Are Solar Panels Worth It In Michigan

This is higher than the average price of residential solar power systems across the united states which is currently 2 42 per watt.

Are solar panels worth it in michigan.

Is solar worth it in michigan. Government found that large installers are 2 000 to 5 000 more expensive than small solar companies. Currently michigan residents pay an average of 0 14 kwh for electricity which is above the national average. As of dec 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.

Over time that initial investment is essentially paid off by the savings that you get each month on your energy bills. If you have offers from some of the big installers in solar make sure you compare those bids with quotes from local installers to ensure you don t overpay for solar. If you install your photovoltaic system in 2020 the federal tax credit is 26 of the cost of your solar panel system. Solar panels are somewhat recommended in michigan.

The short answer to this question is. As of january 2021 the average solar panel cost in michigan is 3 16 w given a solar panel system size of 5 kilowatts kw an average solar installation in michigan ranges in cost from 13 430 to 18 170 with the average gross price for solar in michigan coming in at 15 800 after accounting for the 26 federal investment tax credit itc and other state and local solar incentives the net. Based on the price of electricity in michigan an average of 0 15 per kw and very low amounts of sun 13 less than average compared to other states solar power is 8 more cost effective than the rest of the nation. And prices have been increasing by about 5 percent each year which is also well above the national average.

At 0 14 kwh michigan is above the national average and for a residential pv system owner this just means more savings. Besides a 5 kw system has a comparable environmental impact to planting 100 trees per year. The average cost of a solar panel installation in michigan ranges from 13 430 to 18 170. A recent report by the u s.

If the panels are new technology show significant savings and are aesthetically acceptable they may very well boost value. How long does it take to earn back your initial investment in solar panels. The federal solar investment tax credit will have the biggest impact on the cost you will face to go solar in michigan this perk is commonly known as the itc short for investment tax credit. The high price of electricity is one of the strong points in favor of solar power in michigan.

Solar panels can indeed affect the value of a property in both a positive and negative way.