Solar Panels Cost 5.2k-15k in Charlotte, MI | October, 2024

Solar Panels Cost $5.2k-$15k in Charlotte, MI | October, 2024

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How much do solar panels cost in Charlotte, MI in 2024?

Getting solar panels installed in October, 2024 in Charlotte, MI is around $3.72/W.

So, for every 1000 watts (or 1 Kw) your system can generate you will spend $3,720 to get your system installed in . After receiving the 30% federal tax credit, a 5 kW system in Charlotte sets you back $13,020. Be aware that a bigger system may be essential to ensure your energy requirements are met.

On the left-hand side, pick your county to determine the average roof size and the average maximum capacity for solar panel systems on homes within your area. Displayed below is a breakdown of the costs, payback period, and 20-year average savings for a 5 kW system in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Charlotte: $13,020US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Charlotte: 9 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Charlotte: $11,542US Average: $15,784

Solar Potential in Charlotte

Estimated system size and solar electricity production per median viable roof in
Charlotte.

Roof size 876sq. ft.
Capacity 12.25kW DC
Electricity 13kkWh AC per yr.

Electricity Costs in Charlotte, MI & What that Means for Your Solar Panel Pricing

On average, a Charlotte energy consumer uses672 kWh and pays $125.59 per month for electricity. Small residences, such as lofts and duplexes, are also included in the statistics mentioned in the prior sentence.

The mean rate for electricity in Charlotte, MI during October, 2024 is 18.68¢ per kWh.

In Charlotte, the typical energy consumer will need a solar power setup of 6 kW or more to cover their entire power demands. Currently, a 6 kW solar installation will cost around $15,624 after incentives.

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Average solar panel costs by system size in Charlotte

On the left and below, there is the pricing details for various sizes of the solar panel systems installed in Charlotte. Of course, a more extensive solar system means a higher initial expense, but it also leads to more significant electricity savings and more substantial income tax credits.

The breakdown of costs and benefits for solar panels, displayed in the calculator to the right and below, is based on an average electric bill of $125.59 in Charlotte. If you want more tailored results, just adjust the $125.59 to whatever your usual electricity bill is.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $519 a year
Est. Price
$5,208
Savings from a 2kWthis system
  • Est. yearly production 2,734 kWh
  • Est. monthly savings $43
  • Full payback in 3 years
Environmental Impacts
  • Reduces CO2 emissions by 1.42 tons a year
  • Equivalent to planting 65 trees a year
  • Equivalent to driving 3,515 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $779 a year
Est. Price
$7,812
Savings from a 3kWthis system
  • Est. yearly production 4,101 kWh
  • Est. monthly savings $65
  • Full payback in 5 years
Environmental Impacts
  • Reduces CO2 emissions by 2.13 tons a year
  • Equivalent to planting 98 trees a year
  • Equivalent to driving 5,273 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $1,039 a year
Est. Price
$10,416
Savings from a 4kWthis system
  • Est. yearly production 5,468 kWh
  • Est. monthly savings $87
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 2.84 tons a year
  • Equivalent to planting 130 trees a year
  • Equivalent to driving 7,030 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,299 a year
Est. Price
$13,020
Savings from a 5kWthis system
  • Est. yearly production 6,835 kWh
  • Est. monthly savings $108
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 3.55 tons a year
  • Equivalent to planting 163 trees a year
  • Equivalent to driving 8,788 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,558 a year
Est. Price
$15,624
Savings from a 6kWthis system
  • Est. yearly production 8,202 kWh
  • Est. monthly savings $126
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 4.13 tons a year
  • Equivalent to planting 190 trees a year
  • Equivalent to driving 10,232 mi less a year

Charlotte Solar Panel Installation Incentives & Rebates | 2024

The REAP Grant can potentially cover between 80% and 100% of the installation costs for photovoltaic or wind turbines for rural small businesses and farms. If you believe yourself eligible, we recommend utilizing our REAP Grant eligibility tool to confirm your qualification.

Most residents can qualify for a 30% federal income tax credit for residential solar, which makes it a practical option in numerous areas of the United States. Along with that, there are several state and local efforts designed to further encourage the uptake of solar energy.

Michigan offers 14 solar rebate and incentive initiatives through different utilities and government agencies.

