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:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
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:
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.
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.
EcoWatch's Bloomington, MN Solar Cost FAQs
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.