Cost Of Solar Panels Michigan

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.

Cost of solar panels 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. This is higher than the average price of residential solar power systems across the united states which is currently 2 55 per watt. Currently michigan residents pay an average of 0 14 kwh for electricity which is above the national average. Due to the steep upfront costs of around 32 000 in cash only those upper income families can afford to install solar arrays.

How much do solar panels cost in michigan. Michigan is one of the best states in the country if you want to go solar but only if you re rich enough. 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. Solar panel cost data michigan 2020.

The costs and savings for a 5 kw pv system in michigan can be broken down as follows. 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. Installing a typical 5 kw solar system should start at about 20 000. That s how big your loan will need to be to cover it.

The installed cost of a 5kw solar system is around 20 000. On a cost per watt w basis a solar panel installation in michigan ranges in price from 2 69 to 3 65. 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. Solar panel cost in michigan.

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

Costs vary but are generally lower due to federal and local government incentives. 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. Data based on 977 reporting zip codes in michigan. The average cost of a solar panel installation in michigan ranges from 13 472 to 18 228.