Solar Panel Cost Guide in Baxter, MN (Mar 2023)
- Baxter Solar Installation Cost: $14,373
- 25-Year Savings: $16,449
- Payback Period: 11.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Baxter
Find out what the average cost of solar panel installation is in Baxter.
In Baxter, solar panels cost about 2.84 per watt on average. The average Baxter homeowner needs a 7.2-kilowatt system, which would cost about $14,373 with the federal tax credit, or $20,553 before the 30% tax credit is applied.
The actual price you pay can be above or below the average in Baxter based on several factors, such as the model of solar panels you choose and the solar installer you hire. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Baxter can save around $16,000 on their power bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Baxter
| Year | Return on Investment |
|---|---|
| 1 years | $-13,140 |
| 3 years | $-10,675 |
| 5 years | $-8,209 |
| 7 years | $-5,743 |
| 9 years | $-3,277 |
| 11 years | $-811 |
| 13 years | $1,654 |
| 15 years | $4,120 |
| 17 years | $6,586 |
| 19 years | $9,052 |
| 21 years | $11,518 |
| 23 years | $13,983 |
| 25 years | $16,449 |
Top Solar Installers in Baxter
Installing solar panels on your own can be a challenging task, which is why getting a solar installation company is a good option for many homeowners. Companies can also offer access to a large variety of the best solar panels and help you decide which one will be right for you.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some near you:
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 Baxter
Factors that Affect Solar Panel Costs in Baxter
Although the average cost of a solar system in Baxter is $14,373, your final cost may be higher or lower than that. There are many factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The size of the solar 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, you can expect your total to increase by around $2,840. The type of solar panels and equipment you get is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Further, solar equipment is more than 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 falls within your budget.
Solar Financing Terms
Most solar companies in Baxter provide solar loans, which reduce your upfront costs of installing a solar system. Though solar loans make switching to solar energy more accessible for Baxter homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to consider when trying to evaluate the cost of solar for your home or business in Baxter is the company you hire to install your solar panel system. Similar to choosing a company to renovate your kitchen, for instance, there's no shortage of solar installers that provide a range of services at different price points. The company's size sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have greater 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 promotion can bring their pricing down to compete with bigger names.
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 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 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.