Solar Panel Cost Guide in Albert Lea, MN (Mar 2023)
- Albert Lea Solar Installation Cost: $14,155
- 25-Year Savings: $19,894
- Payback Period: 10.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Albert Lea
We break down average solar pricing in Albert Lea.
The average cost of solar panels in Albert Lea is 2.84 per watt. Since a 7.1-kW system is needed to cover the energy consumption of a typical home in Albert Lea, the average price of going solar will be about $14,155 after claiming the federal solar tax credit of 30%.
How much you pay can be above or below the average in Albert Lea depending on several factors, such as the model of solar panels you choose and the solar company you hire. For most homeowners, the upfront cost of solar panels is worth paying. On average Albert Lea homeowners see about $18,000 in savings on energy bills over 20 years.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Albert Lea
| Year | Return on Investment |
|---|---|
| 1 years | $-12,793 |
| 3 years | $-10,069 |
| 5 years | $-7,345 |
| 7 years | $-4,621 |
| 9 years | $-1,897 |
| 11 years | $827 |
| 13 years | $3,551 |
| 15 years | $6,275 |
| 17 years | $8,999 |
| 19 years | $11,723 |
| 21 years | $14,447 |
| 23 years | $17,171 |
| 25 years | $19,894 |
Top Solar Installers in Albert Lea
When switching to solar energy, many homeowners opt to go with a solar installation company since installing a solar system yourself can be a time-consuming project. Plus, if you're not certain what type of solar panels and equipment you need, a solar company can help you figure that out after a site survey and consultation.
Working with a professional solar installer can help you make the most of your investment in solar. Here are our recommendations:
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
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
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 primary 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 discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar system in Albert Lea, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can gauge by looking at past energy bills. Your overall cost can increase by about $2,840 for each additional kilowatt you need. The brand and type of equipment you get 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 can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Albert Lea homeowners decide to finance their solar panel systems to offset upfront costs. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only 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 finding a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you pick will impact your total cost to go solar. Different companies will bill different amounts for the equipment and labor. The size of the company can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $2.95 | $12,405 | $16,295 | 10.8 years |
| 8 kW | $2.90 | $16,222 | $22,045 | 10.6 years |
| 10 kW | $2.84 | $19,880 | $27,954 | 10.4 years |
| 12 kW | $2.78 | $23,379 | $34,022 | 10.2 years |
| 14 kW | $2.73 | $26,719 | $40,249 | 10.0 years |
| 16 kW | $2.67 | $29,900 | $46,635 | 9.8 years |
| 18 kW | $2.61 | $32,921 | $53,180 | 9.6 years |
| 20 kW | $2.56 | $35,784 | $59,884 | 9.4 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Contract: Review the contract terms closely to make sure you understand how much it will cost, project timeline rebates and warranties.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can research your installer's reputation is by reading reviews.
- Installation Process: Make sure you're aligned with the installer regarding how the installation process will go and what needs to be done before your solar panel system is installed, such as repairing your electrical system or roof.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
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
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
EcoWatch's Albert Lea, MN Solar Cost FAQs
What is the average cost of installing solar panels in Albert Lea?
The average cost of solar panels in Albert Lea is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the actual cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Albert Lea?
A solar panel system isn't free in Albert Lea, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
How much can I save on energy bills after installing solar panels?
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 can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Albert Lea?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.