Michigan Saves - Home Energy Loan Program

Value:Up to $30,000

Single-family homes or multifamily properties up to four units may be eligible for special financing on energy efficiency improvements through the Michigan Saves Home Energy Loan Program (HELP). Eligible projects range from energy efficient lighting to new residential solar photovoltaic systems (up to 20 kW). Available principal for a HELP loan ranges from $1,000 to $30,000. Repayment plans range from 12 - 120 months. Interest rates will vary but typically range from 4.25 - 6.99%. To apply, proof of property ownership and standard credit checks are required. Applicants should have a minimum FICO credit score of 640, and a maximum debt to income ratio of 1:2. Additional information is available from the Michigan Saves website.

Michigan Saves - Business Energy Financing

Value:Up to $1,000,000

Small businesses, nonprofits, and owners of multifamily or public-sector buildings in Michigan may be eligible for special financing on energy efficiency improvements through the Michigan Saves Business Energy Financing Program (BEFP). BEFP loans carry special interest rates and repayment terms. Eligible projects range from energy efficient lighting to new solar, wind, or geothermal energy devices. Interested property owners may consult the Michigan Saves website for additional information and to download a pre-approval checklist. The website also contains a directory of lending partners that service BEFP loans.

Interconnection Standards

Value:Varies

Distributed generation and interconnection have been standardized by the Michigan Public Service Commission since 2003. Each energy system connected to the state grid will be assigned into one of five "categories" based on rated capacity. Systems at each level must follow recognized standards such as those set by IEEE or UL. Interconnection fees and application review turnaround will depend on the system's level. Customers must carry at least $1 million of liability insurance coverage on energy systems between 1 to 5 MW by law. Though external disconnect switches are not required centrally, utilities may request that they be installed prior to interconnection. After successful connection, customers will own any renewable energy credits they generate and may sell them to the utility at their discretion.

Renewable Energy Standard

Value:Varies

Michigan requires private/municipal utilities and electric retailers/cooperatives to submit Renewable Energy Plans detailing their compliance with the state's portfolio standards. By 2021, 15% of each company's electricity should be sourced from renewable means. Eligible technologies include solar PV, wind, biomass, solid waste, and currently-operational hydroelectric systems (new hydro does not count toward the standard). Compliance is measured through a renewable energy credit system pegging electrical capacity to a dollar value. The standard law includes "bonus credit" provisions which a utility may earn for exceeding their standard quota or using an in-demand renewable technology. Additional information is available from the Michigan state website.

Refundable Payroll Tax Credit

Value:Varies

The NextEnergy Zone is located on the Wayne State University Detroit campus. The area is a Renaissance Zone, allowing renewable energy companies and institutions who locate inside to receive certain tax incentives. Incentives specific to the NextEnergy Zone include indirect payroll tax credits for a company's employees, provided they work directly with renewable energy manufacturing or R&D. Credit amount is equal to an employee's salary times their state income tax rate as a percentage. Should credit exceed liability, a refund will be issued for the remainder of the credit amount. Additional information is available through the NextEnergy Authority website.

Low-Income and Energy Efficiency Fund (LIEEF)

Value:Varies

The Low Income and Energy Efficiency Fund (LIEEF) is a public benefits fund in Michigan. LIEEF is supported by the state's three largest power companies through monthly consumer surcharges. Rather than supporting incentive or rebate programs, LIEEF funding supports request-for-proposal programs and grant initiatives to support low-income Michiganders in adopting on-site renewable energy or making other energy efficiency improvements. Additional information is available from the Michigan Public Service Commission, which administers the fund.

Michigan Accelerating Technologies (MATch) Energy Grant

Value:Varies

Michigan Accelerating Technology (MAT) is a grant program managed by the state's NextEnergy authority. Through MAT, businesses and educational institutions that receive federal grants supporting energy sustainability or alternative transportation research may be eligible to have their awards matched at the state level. Grant recipients may be eligible to contract some services to the NextEnergy Authority (for example, statistical analysis and supply chain research.) Additional information is available from the NextEnergy website.

Energy Efficiency in State Buildings

Value:Varies

Michigan first established a mandatory renewable portfolio standard in 2008. The standard required at least 25% of the state's energy to be sourced from renewable means by 2015. The standard was part of a larger restructuring law which also established green construction standards for new state buildings, energy efficiency "best practices" for existing buildings, and a new agency to regulate wind power in the state. Additional information is available from the federal Energy Codes database.

