Solar Panel Cost Guide in Cambridge, MN (2023 Update)
- Cambridge Solar Installation Cost: $14,254
- 25-Year Savings: $23,720
- Payback Period: 9.4 Years
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Updated March 14, 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.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Cambridge, the average cost of a solar system is 2.84 per watt. The average Cambridge homeowner needs a 7.2-kilowatt system, which would cost about $14,254 with the federal tax credit, or $20,383 before the 30% tax credit is applied.
The true cost of your system can be higher or lower than the average in Cambridge depending on a variety of factors, such as the model of solar panels you choose and the solar company you hire. With average savings of about $20,000 on power bills over 20 years, many homeowners in Cambridge find installing solar panels can pay off big.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Cambridge
| Year | Return on Investment |
|---|---|
| 1 years | $-12,735 |
| 3 years | $-9,697 |
| 5 years | $-6,659 |
| 7 years | $-3,621 |
| 9 years | $-583 |
| 11 years | $2,454 |
| 13 years | $5,492 |
| 15 years | $8,530 |
| 17 years | $11,568 |
| 19 years | $14,606 |
| 21 years | $17,644 |
| 23 years | $20,682 |
| 25 years | $23,720 |
Top Solar Installers in Cambridge
When switching to solar energy, many homeowners choose to go with a solar company since putting up a solar system yourself can be a difficult project. Companies can also have access to various kinds of the best solar panels and help you choose which one will be best for your family.
Working with a professional solar installer can help your solar project go smoothly. Here are our recommendations:
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
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
See all of the solar companies in Cambridge
Factors that Affect Solar Panel Costs in Cambridge
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few primary factors that affect your total cost in Cambridge: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay around $2,840 per kilowatt in Cambridge. There are a lot of different solar panel brands and the one you choose also affects the cost. In general, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Many homeowners find the average cost of solar in Cambridge to be prohibitively costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in paying more over time because of interest. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can play a part in determining your pricing. Cambridge's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Cambridge are more knowledgeable about local solar incentives and can help you learn about 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 | $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 a lot of companies available 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:
- Reputation: Companies that have been in business for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Contract: Look through the contract terms closely to make sure you understand the cost breakdown, project timeline rebates and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Although there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so be sure to take a look at their list of options before making your decision.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for years to come and save you money on repairs and maintenance.
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
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
EcoWatch's Cambridge, MN Solar Cost FAQs
What is the average cost of installing 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. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is a very important factor to consider, but whether it's the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
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 Cambridge is currently $193,500, which means you can expect a value of about $7,934 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Cambridge is a rewarding investment.
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 stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can replace them once you've had 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.