Solar Panel Cost Guide in Chanhassen, MN (2023 Update)
- Chanhassen Solar Installation Cost: $14,234
- 25-Year Savings: $19,461
- Payback Period: 10.6 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Chanhassen
See how much it might cost to make the switch to solar in Chanhassen.
The national average cost of solar panels is $2.66 per watt, but in Chanhassen it's 2.84 per watt. Using this figure, a typical 7.2-kW system would cost about $14,234 before the 30% federal solar tax credit is applied.
These figures are only estimates, and the cost of going solar for you will look different based on the amount of energy your home requires and what company you choose to go with. Even with the significant upfront cost, the average Chanhassen homeowner can save about $18,000 on their energy bills over 20 years, which is one of the benefits of solar.
Click the button below to get connected to a highly rated solar installer in your area for a custom quote.
Solar savings over time in Chanhassen
| Year | Return on Investment |
|---|---|
| 1 years | $-12,886 |
| 3 years | $-10,191 |
| 5 years | $-7,495 |
| 7 years | $-4,800 |
| 9 years | $-2,104 |
| 11 years | $592 |
| 13 years | $3,287 |
| 15 years | $5,983 |
| 17 years | $8,678 |
| 19 years | $11,374 |
| 21 years | $14,070 |
| 23 years | $16,765 |
| 25 years | $19,461 |
Top Solar Installers in Chanhassen
Many homeowners opt for a solar installer since installing solar panels yourself can be a lot of work. Plus, if you're unsure what type of solar panels and equipment you want, a solar installer can help you find the right equipment for you after a site survey and consultation.
If you're on the hunt for a solar installer in Chanhassen, we've 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 Chanhassen
Factors that Affect Solar Panel Costs in Chanhassen
Although the average cost of a solar system in Chanhassen is $14,234, your actual cost may be above or below the average. There are many factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production 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. The type of solar panels and equipment you choose is another factor that will substantially affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Moreover, solar equipment consists of more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking for a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are a popular route because they decrease your upfront costs and let you pay for your system over five to seven years on average. When considering your overall cost, you should also calculate the interest you'll pay if you go with 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 opt for to handle your switch to sustainable energy can play a role in your total costs. There are about 3 solar installation companies in Chanhassen, and each can charge different 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 equipment 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 | $15,818 | 11.0 years |
| 8 kW | $2.90 | $16,222 | $21,408 | 10.8 years |
| 10 kW | $2.84 | $19,880 | $27,158 | 10.6 years |
| 12 kW | $2.78 | $23,379 | $33,066 | 10.4 years |
| 14 kW | $2.73 | $26,719 | $39,134 | 10.1 years |
| 16 kW | $2.67 | $29,900 | $45,361 | 9.9 years |
| 18 kW | $2.61 | $32,921 | $51,747 | 9.7 years |
| 20 kW | $2.56 | $35,784 | $58,292 | 9.5 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
- Solar Panel Brands: The type of solar panel you want plays a part in which installer you should opt for, since different companies have different panels.
- Contract: Before you sign a contract with a solar company, be sure to read it through fully so you understand the terms. Also, ask questions if you aren't sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
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 Chanhassen, MN Solar Cost FAQs
What is the average cost of installing solar panels in Chanhassen?
The average cost of solar panels in Chanhassen is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Chanhassen?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your home 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 bang for your buck from going solar.
Can solar panels significantly reduce my energy bills?
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 $940.76 per year.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt 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.