Net Metering

Value:Varies

Private/municipal utilities and electric cooperatives in Michigan are required to offer "inflow-outflow" tariff program participation to new renewable energy and distributed generation customers. This program serves as the successor to traditional net metering, which is expected to be phased out in full by 2028. Under an inflow-outflow contract, customers are technically billed for all electricity they generate, including excess generation (EG) sent to the grid. Rather than paying for all generated energy, however, they will only owe the cost of their "nettable energy" in that cycle. Nettable energy is equal to total power generated at the standard billed cost minus EG at a different "credit rate." As with net metering, should generation exceed consumption, any remaining bill credits will be applied to subsequent cycles. Additional information is available from the Michigan state website.

Alternative-Energy Personal Property Tax Exemption

Value:Varies

The NextEnergy Zone is located on the Wayne State University Detroit campus. The area is a Renaissance Zone, allowing renewable energy companies and institutions who locate inside to receive certain tax incentives. Incentives specific to the NextEnergy Zone include property tax exemptions on renewable energy systems, alternative vehicles, and corporate belongings. Eligible property must be completely new to Michigan; real estate does not qualify for exemptions. Additional information is available through the NextEnergy Authority website.

Solar Contractor Licensing

Value:Varies

Special licenses are available for installation/repair contractors of solar thermal systems in Michigan. Certified HVAC contractors do not need a separate license to install solar devices. To obtain a solar thermal license, applicants should have three years of experience as a journeyman and pass an exam. A trade school diploma counts as one year of experience. There is currently no special licensure for solar photovoltaic contractors. Solar contractors of any specialty may need to subcontract certain plumbing or electrical work. Additional information is available through the Interstate Renewable Energy Council.

Lean and Green Michigan PACE

Value:Varies

Lean and Green Michigan is a statewide property-assessed clean energy (PACE) program that offers special financing for energy efficiency improvements and equipment. Multi-family residential and commercial property owners alike may consult with PACE representatives to design a competitive loan with a private lending partner. Effectively, funding comes from the government; repayment will therefore take the form of a tax lien senior to the property's mortgage. Single-family homes are ineligible for PACE funding due to regulatory concerns from the FHFA. Fannie Mae and Freddie Mac cannot take ownership of a mortgage with an active PACE lien. Interested property owners should visit the Lean and Green Michigan website.

Renewable Energy Program Grants

Value:Varies

Funding for renewable energy grants and initiatives may be provided by the Michigan Energy Office. Grants support educational programs for local governments and businesses on renewable energy adoption. Communities may obtain personalized feasibility studies or examine prototype equipment. Additional information is available from the Michigan Agency for Energy website.

Renewable Energy Renaissance Zones

Value:Varies

"Renaissance Zones" are clearly designated locations in Michigan in which renewable energy developers may qualify for special tax incentives. Qualifying facilities will earn a 15-year property tax abatement and are exempt from state corporate, education, and income taxes, along with some local taxes. Eligible construction includes new solar, wind, or biomass facilities. Capital construction for institutions researching or manufacturing renewable energy products may also qualify for exemptions. Applications for Renaissance Zone incentives will consider potential economic impact. Additional information is available from the Michigan Economic Development Corporation website.

Are solar panels worth it in Michigan?

If your intention is to stay in your home beyond the solar payback period, choosing solar panels is a good option in Charlotte. Having a 5 kW solar system in Charlotte, MI can potentially save you roughly $17,121.6 over a span of 20 years, with an average break even point of 9 years.

The cost of not having solar panels in Charlotte, MI

Beyond forgoing the savings, the absence of solar panels or another backup energy source results in full dependence on your electric utility for your power needs. As shown by many recent news reports, full reliance on your utility is not always ideal.

Each year, customers in Charlotte experience about 1.04 outages. On average, each outage lasts for 182.99 minutes. Major events like wildlife damage, aging infrastructure or lightning strikes can considerably extend these durations.

Whether it includes a backup battery or not, a solar panel system could ease the burden of any future power interruptions you may experience.

Power Outages

Currently, 0 customers are being tracked in Eaton County.

Learn more

Customers Out:

0

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What impacts the cost of solar panels in Charlotte, MI?

Your Energy Needs - The initial investment for larger solar panel installations is greater, but the average price per watt drops as the system grows. Many consumers realize it's a great idea to set up a solar system that can produce enough power to fully cover their electric bill, because it helps them save more money.

