Solar Panel Cost Guide in Cambridge, MN (2024 Update)
- Cambridge Solar Installation Cost: $20,229
- 25-Year Savings: $23,718
- Payback Period: 13.3 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Cambridge
Find out how much it might cost to install solar panels in Cambridge.
In Cambridge, solar panels cost about 4 per watt on average.The average Cambridge homeowner needs a 7.2-kilowatt system, which would cost about $20,229 with the federal tax credit, or $28,927 before the 0 tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The true cost of making the switch to solar can vary quite a bit based on several factors, such as what size system you need, your energy usage and what installation company you go with.For most homeowners, the upfront cost of solar power is worth paying. On average Cambridge homeowners see about $20,000 in savings on electricity bills over 20 years.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Cambridge
| Year | Return on Investment |
|---|---|
| 1 years | $-18,958 |
| 3 years | $-16,416 |
| 5 years | $-13,874 |
| 7 years | $-11,332 |
| 9 years | $-8,790 |
| 11 years | $-6,248 |
| 13 years | $-3,706 |
| 15 years | $-1,164 |
| 17 years | $1,378 |
| 19 years | $3,920 |
| 21 years | $6,462 |
| 23 years | $9,004 |
| 25 years | $11,546 |
Top Solar Installers in Cambridge
Although you can install solar panels by yourself, it involves extra labor and know-how. That's why almost all homeowners choose to go with a solar panel installer. Companies can also provide access to a large variety of the best solar panels and help you decide which one will be right for your home.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
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
Cost is often one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that affect your total cost in Cambridge: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,030.There are a lot of different solar panel brands and the one you pick also changes the cost. In many cases, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That’s why many Cambridge homeowners decide to finance their solar panel systems to offset upfront costs.You’ll have to consider the long-term cost of financing options, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The solar installer you go with to handle your switch to sustainable energy can play a part in your total costs. There are about 3 solar panel companies operating throughout Cambridge, and each can charge varying amounts for labor and equipment.You may see national solar installers that have lower prices due to their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $14,170 | 13.9 years |
| 8 kW | $4.11 | $23,019 | $19,345 | 13.6 years |
| 10 kW | $4.03 | $28,210 | $24,745 | 13.3 years |
| 12 kW | $3.95 | $33,175 | $30,371 | 13.1 years |
| 14 kW | $3.87 | $37,914 | $36,223 | 12.8 years |
| 16 kW | $3.79 | $42,428 | $42,300 | 12.5 years |
| 18 kW | $3.71 | $46,716 | $48,603 | 12.3 years |
| 20 kW | $3.63 | $50,778 | $55,132 | 12.0 years |
How to Save on Solar Panels
There are a large number of companies to choose from in Cambridge, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Contract: Before you sign a contract with a solar company, make sure to look it over completely so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Warranty: Warranties that cover replacement parts and repairs over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one sign of a quality company.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
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
What is the average cost of installing solar panels in Cambridge?
The average cost of solar panels in Cambridge is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the real cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider other than cost when buying solar panels?
Cost is without a doubt one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on energy bills after installing solar panels?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout Cambridge, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Cambridge?
On average, solar panels can last 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 amount 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.