Solar Panel Cost Guide in Byron, MN (2024 Update)
- Byron Solar Installation Cost: $20,342
- 25-Year Savings: $22,158
- Payback Period: 13.9 Years
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Average Cost of Solar Panels in Byron
Find out what the average cost of installing solar panels is in Byron.
The average cost of a solar system in Byron is 4 per watt.The average Byron homeowner needs a 7.2-kilowatt system, which would cost about $20,342 with the federal tax credit, or $29,089 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The true 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 installation company you go with.Many homeowners find going solar is a rewarding investment. The average homeowner in Byron can save around $19,000 on their power bills over 20 years.
To get a free estimate from a top solar installer in Byron, you can click the button below.
Solar savings over time in Byron
| Year | Return on Investment |
|---|---|
| 1 years | $-19,063 |
| 3 years | $-16,504 |
| 5 years | $-13,945 |
| 7 years | $-11,386 |
| 9 years | $-8,827 |
| 11 years | $-6,268 |
| 13 years | $-3,709 |
| 15 years | $-1,150 |
| 17 years | $1,409 |
| 19 years | $3,968 |
| 21 years | $6,526 |
| 23 years | $9,085 |
| 25 years | $11,644 |
Top Solar Installers in Byron
Many homeowners choose to hire a solar panel installer since installing solar panels yourself can be hard. Since solar panels are exposed to the elements every day, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
If you’d like to start using solar energy but still aren’t sure which solar installer to go with, here are our recommendations for providers nearby:
See all of the solar companies in Byron
Factors that Affect Solar Panel Costs in Byron
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that will push your cost above or below the average in Byron: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Byron, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can figure out by looking at past power bills. Your overall cost can increase by about $4,030 for each additional kilowatt you need.The kind of solar panels and equipment you want is another factor that will significantly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Moreover, solar equipment is more than just the solar panels themselves. You’ll also need to decide on 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 a solar system out of pocket is out of reach, solar loans are a popular route because they cut back your upfront costs and allow you to pay for your system over five to seven years on average.While solar loans make adopting solar energy more accessible for Byron 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 make 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 keep in mind when trying to evaluate the cost of solar for your home or business in Byron is the company you choose to install your solar panel system. Similar to choosing a company to build a deck or pool, for instance, there are plenty of solar installers that provide a range of services for different budgets.Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and choose a company that provides the products, warranties and services you want and also is within your budget.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.19 | $17,603 | $12,762 | 14.5 years |
| 8 kW | $4.11 | $23,019 | $17,467 | 14.2 years |
| 10 kW | $4.03 | $28,210 | $22,398 | 13.9 years |
| 12 kW | $3.95 | $33,175 | $27,554 | 13.7 years |
| 14 kW | $3.87 | $37,914 | $32,936 | 13.4 years |
| 16 kW | $3.79 | $42,428 | $38,544 | 13.1 years |
| 18 kW | $3.71 | $46,716 | $44,378 | 12.8 years |
| 20 kW | $3.63 | $50,778 | $50,437 | 12.5 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose significantly affects 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 high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Different companies carry different brands and types of panels. If you know you want a specific brand, make sure the solar company you’re considering has it.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years likely offer quality solar panel installation and expertise.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and how long it will take.
EcoWatch's Byron, MN Solar Cost FAQs
What is the average cost of installing solar panels in Byron?
The average cost of solar panels in Byron is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the actual cost will depend on things such as 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?
Cost is a key factor to consider, but whether it’s the most important for you depends on why you decided to go solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Is making the switch to solar worth it?
Solar panels can be a great investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
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 get between 20 and 35 panels to cover 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.