Make & Model - Just like other products, solar panels and mounting equipment are available in a range of makes and models. The potential brand preferences of your selected installer make it essential to choose a recommended company. For buyers desiring a better long-term experience, opting for higher quality makes and models is critical.

Solar Panel Type - For good reason why monocrystalline panels are now the industry standard. These panels cost more but yield a higher energy efficiency. The majority of installers in the industry work with panels made from this material.

Your Property - Each property and home has its own unique features. Uneven ground, trees, or other challenges may add to the difficulty of the installation. Solar installers today frequently utilize satellite imagery to evaluate your home and factor in these factors into the preliminary cost estimate.

Labor Rates - Employees receive varied wages from different companies, and these costs are passed on to the consumers. Usually, companies paying more in wages also enjoy higher ratings for their services and customer service.

Permitting & Interconnection - Installation costs will be impacted by varying local permitting and utility interconnection fees, depending on the region. Good installers will factor these costs into your preliminary quotes to prevent unexpected expenses.

See what solar panels cost in other MI cities

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Who are the best solar installers in Charlotte?

YellowLite

Cleveland, OH(877) 743-8757

Services

  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

Academy Energy Group

Newburgh, IN(812) 518-2150

Services

  • Reparation of solar arrays.
  • Auditing of energy requirements for independent energy generation.
  • Monitoring of independent energy generation.
  • Solar systems for selling electricity back to the grid.
  • Installation of solar arrays.

Power Home Solar

Mooresville, NC(704) 870-3670

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.
  • Solar systems for selling electricity back to the grid.
  • Reparation of solar arrays.

Dividend Finance

San Francisco, CA(415) 805-7000

Services

  • Installation of batteries for energy storage.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

Palmetto Solar

Charleston, SC(855) 339-1831

Services

  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Reparation of solar arrays.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

SunPower Corporation

San Jose, CA(800) 786-7693

Services

  • Monitoring of independent energy generation.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.
  • Consulting on all things solar related.

Silver Sun Solar

Deltona, FL(340) 227-7785

Services

  • Expertise in consulting on advantageous financing for solar.
  • Solar systems for selling electricity back to the grid.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

Harvest Solar

Jackson, MI(888) 907-6527

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Consulting on all things solar related.

Sunnova Energy

Houston, TX(866) 786-6682

Services

  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.

GRNE Solar

Palatine, IL(312) 859-3417

Services

  • Consulting on all things solar related.
  • Expertise in consulting on advantageous financing for solar.
  • Installation of batteries for energy storage.
  • Installation of solar arrays.

Entegrity

Little Rock, AR(800) 700-1414

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.

Ideal Energy

Fairfield, IA(800) 634-4454

Services

  • Expertise in consulting on advantageous financing for solar.
  • Installation of solar arrays.
  • Reparation of solar arrays.
  • Installation of batteries for energy storage.

Altenergy

Charlottesville, VA(434) 293-3763

Services

  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

City Electric Supply

Dallas, TX(866) 634-9853

Services

  • Consulting on all things solar related.
  • Installation of solar arrays.
  • Expertise in consulting on advantageous financing for solar.

PowerHome Solar

Mooresville, NC(704) 870-3670

Services

  • Installation of solar arrays.
  • Installation of batteries for energy storage.
  • Solar systems for selling electricity back to the grid.
  • Expertise in consulting on advantageous financing for solar.

Cinci Home Solar

Cincinnati, OH(513) 616-6044

Services

  • Installation of solar arrays.
  • Auditing of energy requirements for independent energy generation.
  • Consulting on all things solar related.

Charlotte, MI Solar Panel Cost FAQs

  • As of October, 2024, the average per-watt cost for solar panels in Charlotte, MI is $3.72/W. Post federal tax credit, a 5 kW solar panel system installation in Charlotte, MI will roughly cost $13,020.

  • In Michigan, you have access to 14 rebates and incentives provided by numerous utilities and government organizations. Moreover, nearly everyone is eligible for the 30% federal income tax credit.

  • Choosing to pay cash provides the most savings, but today there are many financing options for solar panels that are also cost-effective. Information about financing options is typically included in initial quotes provided by installers.

  • Yes, in Charlotte, MI, the average time for 5 kW solar panel systems to pay for themselves is 9 years, leading to electricity savings of $17,121.6 over a 20-year period.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01