Solar Panels Cost 2.7k-13k in Petoskey, MI | October, 2024

Solar Panels Cost $2.7k-$13k in Petoskey, MI | October, 2024

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

You'll spend around $3.95/W to go solar in October, 2024 in Petoskey, MI.

For every 1000 watts (1 kW) your solar system can generate, you will need to invest, on average, $3,950 to have it installed. In Petoskey, a 5 kW solar installation will cost you, on average, $13,825 after the 30% federal income tax credit. To meet your energy needs, you may require more than a 5kW system.

On the left, you can select your county to find out the average roof size and the maximum capacity for residential solar on houses in your area. Outlined below are the price, payback period, and 20-year average savings for a 5 kW system installed in your county.

Average out-of-pocket cost for a 5 kW system The upfront amount spent to buy and install solar.
Petoskey: $13,825US Average: $12,562
Average Payback Period The number of years until you break even on the solar investment.
Petoskey: 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.
Petoskey: $2,985US Average: $15,784

Solar Potential in Petoskey

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

Roof size 644sq. ft.
Capacity 9kW DC
Electricity 9.7kkWh AC per yr.

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

Petoskey energy consumers generally use 558 kWh monthly, with an average monthly bill of $94.73. Keep in mind that this figure covers both apartments and smaller homes, which typically require reduced energy.

The mean rate for electricity in Petoskey, MI during October, 2024 is 16.97¢ per kWh.

Typical electricity users in Petoskey will need a solar system of 5 kW or higher to cover their entire electricity usage requirements. The expected cost is around $19,750for a 5 kW setup before incentives, but the federal tax credit gives you 30% back, lowering the cost to $13,825.

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Average solar panel costs by system size in Petoskey

On your left, we have displayed a thorough pricing details for various solar panel system sizes set up in Petoskey. More extensive solar installations come with a larger expense, yet they also offer higher electricity savings and higher income tax credits.

Refer to the solar panel cost calculator down and to the right to see the cost and benefit details derived from an average $94.73 electric bill in Petoskey. To get more personalized results, just adjust the $94.73to match your average electricity bill amount.

System Size 1kW
Roof Size Min. space required
72 ft²
Electricity Value Annual Production $232 a year
Est. Price
$2,765
Savings from a 1kWthis system
  • Est. yearly production 1,367 kWh
  • Est. monthly savings $19
  • Full payback in 2 years
Environmental Impacts
  • Reduces CO2 emissions by 0.84 tons a year
  • Equivalent to planting 39 trees a year
  • Equivalent to driving 2,086 mi less a year
System Size 2kW
Roof Size Min. space required
143 ft²
Electricity Value Annual Production $465 a year
Est. Price
$5,530
Savings from a 2kWthis system
  • Est. yearly production 2,734 kWh
  • Est. monthly savings $39
  • Full payback in 5 years
Environmental Impacts
  • Reduces CO2 emissions by 1.69 tons a year
  • Equivalent to planting 77 trees a year
  • Equivalent to driving 4,172 mi less a year
System Size 3kW
Roof Size Min. space required
215 ft²
Electricity Value Annual Production $697 a year
Est. Price
$8,295
Savings from a 3kWthis system
  • Est. yearly production 4,101 kWh
  • Est. monthly savings $58
  • Full payback in 7 years
Environmental Impacts
  • Reduces CO2 emissions by 2.53 tons a year
  • Equivalent to planting 116 trees a year
  • Equivalent to driving 6,257 mi less a year
System Size 4kW
Roof Size Min. space required
286 ft²
Electricity Value Annual Production $930 a year
Est. Price
$11,060
Savings from a 4kWthis system
  • Est. yearly production 5,468 kWh
  • Est. monthly savings $77
  • Full payback in 10 years
Environmental Impacts
  • Reduces CO2 emissions by 3.37 tons a year
  • Equivalent to planting 155 trees a year
  • Equivalent to driving 8,343 mi less a year
System Size 5kW
Roof Size Min. space required
358 ft²
Electricity Value Annual Production $1,162 a year
Est. Price
$13,825
Savings from a 5kWthis system
  • Est. yearly production 6,835 kWh
  • Est. monthly savings $95
  • Full payback in 12 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

Petoskey Solar Panel Installation Incentives & Rebates | 2024

Between 80% and 100% of your solar energy or wind turbine installation costs may be covered by the REAP Grant if you own a rural small business or farm. Confirm if you are eligible by utilizing our REAP Grant eligibility tool.

Almost all homeowners can take advantage of the 30% federal income tax credit for residential solar, making solar energy a sensible option throughout most parts of the country. Several state and local efforts are designed to boost the adoption of solar energy.

Various utilities and government agencies in Michigan have 14 solar rebate and incentive initiatives.

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 expect to live in your home beyond the payback period of your solar system, solar panels are an excellent choice in Petoskey. If you install a 5 kW solar system in Petoskey, MI, you might save $8,910.2 over 20 years on average, with a break even point at roughly 12 years.

The cost of not having solar panels in Petoskey, MI

The absence of solar panels or an alternative energy backup means that you forgo the savings noted earlier and depend on your electric utility for electricity. Recent news has proven that total reliance on your utility company is not always ideal.

In recent times, the average number of utility outages per customer annually in Petoskey has been about 1.21. On average, the length of an outage is 191.67 minutes. Major events like overloaded power grids, wildfires or construction accidents can cause these durations to rise considerably.

With or without a backup battery, a solar panel system could help to mitigate the effects of future power interruptions you might face.

Power Outages

Currently, 0 customers are being tracked in Emmet County.

Learn more

Customers Out:

0

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

Your Energy Needs - Despite the larger initial expense, the cost per watt drops when using larger solar panel systems. Many individuals find it advantageous to set up a system that can generate enough electricity to replace the entirety of their electric bill. This math makes the most sense for optimal savings.

Make & Model - Similar to other industries, the solar energy sector features a wide range of solar panel brands and designs. Because the installer might have certain system preferences, it's important to select a reputable installer. The utilization of better equipment is probably will provide a more positive long-term experience for buyers.

Solar Panel Type - The standard in the industry is now monocrystalline panels, and for good reason. They have a higher price, but they produce more energy. Many solar panel installers opt for this kind of material.

Your Property - Each property and home has its own unique features. Sloped land, trees, or other barriers may add to the difficulty of the installation. Most solar installers today are able to leverage satellite imagery to assess your home and include these elements in the preliminary cost estimate.

Labor Rates - Companies offer different pay rates to their employees, which are then shown in the prices consumers pay. Higher wages frequently lead to companies getting better reviews for their work and customer service.

Permitting & Interconnection - The final price of your installation will be affected by local permitting and utility interconnection fees, which vary by location. Reliable local installers will incorporate these figures into your initial estimates to prevent any surprises.

See what solar panels cost in other MI cities

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Who are the best solar installers in Petoskey?

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.

Petoskey, MI Solar Panel Cost FAQs

  • The cost per watt for solar panels in Petoskey, MI during October of 2024 averages $3.95/W. Post federal tax credit, a 5 kW solar panel system installation in Petoskey, MI will roughly cost $13,825.

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

  • While paying cash ensures the greatest savings, there are now various financing options for solar panels that are also beneficial. Installers will often provide details on financing partners in the quotes they provide initially.

  • Yes, the average 5 kW solar panel payback period in Petoskey, MI stands at 12 years, yielding average electricity savings of $8,910.2 over 20 years.
King Manalo
Last Reviewed By: King Manalo
Published: 2024-10-01