Solar Panels Cost 5.3k-16k in Novi, MI | November, 2024

Solar Panels Cost $5.3k-$16k in Novi, MI | November, 2024

High Power Bills?

Reduce or replace your electricity bill with solar

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

Currently, in Novi, MI in the month of November, 2024, the price per each watt of solar panels is $3.82/W.

It will cost you $3,820, on average, for every 1K (or 1000 watts) of capacity that your solar panels have. After deducting the 30% federal tax credit, a 5 kW system in Novi typically costs $13,370. Please note that a larger system might be essential to ensure your energy needs are met.

To your left, you have the option to choose your county and view the typical roof size along with the average maximum capacity for solar panel installations on homes in your area. The following analysis, below, highlights the price, 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.
Novi: $13,370US Average: $12,523
Average Payback Period The number of years until you break even on the solar investment.
Novi: 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.
Novi: $10,413US Average: $16,169

Solar Potential in Novi

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

Roof size 697sq. ft.
Capacity 9.75kW DC
Electricity 10.7kkWh AC per yr.

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

Energy consumers in Novi usually pay $122.97 per month for electricity, consuming an typical of 610 kWh. Compact dwellings, such as condos and apartments, are also encompassed in the figures noted in the previous sentence.

The rate of electricity in Novi, MI, on average, is 20.17¢ per kWh in November 2024.

If you’re an average energy user in Novi you need a 6 kW or higher sized system to cover your full electricity demands. The price of aa 6 kW solar installation is approximately $22,920 initially, but with a 30% tax credit, the total cost drops to $16,044.

Go Solar for less than your cell phone bill.

Average solar panel costs by system size in Novi

To the left below, you'll find the cost breakdown for various sizes of the solar panel systems installed in Novi. A bigger solar array will expectedly cost more, but it will also provide more significant electricity savings and increased income tax credits.

The calculator to the right and below provides a detailed summary of solar panel costs and benefits, based on an average electric bill of $122.97 in Novi. For a more accurate estimate, change the $122.97 with your usual electricity bill amount.

System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $547 a year
Est. Price
$5,348
Savings from a 2kWthis system
  • Est. yearly production 2,734 kWh
  • Est. monthly savings $46
  • Full payback in 4 years
Environmental Impacts
  • Reduces CO2 emissions by 1.56 tons a year
  • Equivalent to planting 72 trees a year
  • Equivalent to driving 3,867 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $820 a year
Est. Price
$8,022
Savings from a 3kWthis system
  • Est. yearly production 4,101 kWh
  • Est. monthly savings $68
  • Full payback in 5 years
Environmental Impacts
  • Reduces CO2 emissions by 2.34 tons a year
  • Equivalent to planting 108 trees a year
  • Equivalent to driving 5,801 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $1,094 a year
Est. Price
$10,696
Savings from a 4kWthis system
  • Est. yearly production 5,468 kWh
  • Est. monthly savings $91
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 3.12 tons a year
  • Equivalent to planting 144 trees a year
  • Equivalent to driving 7,734 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,367 a year
Est. Price
$13,370
Savings from a 5kWthis system
  • Est. yearly production 6,835 kWh
  • Est. monthly savings $114
  • Full payback in 9 years
Environmental Impacts
  • Reduces CO2 emissions by 3.91 tons a year
  • Equivalent to planting 179 trees a year
  • Equivalent to driving 9,668 mi less a year
System Size 6kW
Roof Size Min. space required
429 ft²
Electricity Value Annual Production $1,640 a year
Est. Price
$16,044
Savings from a 6kWthis system
  • Est. yearly production 8,202 kWh
  • Est. monthly savings $123
  • Full payback in 11 years
Environmental Impacts
  • Reduces CO2 emissions by 4.22 tons a year
  • Equivalent to planting 194 trees a year
  • Equivalent to driving 10,439 mi less a year

Novi Solar Panel Installation Incentives & Rebates | 2024

Eligible rural small businesses and farmlands might have their solar energy or wind turbine installation costs covered by the REAP Grant, ranging from 80% to 100%. Think you are eligible? Use our REAP Grant eligibility tool to verify your qualification.

