Solar Panel Cost Guide in Bloomington, MN (Jan 2023)

  • Bloomington Solar Installation Cost: $14,314
  • 25-Year Savings: $21,472
  • Payback Period: 10.0 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Bloomington

Find out what the average cost of solar panel installation is in Bloomington.

While the national average of solar panels is $2.66 per watt, solar panels in Bloomington generally cost about $3. Using this figure, a typical 7.2 would cost about $14,314 before the 30% federal solar tax credit is applied.

These figures are just averages, and the cost of going solar for you will vary based on your specific situation and what company you go with. With average savings of about $19,000 on energy bills over 20 years, many homeowners in Bloomington find investing in solar can be quite rewarding.

To receive a free estimate from a vetted solar installation company in Bloomington, you can click the button below.

Solar savings over time in Bloomington

Year Return on Investment
1 years $-12,882
3 years $-10,019
5 years $-7,156
7 years $-4,294
9 years $-1,431
11 years $1,432
13 years $4,295
15 years $7,158
17 years $10,021
19 years $12,884
21 years $15,747
23 years $18,610
25 years $21,472

Top Solar Installers in Bloomington

Although it's possible to install solar panels yourself, it takes extra labor and expertise. That's why most people choose a solar panel installer. The expertise that solar installers offer can be valuable as well, particularly if you don't quite know what brand of solar equipment you need.

Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

★★★★★
4.0

  • 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 Bloomington

Factors that Affect Solar Panel Costs in Bloomington

The cost of installing a solar system in Bloomington can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar company you choose.

Solar Equipment

When it comes to estimating the cost of a solar panel system in Bloomington, one of the most crucial 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 consumption, which you can figure out by looking at past electricity 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 raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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 add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.

Solar Financing Terms

If paying for solar panels out of pocket is difficult, solar loans are a popular route because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. When trying to figure out 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

A final factor to consider when trying to evaluate the cost of solar for your home or business in Bloomington is the company you get to install your solar system. Similar to choosing a company to build a deck or pool, for example, you'll have many options for solar installers that offer a range of services for different budgets. Additionally, some companies in Bloomington are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save more money in the long run.

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 $17,409 10.4 years
8 kW $2.90 $16,222 $23,530 10.2 years
10 kW $2.84 $19,880 $29,810 10.0 years
12 kW $2.78 $23,379 $36,249 9.8 years
14 kW $2.73 $26,719 $42,847 9.6 years
16 kW $2.67 $29,900 $49,604 9.4 years
18 kW $2.61 $32,921 $56,520 9.2 years
20 kW $2.56 $35,784 $63,596 9.0 years

How to Save on Solar Panels

There are a lot of 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:

  • Solar Panel Brands: The model of solar panel you'd like to get plays a part in which installer you should go with, since different companies provide different panels.
  • Contract: It's important to look over your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the cost.
  • Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years most likely provide high-quality solar panel installation and expertise.
  • Warranty: Companies typically offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

EcoWatch's Bloomington, MN Solar Cost FAQs

What is the average cost of installing solar panels in Bloomington?

The average cost of solar panels in Bloomington 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 things like the kind of solar panels you want, what size system you need and how much energy you consume.

Is cost the most important consideration when buying solar panels?

The initial cost is a crucial factor to consider, but whether it's the most important for you depends on why you decided to go solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.

How will installing solar panels impact the value of my home?

Solar panels can increase the value of your home remarkably 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% after installing a solar system."

How long do solar panels last in Bloomington?

On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.

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