Are Solar Panels Worth It In Michigan

This analysis is for a 5 kw photo voltaic system exposed to the average sunlight conditions of michigan.

Are solar panels worth it in michigan.

This awesome credit cuts the cost of your overall solar installation by 26 percent making solar pv a more affordable and appealing energy source than fossil fuels. 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. Are solar panels worth it in michigan. Michigan has a chance to be a great state for home solar power but.

The average cost of a solar panel installation in michigan ranges from 13 472 to 18 228. If you live in an area with high energy rates and a suitable solar rating and can afford the initial investment it s worth installing solar panels in your home while the 26 tax break is in. Following the national extension of the solar investment tax credit itc through 2021 it has never been a better time to go solar. Michigan solar tax credits and incentive programs the federal investment tax credit.

However that initial cost has held a lot of people back from taking the. One of the biggest concerns that potential buyers wonder is whether the residential solar panel cost will pay off in the long run. On top of the green that will stay in your pocket your system will mean green for the environment too. If you have enough to make a purchase in cash you ll save more than with any other option but even with a 0 down solar loan your savings could still be in the tens of thousands.

Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value. On a cost per watt w basis a solar panel installation in michigan ranges in price from 2 69 to 3 65. 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. 91 trees worth every year.

How are you financing your solar panel system. Currently michigan residents pay an average of 0 14 kwh for electricity which is above the national average. The consensus on michigan solar power rebates and incentives. They re already sold on the environmental benefits the ease of use and plenty of other factors.

Keep in mind the numbers above are based on an average home in michigan. This makes solar power a sound investment because every unit of energy produced is worth more than the average price of electricity in the us.