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 about 4.Since a 7.1-kW system is needed to cover the energy usage 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.
How much you pay can be higher or lower than the average in Albert Lea depending on a variety of factors, such as the kind of solar panels you choose and the solar installer you hire.With typical savings of about $18,000 on energy bills over 20 years, many homeowners in Albert Lea find going solar has a decent ROI.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
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 decide to hire a solar installer since installing solar panels yourself can be hard. Plus, warranties and repairs from your solar panel installer can protect your investment and bring down the cost of maintenance over the lifespan of your panels.
Working with a vetted solar installer can help you make the most of your investment in solar. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
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
The cost of installing a solar system in Albert Lea can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $4,030.The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Albert Lea to be too expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to paying more over time because of interest.You’ll have to consider the long-term cost of financing options, including the total interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Albert Lea, and each can charge varying amounts for labor and equipment.Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and choose a company that provides the products, warranties and services you’re looking for and also fit into your budget.
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
Since the model of solar panels and the installation company you choose considerably affects your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: Warranties that cover defective panels and repairs over around 25 years are the best you can get in the business, and offering such a warranty is one mark of a quality company.
- Contract: Although reading through a contract can be tedious, it’s important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Solar Panel Brands: The kind of solar panel you’d like to install plays a part in which company you should opt for, since different companies have different panels.
- Reputation: Companies that have been in business for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
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?
This is a tough question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $20,150 for a 5-kW system and $40,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Albert Lea?
Leasing solar panels can be an appealing choice, as it often 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 way to go if you want to maximize your savings.
Can solar panels eliminate my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Albert Lea, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
To figure out what solar panel system size 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 house 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.