Prices On Solar Panels In Michigan

Key solar facts averaged for michigan average savings per year.

Prices on solar panels in michigan.

If you are thinking of going solar there s never been a better time. Solar panels cost 1 77 to 2 20 per watt and a 6 kw solar panel installation for the average home costs from 10 626 to 13 230 after the 30 federal solar tax credit. Get free estimates from solar installers near you or view our cost guide below. 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.

Solar panels is the practical choice when you take everything into consideration such as the price climate conditions availability of solar equipment and the long levity as well as the potential savings solar panels stand out as the most practical choice. According to the swanson effect as seen in the infographic below cost of energy provided by solar panels in michigan has plummeted. The average cost of a solar panel installation in michigan ranges from 13 472 to 18 228. Although there are sunnier states than michigan the average electricity price is around 0 14 kwh which is above the national average.

The price of solar per watt has gone from 76 67 to an extremely affordable rate of 0 36. Are solar panels worth it in michigan. Solar panels have fallen in price by more than 80 in the last ten years. How long does it take to earn back your initial investment in solar panels.

This analysis is for a 5 kw photo voltaic system exposed to the average sunlight conditions of michigan. And prices have been increasing by about 5 percent each year which is also well above the national average. This makes solar power a sound investment because every unit of energy produced is worth more than the average price of electricity in the us. As of september 2020 the average solar panel cost in michigan is 3 17 w.

Currently michigan residents pay an average of 0 14 kwh for electricity which is above the national average. 1124 11 93 68 per month. With an average month s electric bill totaling 96 95 it definitely makes sense to see if you can save money on power. Solar energy costs 0 08 to 0 10 per kwh to produce on average depending on your location.

The average michigan resident spends about 0 15 per kilowatt hour kwh and uses about 665 kilowatts kw per month. 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. This is higher than the average price of residential solar power systems across the united states which is currently 2 60 per watt. This is why solar panels can be used for more than 20 years and still harvest energy.

In 2020 they also remain subsidized by the 26 federal tax credit and the net metering law making them an excellent investment.