Cost Of Solar Panels Michigan

Currently michigan residents pay an average of 0 14 kwh for electricity which is above the national average.

Cost of solar panels michigan.

The installed cost of a 5kw solar system is around 20 000. You ll also see a huge tax break. Solar panel cost data michigan 2020. 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 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. As of september 2020 the average solar panel cost in michigan is 3 17 w. How much do solar panels cost in michigan.

Solar panel cost in michigan. 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. The average cost of a solar panel installation in michigan ranges from 13 472 to 18 228. Costs vary but are generally lower due to federal and local government incentives.

This is 2 66 per watt. The average cost for an installed residential solar system in michigan is currently 11 797 after claiming the 26 federal solar tax credit. 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. 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.

Due to the steep upfront costs of around 32 000 in cash only those upper income families can afford to install solar arrays. Michigan is one of the best states in the country if you want to go solar but only if you re rich enough. Data based on 977 reporting zip codes in michigan. 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.

Installing a typical 5 kw solar system should start at about 20 000. 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. The costs and savings for a 5 kw pv system in michigan can be broken down as follows. Stats above assume a 32 square meter 345 square foot standard efficiency 15 5 kw system costing 21 000 out of pocket.