Solar Panel Cost Guide in Bloomington, MN (Nov 2022)

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

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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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. To cover the typical energy needs of the average home in Bloomington, most homeowners require a 7.2-kilowatt system. Using the per-watt figure above, a solar installation costs around $14,314, or $10,592 after the federal solar tax credit of 30% is applied.

The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of going solar can vary quite a bit depending on a few factors, such as how many panels you need, your energy usage and what company you go with. With typical savings of about $19,000 on power bills over 20 years, many homeowners in Bloomington find installing solar panels has a decent ROI.

For a free quote from a local solar company that has been pre-vetted by the EcoWatch team, 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

Many homeowners opt for a solar installer since trying to put up solar panels on your own can be a lot of work. Solar installers provide key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.

If you'd like to start using solar energy but still aren't certain which solar company to go with, here are our suggestions for providers near you:

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

For many Bloomington homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Bloomington, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you'll pay, which we'll go over below.

Solar Equipment

When it comes to estimating the cost of a solar energy system in Bloomington, one of the most important 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 usage, which you can figure out by looking at past energy bills. Your total cost can increase by about $2,840 for each additional kilowatt you need. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your energy bills. Additionally, extra products, like solar batteries, can bump up your total well above the Bloomington average.

Solar Financing Terms

Most solar companies in Bloomington provide solar loans, which reduce the initial cost of installing a solar system. You'll have to consider the long-term cost of financing options, including the total interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.

Solar Panel Installation Company

A final consideration when trying to evaluate the cost of solar for your home or business in Bloomington is the company you choose to install your solar panel system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that provide a range of services for different budgets. Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 $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

Since the brand of solar panels and the company you choose greatly impacts your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:

  • Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
  • Contract: It's important to read through your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
  • Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you choose.
  • Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases provide quality solar panel installation and expertise.

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

How much does it cost to install solar panels in Bloomington?

This is a tough question to answer exactly, because the cost depends on a variety of factors. Generally 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 extra solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.

Should I lease or buy solar panels in Bloomington?

Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.

How will solar panels impact how much my home is worth?

Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Bloomington is currently $285,709, which means you can expect about a value of about $11,714 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Bloomington is a fruitful investment.

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.

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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