Solar Panel Cost Guide in Deephaven, MN (2023 Update)
- Deephaven Solar Installation Cost: $14,317
- 25-Year Savings: $19,173
- Payback Period: 10.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Deephaven
Let's take a look at the average cost of solar panels in Deephaven.
In Deephaven, solar panels cost about 2.84 per watt on average. The average solar panel system size in Deephaven is around 7.2 kilowatts, meaning a cost of about $14,314 for a solar installation, or $20,469 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of making the switch to solar can vary quite a bit 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 fruitful investment. The average homeowner in Deephaven can save around $18,000 on their power bills over 20 years.
Click the button below to get connected to a highly rated solar installer in Deephaven for a customized quote.
Solar savings over time in Deephaven
| Year | Return on Investment |
|---|---|
| 1 years | $-14,206 |
| 3 years | $-13,982 |
| 5 years | $-13,759 |
| 7 years | $-13,536 |
| 9 years | $-13,313 |
| 11 years | $-13,089 |
| 13 years | $-12,866 |
| 15 years | $-12,643 |
| 17 years | $-12,420 |
| 19 years | $-12,196 |
| 21 years | $-11,973 |
| 23 years | $-11,750 |
| 25 years | $-11,526 |
Top Solar Installers in Deephaven
Although you can install solar panels yourself, it involves extra effort and know-how. For that reason, almost all homeowners choose to go with a solar panel installer. Some solar installers, especially local ones, can help you take advantage of incentives in Deephaven, optimizing your ROI.
If you'd like to go solar but still aren't certain which solar panel company to go with, here are our suggestions for providers near you:
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 Deephaven
Factors that Affect Solar Panel Costs in Deephaven
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that determine your overall cost in Deephaven: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to spend about $2,840 per kilowatt in Deephaven. The brand and kind of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for solar panels out of pocket is out of reach, solar loans are a popular route because they decrease your upfront costs and allow you to pay for your system over five to seven years on average. However, the interest on solar loans also adds to your overall costs, so it's vital to keep that in mind as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar company you choose to handle your switch to sustainable energy can play a part in your total costs. There are about 3 solar installation companies operating throughout Deephaven, and each can charge different amounts for labor and equipment. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those major players.
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 | $15,496 | 11.1 years |
| 8 kW | $2.90 | $16,222 | $20,980 | 10.9 years |
| 10 kW | $2.84 | $19,880 | $26,622 | 10.7 years |
| 12 kW | $2.78 | $23,379 | $32,424 | 10.5 years |
| 14 kW | $2.73 | $26,719 | $38,384 | 10.3 years |
| 16 kW | $2.67 | $29,900 | $44,504 | 10.0 years |
| 18 kW | $2.61 | $32,921 | $50,783 | 9.8 years |
| 20 kW | $2.56 | $35,784 | $57,220 | 9.6 years |
How to Save on Solar Panels
There are many companies available in Deephaven, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Contract: Before signing a contract with a solar company, make sure you read it through completely so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a part breaks or malfunctions and what services you can expect from them.
- Solar Panel Brands: Different companies will carry different brands and types of panels. If you know you want a specific brand, make sure the solar panel company you're considering has it.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Well-established companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
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 Deephaven, MN Solar Cost FAQs
What is the average cost of installing solar panels in Deephaven?
The average cost of solar panels in Deephaven 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 like the type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Deephaven?
Leasing solar panels can be an attractive choice, because it commonly 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 get the most savings.
Do solar panels increase your property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Deephaven is currently $553,414, so you could be looking at a value of about $22,690 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Deephaven is a rewarding investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and how much sunlight your roof gets. You can take a 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 buy 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.