With the 30% federal income tax credit, nearly all homeowners qualify for residential solar, making it a practical option in many regions in the United States. Furthermore, many state and local programs are intended to encourage more people to use solar power.

Residents of Michigan can access 14 solar rebate and incentive programs from a range of utilities and governmental agencies.

Solar incentives in MI

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 Novi. A 5 kW solar system in Novi, MI could potentially save you $16,142.8 over the course of 20 years, with the break even point typically at 9 years.

The cost of not having solar panels in Novi, MI

Beyond forgoing the savings highlighted above, the absence of solar panels or another backup energy solution leads to total dependency on your electric utility for power. Many recent news reports have highlighted that relying entirely on your utility isn't always ideal.

Lately, the average number of utility outages per customer annually in Novi has been about 0.85. On average, an outage lasts 156.84 minutes. Major events such as earthquakes, aging infrastructure, or planned maintenance can significantly extend these time frames.

A solar energy system, regardless of whether it has a backup battery or not, should help relieve the strain of future power outages you may face.

Power Outages

Currently, 0 customers are being tracked in Oakland County.

Learn more

Customers Out:

0

Go Solar for less than your cell phone bill.

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

Your Energy Needs - Larger solar panel setups come with a greater price tag, yet the cost per watt reduces as the size of the system expands. A lot of people find it useful to set up a solar energy system that can offset their entire electric bill. This ensures optimal savings.

Make & Model - Solar panels are offered in a range of makes and models. The installer you select may have certain system preferences, so it's important to select a reputable installer. For buyers desiring a superior long-term experience, choosing better quality makes and models is important.

Solar Panel Type - For good reasons, monocrystalline panels have become the standard in the industry. These panels are more expensive but generate more energy. The majority of installers in the industry use panels made of this material.

Your Property - Each property and home is one of a kind. Trees, uneven ground, or additional hindrances can increase the difficulty of installing solar panels. Using satellite images, solar installers currently can assess your home and include these elements into the preliminary cost estimate.

Labor Rates - Various wages are paid to employees by various companies, and these expenses are passed on to the consumers. It is frequently observed that companies with higher wages get superior reviews for their services and customer service.

Permitting & Interconnection - Your installation cost will be impacted by area-specific permitting and utility interconnection fees. That said, experienced local installers will be able to integrate these numbers into your preliminary quotes so there are no surprises.

See what solar panels cost in other MI cities

Go Solar for less than your cell phone bill.

Who are the best solar installers in Novi?

YellowLite

Cleveland, OH(216) 333-1364

Services

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

Academy Energy Group

Newburgh, IN(812) 518-2150

Services

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

Power Home Solar

Mooresville, NC(704) 870-3670

Services

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

Dividend Finance

Cincinnati, OH(415) 805-7000

Services

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

Palmetto Solar

Charleston, SC(855) 339-1831

Services

  • 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.
  • Installation of batteries for energy storage.

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(407) 832-42452

Services

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

Harvest Solar

Jackson, MI(888) 907-6527

Services

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

Sunnova Energy

Houston, TX(866) 786-6682

Services

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

GRNE Solar

Palatine, IL(312) 859-3417

Services

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

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

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

Altenergy

Charlottesville, VA(434) 293-3763

Services

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

City Electric Supply

Dallas, TX(866) 634-9853

Services

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

PowerHome Solar

Mooresville, NC(704) 870-3670

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.

Cinci Home Solar

Cincinnati, OH(513) 616-6044

Services

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

Novi, MI Solar Panel Cost FAQs

  • As of November, 2024, the average per-watt cost for solar panels in Novi, MI is $3.82/W. In Novi, MI, installing a 5 kW solar panel system will set you back approximately $13,370 after federal tax incentives.
  • There are 14 rebates and incentives available in Michigan from a range of utility providers and government organizations. On top of that, most individuals are eligible for the 30% federal income tax credit.
  • While cash payments offer the most savings, there are now many financing options for solar panels that are also financially beneficial. Financing partners are often associated with many installers, and this will be provided in your initial quotes.
  • Yes, the average 5 kW solar panel payback period in Novi, MI stands at 9 years, yielding average electricity savings of $16,142.8 over 20 years.
Matt Hope
Last Reviewed By: Matt Hope
Published: 2024-11-01