Solar Panel Cost Guide in Cedar Lake, MN (2023 Update)
- Cedar Lake Solar Installation Cost: $14,232
- 25-Year Savings: $19,173
- Payback Period: 10.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Cedar Lake
Let's have a look at the average cost of solar panels in Cedar Lake.
The average cost of a solar system in Cedar Lake is 2.84 per watt. The average solar panel system size in Cedar Lake is around 7.2 kilowatts, meaning a cost of about $14,234 for a solar installation, or $20,355 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Cedar Lake homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. But, after you've paid the initial cost of installation, the return on investment for most homeowners is quite rewarding, with a net average savings of about $18,000 over 20 years on power bills.
To receive a free estimate from a pre-vetted solar installer in Cedar Lake, you can click the button below.
Solar savings over time in Cedar Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-14,121 |
| 3 years | $-13,898 |
| 5 years | $-13,676 |
| 7 years | $-13,453 |
| 9 years | $-13,230 |
| 11 years | $-13,007 |
| 13 years | $-12,785 |
| 15 years | $-12,562 |
| 17 years | $-12,339 |
| 19 years | $-12,117 |
| 21 years | $-11,894 |
| 23 years | $-11,671 |
| 25 years | $-11,449 |
Top Solar Installers in Cedar Lake
Many homeowners choose to hire a solar panel installer since trying to install solar panels yourself can be a labor-intensive endeavor. Companies can also have access to quality options of the best solar panels and help you choose which one will be right for your family.
If you're searching for a solar company in Cedar Lake, the EcoWatch team has compiled 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 Cedar Lake
Factors that Affect Solar Panel Costs in Cedar Lake
The cost of installing a solar system in Cedar Lake can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is the size of the system you need, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,840. There are many different solar panel brands and the one you pick also affects the cost. Generally speaking, the brands that offer higher efficiency tend to also cost more. Additionally, 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
Most solar installers in Cedar Lake have solar loans, which reduce your upfront costs of installing a solar system. When figuring out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The remaining major cost factor you should consider is the installer you choose. Given the growing popularity of green energy solutions in Cedar Lake, you'll have many options to choose from, but each comes at different price points for labor and equipment. You may come across national solar installers that have lower prices because of their larger brand name and access to bulk pricing, 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 | $2.95 | $12,405 | $15,591 | 11.1 years |
| 8 kW | $2.90 | $16,222 | $21,106 | 10.9 years |
| 10 kW | $2.84 | $19,880 | $26,780 | 10.7 years |
| 12 kW | $2.78 | $23,379 | $32,614 | 10.4 years |
| 14 kW | $2.73 | $26,719 | $38,606 | 10.2 years |
| 16 kW | $2.67 | $29,900 | $44,757 | 10.0 years |
| 18 kW | $2.61 | $32,921 | $51,068 | 9.8 years |
| 20 kW | $2.56 | $35,784 | $57,537 | 9.6 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a challenge, we have some tips to help you, such as:
- Contract: When reading over your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and energy needs. Although there are many options for which model of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of offerings before deciding.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
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 Cedar Lake, MN Solar Cost FAQs
What is the average cost of installing solar panels in Cedar Lake?
This is a difficult question to answer precisely, because the cost depends on a few different 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 more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Cedar Lake?
Leasing solar panels can be an appealing choice, because it typically comes with low or $0 upfront payments. The downside 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
How will solar panels impact how much my home is worth?
Solar panels can increase your home value significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can take a 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 buy between 20 and 35 panels to account for 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.