The cost of solar panel installation varies widely depending on several factors. These factors include the size of the solar system needed, your location, the type of equipment chosen, and the specific installer. On a national average in the U.S., a typical residential solar panel system might cost between $15,000 and $25,000 before federal tax credits. That translates to about $2.50 to $3.50 per watt. After applying the federal Investment Tax Credit (ITC), the cost might reduce by about 26%. Please note, these are rough estimates and costs are likely to change over time. Moreover, the cost in Michigan may differ due to state-specific factors, including state incentives, local sunlight conditions, local electricity rates, and more. To get the most accurate and up-to-date information, it's recommended to contact local solar installers for quotes and to ask about any available local or state incentives. Always get multiple quotes to compare the best options.