Solar Panel Cost Guide in Baxter, MN (2023 Update)
- Baxter Solar Installation Cost: $14,369
- 25-Year Savings: $16,453
- Payback Period: 11.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Baxter
Let's take a look at the average cost of solar in Baxter.
The average cost of a solar panel system in Baxter is 2.84 per watt. To account for the typical energy usage of the average home in Baxter, most homeowners require a 7.2-kilowatt system. Using the figure above, a solar installation costs around $14,373, or $20,553 before the federal solar tax credit of 30% is applied.
These figures are just estimates, and the cost of going solar for you will most likely vary based on your specific situation and what company you go with. For most homeowners, the upfront investment in solar panels is worth paying. On average homeowners in Baxter see about $16,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a top solar installer in Baxter for a quote for your home.
Solar savings over time in Baxter
| Year | Return on Investment |
|---|---|
| 1 years | $-14,266 |
| 3 years | $-14,061 |
| 5 years | $-13,855 |
| 7 years | $-13,650 |
| 9 years | $-13,444 |
| 11 years | $-13,239 |
| 13 years | $-13,033 |
| 15 years | $-12,828 |
| 17 years | $-12,622 |
| 19 years | $-12,417 |
| 21 years | $-12,211 |
| 23 years | $-12,006 |
| 25 years | $-11,801 |
Top Solar Installers in Baxter
Although you can install solar panels on your own, it takes extra time and handiness. For that reason, most people choose to go with a solar panel installer. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term because of their warranties, repair services and expert design.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Baxter
Factors that Affect Solar Panel Costs in Baxter
For many Baxter homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Baxter, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you'll pay, which we'll go over 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 energy your household consumes, the larger your system will likely need to be. You can expect to pay about $2,840 per kilowatt in Baxter. The brand of solar panels and equipment you choose is another factor that will significantly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are a solid choice because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years. However, the interest on solar loans also adds to your all-in costs, so it's crucial to keep that in mind as well. You can always lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar installation companies in Baxter, and each can charge different amounts for labor and equipment. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $13,181 | 12.1 years |
| 8 kW | $2.90 | $16,222 | $17,893 | 11.9 years |
| 10 kW | $2.84 | $19,880 | $22,764 | 11.7 years |
| 12 kW | $2.78 | $23,379 | $27,793 | 11.4 years |
| 14 kW | $2.73 | $26,719 | $32,982 | 11.2 years |
| 16 kW | $2.67 | $29,900 | $38,330 | 11.0 years |
| 18 kW | $2.61 | $32,921 | $43,837 | 10.7 years |
| 20 kW | $2.56 | $35,784 | $49,503 | 10.5 years |
How to Save on Solar Panels
There are numerous companies to choose from in Baxter, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Contract: Even though reading through a contract can be tedious, it's important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: Warranties that cover defective panels and repairs over a long period of time such as 25 years are the best you can get in the business, and offering that kind of warranty is one mark of a good company.
- Solar Panel Brands: The kind of solar panel you'd like plays a role in which company you should choose, since different companies have access to different panels.
- Installation Process: When making the switch to solar, it's necessary to keep an open line of communication with your solar panel installer. Make sure you understand how the installation process works and the project completion timeline.
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 Baxter, MN Solar Cost FAQs
How much does it cost to install solar panels in Baxter?
This is a hard question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Baxter?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Is making the switch to solar worth it?
Solar panels can be a fruitful investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already pretty low, solar panels might not be for you.
How long do solar panels last in Baxter?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.