Solar Panel Cost Guide in Corcoran, MN (2023 Update)
- Corcoran Solar Installation Cost: $14,314
- 25-Year Savings: $20,325
- Payback Period: 10.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Corcoran
Find out what the average cost of solar panels are in Corcoran.
In Corcoran, solar panels cost about 2.84 per watt on average. The average Corcoran homeowner needs a 7.2-kilowatt system, which would cost about $14,314 with the federal tax credit, or $20,469 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of making the switch to solar can vary based on several factors, such as what size system you need, your energy consumption and what solar installer you go with. Many homeowners find going solar is a sound investment. The average homeowner in Corcoran can save about $18,000 on their energy bills over 20 years.
Click the button below to get connected to a highly rated solar company in Corcoran for a custom estimate.
Solar savings over time in Corcoran
| Year | Return on Investment |
|---|---|
| 1 years | $-12,928 |
| 3 years | $-10,157 |
| 5 years | $-7,386 |
| 7 years | $-4,615 |
| 9 years | $-1,844 |
| 11 years | $927 |
| 13 years | $3,698 |
| 15 years | $6,469 |
| 17 years | $9,240 |
| 19 years | $12,011 |
| 21 years | $14,783 |
| 23 years | $17,554 |
| 25 years | $20,325 |
Top Solar Installers in Corcoran
When going solar, many homeowners opt to hire a solar company since DIY solar panel installation can be a difficult project. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long run with their warranties, repair services and expert design.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some near you:
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
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
See all of the solar companies in Corcoran
Factors that Affect Solar Panel Costs in Corcoran
There are several criteria that can influence your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $2,840. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Corcoran, where sunlight isn't as abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be difficult. Solar loans are provided by most installers in Corcoran, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible. Though solar loans make switching to solar energy more accessible for Corcoran homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar panel installation company you select will influence your total cost to go solar. Different companies will bill different amounts for the equipment and labor. The company's size can sometimes play the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
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 | $16,452 | 10.7 years |
| 8 kW | $2.90 | $16,222 | $22,255 | 10.5 years |
| 10 kW | $2.84 | $19,880 | $28,216 | 10.3 years |
| 12 kW | $2.78 | $23,379 | $34,336 | 10.1 years |
| 14 kW | $2.73 | $26,719 | $40,616 | 9.9 years |
| 16 kW | $2.67 | $29,900 | $47,054 | 9.7 years |
| 18 kW | $2.61 | $32,921 | $53,652 | 9.5 years |
| 20 kW | $2.56 | $35,784 | $60,408 | 9.3 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose has an impact on your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Even though there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of options before deciding.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running for years to come and save you money on part replacement and repairs.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Contract: Before signing a contract with a solar company, make sure you read it through carefully so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component breaks or malfunctions and if there are any guarantees about energy production.
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
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
EcoWatch's Corcoran, MN Solar Cost FAQs
How much does it cost to install solar panels in Corcoran?
The average cost of solar panels in Corcoran is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the real cost will depend on things like the type 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 Corcoran?
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 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 savings from going solar.
Can solar panels eliminate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $961.92 per year.
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 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.