Solar Panel Cost Guide in Andover, MN (2023 Update)
- Andover Solar Installation Cost: $14,271
- 25-Year Savings: $19,448
- Payback Period: 10.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Andover
Let's take a look at the average cost of solar panels in Andover.
The average cost of a solar panel system in Andover is 2.84 per watt. The average Andover homeowner needs a 7.2-kilowatt system, which would cost about $14,274 with the federal tax credit, or $20,412 before the 30% tax credit is applied.
How much you pay can be higher or lower than the average in Andover depending on a few factors, such as the kind of solar panels you choose and the solar installer you hire. For many homeowners, the upfront cost of solar power is worth paying. On average homeowners in Andover see about $18,000 in savings on energy bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Andover
| Year | Return on Investment |
|---|---|
| 1 years | $-13,009 |
| 3 years | $-10,484 |
| 5 years | $-7,959 |
| 7 years | $-5,434 |
| 9 years | $-2,909 |
| 11 years | $-384 |
| 13 years | $2,142 |
| 15 years | $4,667 |
| 17 years | $7,192 |
| 19 years | $9,717 |
| 21 years | $12,242 |
| 23 years | $14,767 |
| 25 years | $17,292 |
Top Solar Installers in Andover
Many homeowners opt for a solar installer since trying to install solar panels on your own can be challenging. Companies can also provide access to a large variety of the best solar panels and help you pick which one will be right for your home.
If you'd like to switch to solar energy but still aren't sure which solar installer to go with, here are our suggestions for providers near you:
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 Andover
Factors that Affect Solar Panel Costs in Andover
There are several factors that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
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 electricity your household consumes, the larger your system will likely need to be. You can expect to spend around $2,840 per kilowatt in Andover. The brand and kind 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 have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, 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 Andover to be too expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in paying more over time due to interest. 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 above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The last key cost factor you should keep in mind is the installer you choose. Given the growing popularity of sustainable energy solutions in Andover, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger 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 | $15,777 | 11.0 years |
| 8 kW | $2.90 | $16,222 | $21,355 | 10.8 years |
| 10 kW | $2.84 | $19,880 | $27,091 | 10.6 years |
| 12 kW | $2.78 | $23,379 | $32,986 | 10.4 years |
| 14 kW | $2.73 | $26,719 | $39,041 | 10.2 years |
| 16 kW | $2.67 | $29,900 | $45,254 | 9.9 years |
| 18 kW | $2.61 | $32,921 | $51,626 | 9.7 years |
| 20 kW | $2.56 | $35,784 | $58,158 | 9.5 years |
How to Save on Solar Panels
Since the type of solar panels and the installation company you choose significantly influences your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years in most cases provide good-quality solar panel installation and expertise.
- Contract: Even though reading through a contract can be tedious, it's important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Solar Panel Brands: Different companies have various brands and types of panels. If you prefer a specific brand, make sure the solar installer you're considering has it.
- Installation Process: Make sure you're on the same page with the installer with regard to how the installation process will go and what needs to be done before your solar system is installed, such as repairing your electrical system or roof.
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 Andover, MN Solar Cost FAQs
What is the average cost of installing solar panels in Andover?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
What other factors should I consider in addition to cost when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to consider are the quality and durability of your solar panels.
How will solar panels impact how much my home is worth?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.