Solar Panel Cost Guide in Cottage Grove, MN (2023 Update)
- Cottage Grove Solar Installation Cost: $14,353
- 25-Year Savings: $20,682
- Payback Period: 10.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Cottage Grove
Here's how much it might cost to go solar in Cottage Grove.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Cottage Grove, the typical cost of a solar system is 2.84 per watt. The average solar panel system size in Cottage Grove is around 7.2 kilowatts, meaning a cost of about $14,353 for a solar installation, or $20,525 before the 30% federal solar tax credit is applied.
These figures are just averages, and the cost of going solar for you will most likely vary based on your specific situation and what company you want to go with. Many homeowners find installing a solar panel system is a fruitful investment. The average homeowner in Cottage Grove can save around $18,000 on their electricity bills over 20 years.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Cottage Grove
| Year | Return on Investment |
|---|---|
| 1 years | $-12,952 |
| 3 years | $-10,149 |
| 5 years | $-7,346 |
| 7 years | $-4,543 |
| 9 years | $-1,741 |
| 11 years | $1,062 |
| 13 years | $3,865 |
| 15 years | $6,668 |
| 17 years | $9,471 |
| 19 years | $12,274 |
| 21 years | $15,076 |
| 23 years | $17,879 |
| 25 years | $20,682 |
Top Solar Installers in Cottage Grove
Although it's possible to install solar panels by yourself, it takes extra effort and handiness. For that reason, most people choose to go with a solar panel installer. A solar installer can also help save you money over time by offering warranties, repairs and part replacements.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some in Cottage Grove:
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 Cottage Grove
Factors that Affect Solar Panel Costs in Cottage Grove
For many Cottage Grove homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Cottage Grove, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,840. The type of solar panels and equipment you get is another factor that will considerably impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more expensive. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions 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 looking into a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Cottage Grove to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides access to financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to a higher cost over time because of interest. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the growing popularity of renewable energy solutions in Cottage Grove, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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 | $16,707 | 10.7 years |
| 8 kW | $2.90 | $16,222 | $22,594 | 10.4 years |
| 10 kW | $2.84 | $19,880 | $28,640 | 10.2 years |
| 12 kW | $2.78 | $23,379 | $34,845 | 10.0 years |
| 14 kW | $2.73 | $26,719 | $41,209 | 9.8 years |
| 16 kW | $2.67 | $29,900 | $47,733 | 9.6 years |
| 18 kW | $2.61 | $32,921 | $54,415 | 9.4 years |
| 20 kW | $2.56 | $35,784 | $61,256 | 9.2 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 find the right company for you, here are some tips to keep in mind:
- Contract: When looking over your solar company'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.
- Installation Process: Make sure you're on the same page with the installer with regard to how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to install your solar system. Another way you can look into your installer's reputation is by reading reviews.
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 Cottage Grove, MN Solar Cost FAQs
How much does it cost to install solar panels in Cottage Grove?
The average cost of solar panels in Cottage Grove 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 stuff such as the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Cottage Grove?
Leasing solar panels can be an option if you can't afford 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.
How will solar panels impact my home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Cottage Grove is currently $242,911, so you can expect a value of about $9,959 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Cottage Grove is a fruitful investment.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.