Solar Panel Cost Guide in Albert Lea, MN (2024 Update)
- Albert Lea Solar Installation Cost: $20,080
- 25-Year Savings: $11,906
- Payback Period: 14.7 Years
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Average Cost of Solar Panels in Albert Lea
Find out what the average cost of solar panel installation is in Albert Lea.
While the national average of solar panels is $2.66 per watt, solar panels in Albert Lea generally cost around 4.Since a 7.1-kW system is needed to cover the energy costs of a typical home in Albert Lea, the average price of going solar will be about $20,080 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of installing solar panels can vary based on multiple factors, such as how many panels you need, your energy consumption and what installation company you go with.Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Albert Lea can save about $18,000 on their energy bills over 20 years.
You can click the button below to get connected with a vetted solar company in Albert Lea that can help you get a more accurate cost estimate for your home.
Solar savings over time in Albert Lea
| Year | Return on Investment |
|---|---|
| 1 years | $-18,801 |
| 3 years | $-16,242 |
| 5 years | $-13,683 |
| 7 years | $-11,124 |
| 9 years | $-8,565 |
| 11 years | $-6,006 |
| 13 years | $-3,447 |
| 15 years | $-889 |
| 17 years | $1,670 |
| 19 years | $4,229 |
| 21 years | $6,788 |
| 23 years | $9,347 |
| 25 years | $11,906 |
Top Solar Installers in Albert Lea
Many homeowners opt for a solar installer since installing solar panels on your own can be a lot of work. Solar companies provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Albert Lea
Factors that Affect Solar Panel Costs in Albert Lea
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that determine your overall cost in Albert Lea: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
One of the most important factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay around $4,030 per kilowatt in Albert Lea.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Albert Lea, where sunlight isn’t as abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system out of pocket is too expensive, solar loans are an affordable option because they lower your upfront costs and allow you to pay for your system over five to seven years on average.However, the interest on solar loans also adds to your all-in costs, so it’s vital to consider that as well. You can always bring down the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Albert Lea is the company you hire to install your PV system. Similar to choosing a company to install new cabinets, for example, you’ll have no shortage of solar installers that provide a range of services at different costs.Additionally, some companies in Albert Lea have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.19 | $17,603 | $11,097 | 15.3 years |
| 8 kW | $4.11 | $23,019 | $15,248 | 15.0 years |
| 10 kW | $4.03 | $28,210 | $19,624 | 14.7 years |
| 12 kW | $3.95 | $33,175 | $24,226 | 14.4 years |
| 14 kW | $3.87 | $37,914 | $29,053 | 14.2 years |
| 16 kW | $3.79 | $42,428 | $34,106 | 13.9 years |
| 18 kW | $3.71 | $46,716 | $39,385 | 13.6 years |
| 20 kW | $3.63 | $50,778 | $44,890 | 13.3 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for a long time and save you money on repairs and maintenance.
- Contract: Review the contract terms thoroughly to make sure you understand the total cost, project completion timeline rebates and warranties.
- Solar Panel Brands: The model of solar panel you’d like to get plays a role in which installer you should go with, since different companies have different panels.
- Reputation: Your solar installer should have a sound reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Albert Lea, MN Solar Cost FAQs
How much does it cost to install solar panels in Albert Lea?
The average cost of solar panels in Albert Lea is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Albert Lea?
Leasing solar panels can be an appealing choice, because it usually comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Can solar panels completely eradicate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $956.68 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.