Cost Of Solar Panels Michigan

Costs vary but are generally lower due to federal and local government incentives.

Cost of solar panels michigan.

This is 2 66 per watt. The installed cost of a 5kw solar system is around 20 000. Stats above assume a 32 square meter 345 square foot standard efficiency 15 5 kw system costing 21 000 out of pocket. After accounting for the 26 federal investment tax credit itc and other state and local solar incentives the net price you ll pay for solar can fall by thousands of dollars.

Due to the steep upfront costs of around 32 000 in cash only those upper income families can afford to install solar arrays. Green energy chronicles is however looking to change that. On a cost per watt w basis a solar panel installation in michigan ranges in price from 2 69 to 3 65. Rising energy costs solar panels are a worthwhile expense in michigan already but they re likely to gain even more value over time as the cost of traditional energy sources continue to increase throughout the state.

As of sep 2020 the average cost of solar panels in michigan is 2 66 per watt making a typical 6000 watt 6 kw solar system 11 797 after claiming the 26 federal solar tax credit now available. That s how big your loan will need to be to cover it. The electricity you ll save in the first year of operation would have cost 819 but your annual loan payments will be 1 775 meaning you ll spend 956 on solar this year but. Solar panel cost in michigan.

How much do solar panels cost in michigan. Given a solar panel system size of 5 kilowatts kw an average solar installation in michigan ranges in cost from 13 472 to 18 228 with the average gross price for solar in michigan coming in at 15 850. Currently michigan residents pay an average of 0 14 kwh for electricity which is above the national average. Installing a typical 5 kw solar system should start at about 20 000.

Solar panel cost data michigan 2020. The average cost of a solar panel installation in michigan ranges from 13 472 to 18 228. Data based on 977 reporting zip codes in michigan. However the federal tax credit allows you to recover 30 of the investment as a tax credit so the net outlay is reduced to 14 000.

As of july 2020 the average solar panel cost in michigan is 3 19 w given a solar panel system size of 5 kilowatts kw an average solar installation in michigan ranges in cost from 13 558 to 18 342 with the average gross price for solar in michigan coming in at 15 950 after accounting for the 26 federal investment tax credit itc and other state and local solar incentives the net. This is higher than the average price of residential solar power systems across the united states which is currently 2 55 per watt. As of september 2020 the average solar panel cost in michigan is 3 17 w. The costs and savings for a 5 kw pv system in michigan can be broken down as follows.