Cost Of Solar Panels Michigan

Installing a typical 5 kw solar system should start at about 20 000.

Cost of solar panels michigan.

The installed cost of a 5kw solar system is around 20 000. Due to the steep upfront costs of around 32 000 in cash only those upper income families can afford to install solar arrays. The average cost for an installed residential solar system in michigan is currently 11 797 after claiming the 26 federal solar tax credit. How much do solar panels cost in 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. Costs vary but are generally lower due to federal and local government incentives. Stats above assume a 32 square meter 345 square foot standard efficiency 15 5 kw system costing 21 000 out of pocket. Green energy chronicles is however looking to change that.

This is higher than the average price of residential solar power systems across the united states which is currently 2 55 per watt. The costs and savings for a 5 kw pv system in michigan can be broken down as follows. Michigan is one of the best states in the country if you want to go solar but only if you re rich enough. Currently michigan residents pay an average of 0 14 kwh for electricity which is above the national average.

This is 2 66 per watt. 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. Solar panel cost in 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. You ll also see a huge tax break. As of september 2020 the average solar panel cost in michigan is 3 17 w. That s how big your loan will need to be to cover it.

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. The average cost of a solar panel installation in michigan ranges from 13 472 to 18 228. 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.