Solar Panel Cost Guide in Chanhassen, MN (2024 Update)

  • Chanhassen Solar Installation Cost: $20,208
  • 25-Year Savings: $19,454
  • Payback Period: 15.0 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Chanhassen

Find out what the average cost of a solar system is in Chanhassen.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Chanhassen, the typical cost of solar panels is 4 per watt.Since a 7.2-kW system is needed to cover the energy consumption of a typical home in Chanhassen, the average price of going solar will be about $20,208 after claiming the federal solar tax credit of 0.

Remember that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy needs, the type of equipment you want to get, your solar contractor and more.But, once you've paid the initial cost of installation, the ROI for most homeowners is usually good, with a net average savings of about $18,000 over 20 years on utility bills.

You can click the button below to get connected with a vetted solar installer in Chanhassen that can help you get a more accurate cost estimate for your home.

Solar savings over time in Chanhassen

Year Return on Investment
1 years $-18,928
3 years $-16,369
5 years $-13,810
7 years $-11,252
9 years $-8,693
11 years $-6,134
13 years $-3,575
15 years $-1,016
17 years $1,543
19 years $4,102
21 years $6,661
23 years $9,220
25 years $11,778

Top Solar Installers in Chanhassen

Installing solar panels yourself can be a stressful task, which is why getting a solar installation company is a good option for many homeowners. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.

If you're searching for a solar installer in Chanhassen, the EcoWatch team has organized a list of our top suggestions here:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

Best Technology

Tesla Energy

★★★★★
3.2

  • 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

Cost is often one of the most important factors for homeowners considering investing in solar. There are a few key factors that will push your cost above or below the average in Chanhassen: 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

The size of the solar energy system you need for your household, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $4,030. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your energy bills. In addition, extra products, such as solar batteries, can bump up your total well above the Chanhassen average.

Solar Financing Terms

If paying for a solar system out of pocket is difficult, solar loans are an affordable route because they cut back your upfront costs and let you pay for your system over five to seven years on average.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 can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor 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

The solar company you choose to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies operating throughout Chanhassen, and each can charge different amounts for labor and equipment.The size of the company can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because of more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.

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 $10,620 15.6 years
8 kW $4.11 $23,019 $14,611 15.3 years
10 kW $4.03 $28,210 $18,828 15.0 years
12 kW $3.95 $33,175 $23,270 14.7 years
14 kW $3.87 $37,914 $27,939 14.4 years
16 kW $3.79 $42,428 $32,833 14.1 years
18 kW $3.71 $46,716 $37,952 13.8 years
20 kW $3.63 $50,778 $43,298 13.5 years

How to Save on Solar Panels

The solar company you choose will influence not only your total costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should keep in mind, such as:

  • Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the completion timeline.
  • Contract: When reading over your solar installer’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
  • Warranty: If you care about the longevity of your solar energy system, verifying that your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
  • Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, longevity and efficiency. They will come at different prices as well. The company you choose plays a role in which solar panel brands you have access to.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

Best Technology

Tesla Energy

★★★★★
3.2

  • 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

How much does it cost to install solar panels in Chanhassen?

This is a difficult question to answer precisely, because the cost depends on many factors. Generally speaking, it costs about $20,150 for a 5-kW system and $40,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.

Should I lease or buy solar panels in Chanhassen?

Leasing solar panels can be an appealing choice, as it often comes with low or $0 upfront payments. The drawback 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 incentives and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.

Is it worth going solar in Chanhassen?

Solar panels can be a great investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.

What solar power system size is right for my home?

The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can 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 get 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.

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