Solar Panel Cost Guide in Carver, MN (2024 Update)
- Carver Solar Installation Cost: $20,100
- 25-Year Savings: $18,757
- Payback Period: 15.3 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 Carver
We break down average solar pricing in Carver.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Carver, the average cost of a solar system is 4 per watt.To cover the typical energy usage of the average home in Carver, most homeowners require a 7.1-kilowatt system. Using the per-watt figure above, a solar installation costs around $20,100, or $28,743 before the federal solar tax credit of 0 is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Carver homeowners. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.Despite the large upfront cost, the average Carver homeowner can save about $18,000 on their power bills over 20 years, which is one of the advantages of solar.
You can click the button below to get connected with a vetted solar installer in Carver for a quote for your home.
Solar savings over time in Carver
| Year | Return on Investment |
|---|---|
| 1 years | $-18,821 |
| 3 years | $-16,262 |
| 5 years | $-13,703 |
| 7 years | $-11,144 |
| 9 years | $-8,585 |
| 11 years | $-6,026 |
| 13 years | $-3,467 |
| 15 years | $-908 |
| 17 years | $1,650 |
| 19 years | $4,209 |
| 21 years | $6,768 |
| 23 years | $9,327 |
| 25 years | $11,886 |
Top Solar Installers in Carver
Installing solar panels on your own can be a challenging task, which is why getting a solar installation company is a good option for many homeowners. The payback period on a solar system will vary based on factors like your roof configuration and energy needs, but working with a solar installer can shorten it. Your provider will be able to help you identify incentives available in your area.
Working with a vetted solar company can help your solar project go smoothly. Here are our recommendations:
See all of the solar companies in Carver
Factors that Affect Solar Panel Costs in Carver
The cost of installing a solar system in Carver can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is the size of the system you need, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the price of a solar system in Carver, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy consumption, which you can gauge by looking at past electricity bills. Your total cost can increase by about $4,030 for each additional kilowatt you need.There are a lot of different solar panel brands and the one you pick also affects the cost. Typically, the brands that offer higher efficiency tend to also cost more. Additionally, the type of equipment you’re looking to get 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 Carver to be too expensive, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to paying more over time due to interest.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 original cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Carver is the company you hire to install your solar panel system. As with choosing a company to install new cabinets, for example, there are plenty of solar installers that provide a range of services at different price points.Larger national companies usually have lower costs, but some local companies compete with them by promoting 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 | $4.19 | $17,603 | $10,120 | 15.9 years |
| 8 kW | $4.11 | $23,019 | $13,945 | 15.6 years |
| 10 kW | $4.03 | $28,210 | $17,995 | 15.3 years |
| 12 kW | $3.95 | $33,175 | $22,271 | 15.0 years |
| 14 kW | $3.87 | $37,914 | $26,773 | 14.7 years |
| 16 kW | $3.79 | $42,428 | $31,500 | 14.3 years |
| 18 kW | $3.71 | $46,716 | $36,453 | 14.0 years |
| 20 kW | $3.63 | $50,778 | $41,632 | 13.7 years |
How to Save on Solar Panels
The solar panel company you opt for will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, such as:
- Contract: It’s important to look over your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
- Installation Process: When making the switch to solar power, it’s important to maintain an open line of communication with your solar installer. See to it that you understand how the installation process will go and the project completion timeline.
- Warranty: Companies typically offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
EcoWatch's Carver, MN Solar Cost FAQs
What is the average cost of installing solar panels in Carver?
The average cost of solar panels in Carver 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 certain factors such as the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Carver?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your property value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
How much can I save on electricity bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $924.10 per year.
How long do solar panels last in Carver?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level 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.