Cost Of Solar Panels Michigan

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.

Cost of solar panels michigan.

Data based on 977 reporting zip codes in michigan. On a cost per watt w basis a solar panel installation in michigan ranges in price from 2 69 to 3 65. Solar panel cost in michigan. Due to the steep upfront costs of around 32 000 in cash only those upper income families can afford to install solar arrays.

That s how big your loan will need to be to cover it. The costs and savings for a 5 kw pv system in michigan can be broken down as follows. 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. As of september 2020 the average solar panel cost in michigan is 3 17 w.

Solar panel cost data michigan 2020. Michigan is one of the best states in the country if you want to go solar but only if you re rich enough. Stats above assume a 32 square meter 345 square foot standard efficiency 15 5 kw system costing 21 000 out of pocket. The average cost of a solar panel installation in michigan ranges from 13 472 to 18 228.

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. 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. Installing a typical 5 kw solar system should start at about 20 000. Currently michigan residents pay an average of 0 14 kwh for electricity which is above the national average.

The average cost for an installed residential solar system in michigan is currently 11 797 after claiming the 26 federal solar tax credit. Green energy chronicles is however looking to change that. You ll also see a huge tax break. This is higher than the average price of residential solar power systems across the united states which is currently 2 55 per watt.

Costs vary but are generally lower due to federal and local government incentives. The installed cost of a 5kw solar system is around 20 000. This is 2 66 per watt. How much do solar panels cost in michigan.