Benefits of Solar Energy
Solar energy offers multiple benefits. Let's look at a few of them.
- Lowered energy bills: You can dodge the added cost of grid-tied power by generating some electricity at home. Plus, many states offer net metering which can allow you to sell your unused energy back for credits on your bill.
- Better energy independence: Solar energy can keep your home functioning through blackouts and emergencies. You can use your solar energy anytime with an optional battery storage system.
- Reduced carbon footprint: Using clean solar power means you're less dependent on fossil fuels, which emit harmful greenhouse gasses.
What Solar Incentives Are Available to Canton Homeowners?
Michigan agencies and electric companies offer multiple solar incentives to help cut your solar system costs. Below is a breakdown of applicable solar programs where you live.
Incentive Type: Loan Program
Website: michigansaves.orgIncentive Amount:
$30,000
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Canton
Choosing a company is the first step toward a well-oiled and valuable solar energy system. Here are some important factors to keep in mind while searching for a solar provider.
Licensing and Training
Michigan law has a de facto licensing requirement for solar photovoltaic installers. In other words, while solar contractors technically don't need a license by the letter of the law, workers dealing with electrical wiring jobs do need a license. Solar thermal systems must be installed by a licensed mechanical contractor. Look for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), among the solar sector's most credible trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Canton
The style of solar panels you choose determines how much electricity you can generate. Monocrystalline panels and high-quality and cost more but give you the best performance. Polycrystalline panels work with a tried-and-true mechanism and cost less, but produce less power. Thin-film panels aren't recommended for large residential installations, but they are ideal for small projects like converting RVs and sheds.
If you need to charge an electric vehicle (EV) or use your solar power in dark weather, you can pay extra for add-ons. By selecting the right components, you can make your system more productive and user-friendly. Not every solar contractor provides these additional features, so look for a contractor that installs them if it's a priority for you.
If you're a resident of Canton and are considering getting a five-kilowatt solar energy system, you could expect to pay about $20,300 for parts and installation. See more information on specific component and solar panel costs in the table.
Solar Panel Cost | Average Cost |
---|---|
Solar Monocrystalline | $1,133 |
Solar Polycrystalline | $883 |
Thin-Film | $516 |
Solar Battery | $725 |
Solar Home EV Charger | $2,718 |
Financing Solar Energy in Canton
Solar companies use multiple different financing options to increase your savings and lower your costs. Though some providers offer unique payment plans, the most common are power purchase agreements (PPAs), cash payments, solar loans and solar leases. We advise paying with cash or securing a solar loan for the highest return on investment (ROI). Cash payments require a hefty sum up-front, but you’ll pay the least long-term by avoiding interest. You’ll also have full ownership of your system and can apply for solar panel incentives to reduce your total costs. Solar loans are another good option if you don’t want to make a big initial investment. You can pay for your system in installments while still enjoying energy bill savings and solar incentives. However, you’ll pay more in total due to accruing interest. Solar leases allow you to use your panels for a set monthly rate, while PPAs let you pay only for the energy you use, much like an electric bill. Both options disqualify you for solar incentives and don't grant you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. Look for installers that offer multiple payment plans to find the right fit for your budget.
The table below lists the average payback periods for different capacities of solar systems in Canton.
You are eligible for a 26% federal solar tax credit for new solar energy devices until the year 2032. Local and state governments and utility companies might also offer rebates, discounts, and dedicated financing plans that could save you more.
Solar System Capacity | Estimated Payback period |
---|---|
1 kW | 2.1 years |
2 kW | 4.1 years |
5 kW | 10.2 years |
10 kW | 20.5 years |
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Frequently Asked Questions About Solar in Canton
How much money could I save by going solar in Canton?
Is solar energy easily accessible in Canton?
Will solar panels improve my Canton home value?
Could I still use solar power if I live in a wooded, dark, or rainy area?
What size should my new Canton solar system be?
What is the average payback period for Canton solar panels?
How are a solar lease and PPA different?
You don't own the panels with either option, though you can choose to opt out of the contract for a fee.
What's the difference between a PPA and traditional financing?
You might consider a PPA if you don’t want to be responsible for maintenance and don’t want to invest in a system, but keep in mind you won’t be paying toward ownership or be able to access any cost-saving solar incentives. Many solar experts don’t recommend PPAs. Our guide covers other payment options above.
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