About Cost of solar panels michigan
As of October 2024, the average solar panel system costs $3.12/W including installation in Michigan. For a 5 kW installation, this comes out to about $15,583 before incentives, though prices range from $13,246 to $17,920. After the federal tax credit, the average price drops by 30%.
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6 FAQs about [Cost of solar panels michigan]
How much do solar panels cost in Michigan?
As of July 2024, the average solar panel system costs $3.17/W including installation in Michigan. For a 5 kW installation, this comes out to about $15,872 before incentives, though prices range from $13,491 to $18,253. After the federal tax credit, the average price drops by 30%. You'll probably pay even less than what we show here.
Should you get solar panels in Michigan?
Factor in the federal solar tax credit, and Michiganders can cut the cost of solar by thousands of dollars, speeding up your payback period and increasing the value of your investment. Here's what you need to know about getting solar panels in the Wolverine State.
Are solar panels tax deductible in Michigan?
Michigan residents who purchase solar panels are eligible for the federal solar tax credit, which grants a 30% credit based on the cost of the installed solar panels for the following tax season. This is the most attractive incentive for installing solar in most places—and Michigan is no exception.
Should you buy a home solar system in Michigan?
One big positive of buying a home solar system is receiving solar rebates and Michigan solar incentives. Many available incentives don’t apply to leased systems. Incentives such as the federal tax credits and state net metering policies can make buying your solar system an attainable goal for many homeowners.
How many solar panel installers are there in Michigan?
According to the Solar Energy Industries Association (SEIA), there are around 84 solar panel installation companies to choose from in Michigan. Each installer charges different prices for its labor and can markup the equipment it installs differently. This leads to prices being wildly different among installers in the area.
Are solar panels a good investment in Michigan?
Going solar is really a long-term investment. Not only are you paying less for energy now, but you’re protecting yourself from future hikes in electricity rates. It typically takes about 10 years for solar panels to pay for themselves in Michigan.
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