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
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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 average cost of a solar system is 4 per watt.The average solar panel system size in Chanhassen is around 7.2 kilowatts, meaning a cost of about $20,208 for a solar installation, or $28,897 before the 0 federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you’ll end up paying for solar will differ based on your household energy use, 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 rewarding, with a net average savings of about $18,000 over 20 years on power bills.
To get a free quote from a vetted solar company in Chanhassen, you can click the button below.
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 by yourself can be a challenging project, which is why getting a solar installation company is a good option for many homeowners. The expertise that solar companies provide can be helpful as well, especially if you don’t quite know what type of solar equipment would be right for your home.
If you're looking for a solar company in Chanhassen, the EcoWatch team has put together a list of our top suggestions here:
See all of the solar companies in Chanhassen
Factors that Affect Solar Panel Costs in Chanhassen
There are several factors that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
When it comes to estimating the price of solar panels in Chanhassen, 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 usage, which you can figure out by looking at past power bills. Your overall cost can increase by around $4,030 for each additional kilowatt you need.The brand of solar panels and equipment you get is another factor that will greatly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Plus, solar equipment goes beyond just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that’s in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Chanhassen to be too steep, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides access to financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in a higher cost over time because of interest.However, the interest on solar loans also adds to your total costs, so it’s crucial to take that into consideration as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
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
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Installation Process: Make sure you’re on the same page with the company with regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating or replacing your electrical system or roof.
- Contract: When looking 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 component breaking or the company going out of business.
- 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 considerable role in the company you go with.
EcoWatch's Chanhassen, MN Solar Cost FAQs
How much does it cost to install solar panels in Chanhassen?
The average cost of solar panels in Chanhassen 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 like the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Chanhassen?
Leasing solar panels can be an attractive 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 incentives and your home value won’t increase. Buying solar panels is a better option if you want to get the most savings.
Is going solar worth it?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and the amount of 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 install between 20 and 35 panels to cover 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.