How Much Do Solar Panels Cost In Michigan

Solar panel costs for an average sized installation in the u s.

How much do solar panels cost in michigan.

Usually range from 11 144 to 14 696 after solar tax credits and the average price per watt for solar panels ranges from 2 51 to 3 31. How does system size impact the cost of solar. Installation of panels for the average 5kw system ranges from 11 100 22 400. Solar power systems are very custom based on the home roof type shading and utility.

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

National data september 2020. The costs and savings for a 5 kw pv system in michigan can be broken down as follows. 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. 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.

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. Currently michigan residents pay an average of 0 14 kwh for electricity which is above the national average. What range of costs should you expect to see in quotes for a solar panel system. Solar energy costs 0 08 to 0 10 per kwh to produce on average depending on your location.

The most recent official data from the doe funded lawrence berkeley labs published in september 2019 found that the median cost of residential solar panels is 3 70 watt. This is higher than the average price of residential solar power systems across the united states which is currently 2 64 per watt. Solar panel cost in 2020. On average installation and the system together can run between 15 000 and 25 000.

The average cost of a solar panel installation in michigan ranges from 13 472 to 18 228. How much do solar panels cost in michigan. Average solar panel cost.