Solar Panel Cost Guide in Cambridge, MN (2023 Update)
- Cambridge Solar Installation Cost: $14,256
- 25-Year Savings: $23,718
- Payback Period: 9.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Cambridge
Find out what the average cost of installing solar panels is in Cambridge.
In Cambridge, solar panels cost about 2.84 per watt on average. The average solar panel system size in Cambridge is around 7.2 kilowatts, meaning a cost of about $14,254 for a solar installation, or $20,383 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy use, the type of equipment you choose, your solar contractor and more. Despite the significant upfront cost, the average Cambridge homeowner can save around $20,000 on their electricity bills over 20 years, which is one of the benefits of solar.
You can click the button below to get connected with a top solar company in Cambridge for a quote for your home.
Solar savings over time in Cambridge
| Year | Return on Investment |
|---|---|
| 1 years | $-12,985 |
| 3 years | $-10,443 |
| 5 years | $-7,901 |
| 7 years | $-5,359 |
| 9 years | $-2,817 |
| 11 years | $-275 |
| 13 years | $2,267 |
| 15 years | $4,809 |
| 17 years | $7,351 |
| 19 years | $9,893 |
| 21 years | $12,435 |
| 23 years | $14,977 |
| 25 years | $17,519 |
Top Solar Installers in Cambridge
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Using an installer can make converting to solar power much easier. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term because of their warranties, repair services and expert design.
If you're looking for a solar installer in Cambridge, the EcoWatch team has organized a list of our top suggestions here:
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
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
See all of the solar companies in Cambridge
Factors that Affect Solar Panel Costs in Cambridge
There are many criteria that can influence your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay about $2,840 per kilowatt in Cambridge. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your power bills. In addition, add-on products, such as solar batteries, can bring your total well above the Cambridge average.
Solar Financing Terms
Most solar installers in Cambridge have solar loans, which reduce your upfront costs of installing solar panels. When considering 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
The solar company you choose to handle your switch to solar energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Cambridge, and each can charge different amounts for labor and equipment. 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 with an above-average cost. It's best to do some research and decide on the company that offers 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 | $2.95 | $12,405 | $19,368 | 9.8 years |
| 8 kW | $2.90 | $16,222 | $26,142 | 9.6 years |
| 10 kW | $2.84 | $19,880 | $33,075 | 9.4 years |
| 12 kW | $2.78 | $23,379 | $40,167 | 9.2 years |
| 14 kW | $2.73 | $26,719 | $47,418 | 9.0 years |
| 16 kW | $2.67 | $29,900 | $54,828 | 8.8 years |
| 18 kW | $2.61 | $32,921 | $62,398 | 8.6 years |
| 20 kW | $2.56 | $35,784 | $70,126 | 8.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like EcoWatch.
- Solar Panel Brands: The kind of solar panel you want to install plays a part in which company you should opt for, since different companies have access to different panels.
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one mark of a quality company.
- Contract: When reading through your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
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
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
EcoWatch's Cambridge, MN Solar Cost FAQs
How much does it cost to install solar panels in Cambridge?
This is a difficult question to answer exactly, because the cost depends on many 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 higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Cambridge?
Leasing solar panels can be an appealing choice, as it commonly 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 get the most savings.
Can you sell solar power back to the grid in Cambridge?
Most states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.