Solar Panel Cost Guide in Credit River, MN (2023 Update)
- Credit River Solar Installation Cost: $14,232
- 25-Year Savings: $19,701
- Payback Period: 10.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Credit River
See how much it might cost to go solar in Credit River.
While the national average of solar panels is $2.66 per watt, solar panels in Credit River generally cost about 2.84. Using this figure, a typical 7.2-kW system would cost about $14,234 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Credit River homeowners. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. But, once you've paid the initial cost of installation, the payback for most homeowners is typically good, with a net average savings of about $18,000 over 20 years on utility bills.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Credit River
| Year | Return on Investment |
|---|---|
| 1 years | $-12,953 |
| 3 years | $-10,394 |
| 5 years | $-7,835 |
| 7 years | $-5,276 |
| 9 years | $-2,717 |
| 11 years | $-158 |
| 13 years | $2,401 |
| 15 years | $4,959 |
| 17 years | $7,518 |
| 19 years | $10,077 |
| 21 years | $12,636 |
| 23 years | $15,195 |
| 25 years | $17,754 |
Top Solar Installers in Credit River
When going solar, many homeowners prefer to go with a solar installation company since installing solar panels yourself can be a difficult project. Companies can also have access to a large variety of the best solar panels and help you pick which one will be best for your home.
Working with a vetted solar installer can help your solar project go smoothly. Here are our recommendations:
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 Credit River
Factors that Affect Solar Panel Costs in Credit River
For many Credit River homeowners, the decision to install a solar energy system comes down to cost. However, the range of solar installation costs can be quite wide in Credit River, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That's why it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use. There are a lot of different solar panel brands and the one you choose also changes the cost. Usually, the brands that have better efficiency tend to also cost more. In addition, the type of equipment you're looking to install can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are an affordable option because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years. It's a good idea to factor the interest you'll pay in your final cost estimate. If you can afford to pay a larger 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 solar installer you select will impact your total cost to go solar. Different companies will charge different amounts for the equipment and labor. The company's size sometimes plays 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 generally have better customer service and more customization options, and the occasional sale or discount 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 | $16,034 | 10.9 years |
| 8 kW | $2.90 | $16,222 | $21,696 | 10.7 years |
| 10 kW | $2.84 | $19,880 | $27,518 | 10.5 years |
| 12 kW | $2.78 | $23,379 | $33,499 | 10.3 years |
| 14 kW | $2.73 | $26,719 | $39,639 | 10.1 years |
| 16 kW | $2.67 | $29,900 | $45,938 | 9.9 years |
| 18 kW | $2.61 | $32,921 | $52,396 | 9.6 years |
| 20 kW | $2.56 | $35,784 | $59,012 | 9.4 years |
How to Save on Solar Panels
There are numerous companies to choose from in Credit River, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Warranty: If you care about the longevity of your solar panels, verifying that your company offers a 25-year, all-inclusive warranty can help put you at ease.
- 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 such as a system part breaking or the company going out of business.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
- Reputation: Your solar installer should have a sound reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
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 Credit River, MN Solar Cost FAQs
What is the average cost of installing solar panels in Credit River?
The average cost of solar panels in Credit River 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 certain factors like the model 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 Credit River?
Leasing solar panels can be an attractive choice, because it usually 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 tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Can solar panels significantly reduce my power bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Credit River, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.