Solar Panels Cost 5.3k-16k in Holland, MI | October, 2024

Solar Panels Cost $5.3k-$16k in Holland, MI | October, 2024

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

On average, in Holland, MI in the month of October, 2024, the price per watt of solar systems is $3.83/W.

For every 1000 watts (1 kW) your solar system can generate, you will have to spend, on average, $3,830 to have it installed. In Holland, a 5 kW panel install will cost you, on average, $13,405 after the 30% federal income tax credit. However, a 5kW system might not be sufficient to meet your energy requirements.

To the left, you have the option to select your county and find out the average roof size along with the average maximum capacity for residential solar in homes in your area. Displayed below is a summary 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.
Holland: $13,405US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Holland: 12 yearsUS Average: 7 years
Average Net 20-year savings The total amount of money saved over 20 years minus the out-of-pocket cost.
Holland: $3,482US Average: $15,784

Solar Potential in Holland

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

Roof size 930sq. ft.
Capacity 13kW DC
Electricity 13.8kkWh AC per yr.

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

The typical electric bill for a Holland energy consumer is $94.30, with monthly usage typically at 604 kWh. Bear in mind, this figure encompasses smaller residential units such as apartments, which usually have lower energy needs.

In October 2024, the average electricity rate in Holland, MI amounts to 15.62¢ per kWh.

In Holland, the average electricity user must have a solar power setup of 6 kW or higher to satisfy their full energy needs. Presently, a 6 kW solar system will be priced at around $22,980upfront, but thanks to the 30% federal tax credit, you receive 30% back, bringing the cost down to $16,086.

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Average solar panel costs by system size in Holland

Shown on the left side, you will find a comprehensive price breakdown of the different sizes of solar panel systems installed in Holland. With bigger solar systems, the price rises, but so do the electricity savings and the income tax credits you can gain.

The cost-benefit analysis for solar panels, shown in the calculator down and to the right, is based on an average electric bill of $94.30 in Holland. Swap the $94.30 with your typical electricity bill to get more detailed results.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $437 a year
Est. Price
$5,362
Savings from a 2kWthis system
  • Est. yearly production 2,734 kWh
  • Est. monthly savings $36
  • Full payback in 5 years
Environmental Impacts
  • Reduces CO2 emissions by 1.57 tons a year
  • Equivalent to planting 72 trees a year
  • Equivalent to driving 3,884 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $656 a year
Est. Price
$8,043
Savings from a 3kWthis system
  • Est. yearly production 4,101 kWh
  • Est. monthly savings $55
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 2.35 tons a year
  • Equivalent to planting 108 trees a year
  • Equivalent to driving 5,826 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $875 a year
Est. Price
$10,724
Savings from a 4kWthis system
  • Est. yearly production 5,468 kWh
  • Est. monthly savings $73
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 3.14 tons a year
  • Equivalent to planting 144 trees a year
  • Equivalent to driving 7,768 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,094 a year
Est. Price
$13,405
Savings from a 5kWthis system
  • Est. yearly production 6,835 kWh
  • Est. monthly savings $91
  • Full payback in 12 years
Environmental Impacts
  • Reduces CO2 emissions by 3.92 tons a year
  • Equivalent to planting 180 trees a year
  • Equivalent to driving 9,710 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,312 a year
Est. Price
$16,086
Savings from a 6kWthis system
  • Est. yearly production 8,202 kWh
  • Est. monthly savings $94
  • Full payback in 14 years
Environmental Impacts
  • Reduces CO2 emissions by 4.05 tons a year
  • Equivalent to planting 186 trees a year
  • Equivalent to driving 10,015 mi less a year

Holland Solar Panel Installation Incentives & Rebates | 2024

Eligible rural small businesses and agricultural operations might have their photovoltaic or wind turbine installation costs covered by the REAP Grant, ranging from 80% to 100%. Believe you fit the criteria? Confirm your eligibility with our REAP Grant eligibility tool.

Homeowners can take advantage of a 30% federal income tax credit for setting up residential solar panels, which makes solar power a feasible option in much of the country. Together with federal efforts, state and local programs help to support the use of solar power.

Michigan features 14 solar rebate and incentive initiatives provided by multiple utilities and government organizations.

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 you plan to own your residence longer than the solar system's payback period, solar panels are a good investment in Holland. Over a 20 year time frame, a 5 kW solar system in Holland, MI could save you approximately $9,227, with the average break even time being 12 years.

The cost of not having solar panels in Holland, MI

The absence of solar panels or an alternative energy backup means that you forgo the savings mentioned earlier and are wholly reliant on your electric utility for electricity. As shown by numerous recent news reports, complete dependence on your utility is not always ideal.

The average number of outages per customer per year in Holland is 1.01. The average length of an outage is 154.16 minutes. However, during significant events such as vandalism, overloaded power grids or hurricanes, this duration can grow considerably.

A solar energy system could reduce the effects of future outages, whether or not it has a backup battery.

Power Outages

Currently, 0 customers are being tracked in Ottawa County.

Learn more

Customers Out:

0

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

Your Energy Needs - Investing in larger solar panel systems costs more upfront, but the price per watt is decreased as the system size grows. Installing a solar panel system that can cover the electric bill is useful to individuals because of the reduced long-term costs.

Make & Model - Just like other products, solar panels come in a wide variety of makes and models. The system preferences of your chosen installer can make it essential to choose a reputable company. Opting for better quality equipment can provide a much better long-term experience for the buyer.

Solar Panel Type - For valid reasons, monocrystalline panels have become the standard in the industry. They are costlier but provide more energy. Many professionals in solar installation work with panels made from this material.

Your Property - Every home and property differs in its own way. Challenges such as sloping terrain, trees, or other considerations can increase the difficulty of installing solar panels. Solar installers now have the ability to leverage satellite images to evaluate your home and include these considerations in the initial cost estimate.

Labor Rates - The pay employees receive from their employers differ, and these expenses are borne by the consumers. Paying higher wages frequently results in companies receiving better reviews for their work and customer service.

Permitting & Interconnection - Permitting and utility interconnection fees differ locally and will influence your installation cost. Quality local installers will integrate these numbers into your initial quotes to avoid any surprises.

See what solar panels cost in other MI cities

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Who are the best solar installers in Holland?

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.

Holland, MI Solar Panel Cost FAQs

  • In October, 2024, the typical price per watt for solar panels in Holland, MI is $3.83/W. After the federal tax credit, the estimated cost for a 5 kW solar panel system in Holland, MI is roughly $13,405.

  • Utilities and government agencies in Michigan are currently offering 14 different rebates and incentives. Furthermore, the majority of people qualify for the 30% federal tax credit.

  • Paying cash offers the highest savings, but there are now numerous financing options for solar panels that are also financially beneficial. Installers frequently provide financing options and will specify them in your initial quotes.

  • Yes, the average 5 kW solar panel payback period in Holland, MI stands at 12 years, yielding average electricity savings of $9,227 over 20 years.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01