How Much Do Solar Panels Cost In Michigan

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.

How much do solar panels cost in michigan.

Currently michigan residents pay an average of 0 14 kwh for electricity which is above the national average. How does system size impact the cost of solar. Solar power systems are very custom based on the home roof type shading and utility. National data september 2020.

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. What range of costs should you expect to see in quotes for a solar panel system. How much do solar panels cost in michigan. But the true cost of solar panels and whether they ll help you save money depends on a few key factors.

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. The average cost of a solar panel installation in michigan ranges from 13 472 to 18 228. The costs and savings for a 5 kw pv system in michigan can be broken down as follows. Solar panel costs for an average sized installation in the u s.

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. Solar panels cost 1 77 to 2 20 per watt and a 6 kw solar panel installation for the average home costs from 10 626 to 13 230 after the 30 federal solar tax credit. Solar energy costs 0 08 to 0 10 per kwh to produce on average depending on your location. Average solar panel cost.

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. 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. This is higher than the average price of residential solar power systems across the united states which is currently 2 64 per watt.

Installation of panels for the average 5kw system ranges from 11 100 22 400. On average installation and the system together can run between 15 000 and 25 000. Get free estimates from solar installers near you or view our cost guide below.