 |
| 9 years | $-6,276 |
| 11 years | $-3,768 |
| 13 years | $-1,261 |
| 15 years | $1,247 |
| 17 years | $3,754 |
| 19 years | $6,261 |
| 21 years | $8,769 |
| 23 years | $11,276 |
| 25 years | $13,783 |
Top Solar Installers in Victor
Many homeowners decide to use a solar panel company since installing solar panels by yourself can be hard. Plus, if you aren’t sure what type of solar panels and equipment you need, a solar company can help you find the right equipment for you after a site survey and consultation.
Working with a professional solar company can make going solar easier. Here are our recommendations:
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 Victor
Factors that Affect Solar Panel Costs in Victor
For many Victor 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 Victor, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by around $4,060. The brand and kind of equipment you want 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 come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are an affordable route because they lower your upfront costs and let you pay for your system over five to seven years on average.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panel system can impact the cost. Victor’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Victor are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, 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 | $15,249 | 13.4 years |
| 8 kW | $4.14 | $23,191 | $20,787 | 13.2 years |
| 10 kW | $4.06 | $28,420 | $26,552 | 12.9 years |
| 12 kW | $3.98 | $33,422 | $32,544 | 12.7 years |
| 14 kW | $3.90 | $38,196 | $38,764 | 12.4 years |
| 16 kW | $3.82 | $42,744 | $45,211 | 12.1 years |
| 18 kW | $3.74 | $47,064 | $51,885 | 11.9 years |
| 20 kW | $3.65 | $51,156 | $58,787 | 11.6 years |
How to Save on Solar Panels
The solar panel company you choose will be a major factor in determining not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, such as:
- Installation Process: When going solar, it’s necessary to keep an open line of communication with your solar panel company. See to it that you understand how the installation process works and the completion timeline.
- Warranty: Warranties that provide coverage for replacement parts and repairs over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one indication of a good company.
- Reputation: Make sure your solar panel installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like EcoWatch.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you go with.
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 Victor, MI Solar Cost FAQs
How much does it cost to install solar panels in Victor?
The average cost of solar panels in Victor 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 model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Victor?
Leasing solar panels can be an option if you can’t 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 financial benefits from going solar.
How much can I save on electricity bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $1,099.43 per year.
How long do solar panels last in Victor?
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 how much energy they produce will have decreased significantly after that point. You can opt to 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.