Solar Panel Cost Guide in Annandale, MN (2023 Update)
- Annandale Solar Installation Cost: $14,166
- 25-Year Savings: $17,874
- Payback Period: 11.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Annandale
Let's have a look at the average cost of solar in Annandale.
In Annandale, solar panels cost about 2.84 per watt on average. Using this figure, a typical 7.1-kW system would cost about $14,174 before the 30% federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of solar panels you want, your solar contractor and more. Despite the high initial cost, the average Annandale homeowner can save around $17,000 on their electricity bills over 20 years, which is one of the benefits of solar.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Annandale
| Year | Return on Investment |
|---|---|
| 1 years | $-14,059 |
| 3 years | $-13,846 |
| 5 years | $-13,632 |
| 7 years | $-13,418 |
| 9 years | $-13,205 |
| 11 years | $-12,991 |
| 13 years | $-12,778 |
| 15 years | $-12,564 |
| 17 years | $-12,350 |
| 19 years | $-12,137 |
| 21 years | $-11,923 |
| 23 years | $-11,710 |
| 25 years | $-11,496 |
Top Solar Installers in Annandale
Trying to put up solar panels by yourself can be a challenging task, which is why using a solar installer is a good option for many homeowners. Plus, if you aren't sure what type of solar panels and equipment you want, a solar company can help you figure that out after a site survey and consultation.
If you're searching for a solar company in Annandale, the EcoWatch team has compiled a list of our top suggestions here:
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 Annandale
Factors that Affect Solar Panel Costs in Annandale
There are several factors that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,840. The brand of solar panels and equipment you choose is another factor that will considerably influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Annandale to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to a higher cost over time due to interest. When considering your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The solar installation company you select will influence your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
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 | $14,573 | 11.5 years |
| 8 kW | $2.90 | $16,222 | $19,748 | 11.3 years |
| 10 kW | $2.84 | $19,880 | $25,083 | 11.1 years |
| 12 kW | $2.78 | $23,379 | $30,576 | 10.8 years |
| 14 kW | $2.73 | $26,719 | $36,229 | 10.6 years |
| 16 kW | $2.67 | $29,900 | $42,041 | 10.4 years |
| 18 kW | $2.61 | $32,921 | $48,012 | 10.2 years |
| 20 kW | $2.56 | $35,784 | $54,142 | 9.9 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Installation Process: When going solar, it's necessary to maintain an open line of communication with your solar company. Confirm that you understand how the installation process will go and the project timeline.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Contract: Although reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Solar Panel Brands: Different companies offer various brands and models of panels. If you know you want a specific brand, make sure the solar installer you're considering has it.
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 Annandale, MN Solar Cost FAQs
What is the average cost of installing solar panels in Annandale?
The average cost of solar panels in Annandale 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 stuff such as the type of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will installing solar panels impact the value of my home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Annandale is currently $242,300, so you can expect a value of about $9,934 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Annandale is a rewarding investment.
How long do solar panels last in Annandale?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them once you've had them for that long or you can keep using 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.