Solar Panel Cost Guide in Detroit Lakes, MN (2024 Update)
- Detroit Lakes Solar Installation Cost: $20,409
- 25-Year Savings: $15,980
- Payback Period: 16.8 Years
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Average Cost of Solar Panels in Detroit Lakes
Let’s take a look at the average cost of solar in Detroit Lakes.
The national average cost of solar panels is $2.66 per watt, but in Detroit Lakes it’s 4 per watt.To cover the typical energy needs of the average home in Detroit Lakes, most homeowners require a 7.2-kilowatt system. Using the figure above, a solar installation costs around $20,409, or $29,185 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of making the switch to solar can vary quite a bit based on a few factors, such as what size system you need, your energy usage and what company you go with.For most homeowners, the upfront cost of solar power is worth paying. On average you could be looking at about $16,000 in savings on energy bills over 20 years.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Detroit Lakes
| Year | Return on Investment |
|---|---|
| 1 years | $-19,447 |
| 3 years | $-17,522 |
| 5 years | $-15,598 |
| 7 years | $-13,673 |
| 9 years | $-11,749 |
| 11 years | $-9,824 |
| 13 years | $-7,899 |
| 15 years | $-5,975 |
| 17 years | $-4,050 |
| 19 years | $-2,125 |
| 21 years | $-201 |
| 23 years | $1,724 |
| 25 years | $3,648 |
Top Solar Installers in Detroit Lakes
Although it's possible to install solar panels by yourself, it takes extra time and expertise. That's one of the reasons most people choose to hire a solar panel installer. Companies can also have access to quality options of the best solar panels and help you decide which one will be best for you.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- 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
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 Detroit Lakes
Factors that Affect Solar Panel Costs in Detroit Lakes
For many Detroit Lakes homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Detroit Lakes, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $4,030.The kind of solar panels and equipment you want is another factor that will greatly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Furthermore, 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 searching for a solar system that falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Detroit Lakes to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to a higher cost over time because of interest.However, the interest on solar loans also increases your all-in costs, so it’s crucial to include that in your estimate 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 installation company you select will affect your total cost to adopt solar power. Different companies will charge different amounts for the equipment and labor.You may see national solar installers that have lower prices due to their larger brand name and access to bulk pricing, 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 | $4.19 | $17,603 | $7,577 | 17.5 years |
| 8 kW | $4.11 | $23,019 | $10,554 | 17.1 years |
| 10 kW | $4.03 | $28,210 | $13,757 | 16.8 years |
| 12 kW | $3.95 | $33,175 | $17,186 | 16.5 years |
| 14 kW | $3.87 | $37,914 | $20,840 | 16.1 years |
| 16 kW | $3.79 | $42,428 | $24,719 | 15.8 years |
| 18 kW | $3.71 | $46,716 | $28,825 | 15.5 years |
| 20 kW | $3.63 | $50,778 | $33,156 | 15.1 years |
How to Save on Solar Panels
There are numerous companies to choose from in Detroit Lakes, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Installation Process: Get details from your solar installer about the installation process and what to expect, including when the site survey will be completed and how long it will take.
- Contract: Though reading through a contract can be tedious, it’s important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- 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
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 Detroit Lakes, MN Solar Cost FAQs
What is the average cost of installing solar panels in Detroit Lakes?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $20,150 for a 5-kW system and $40,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is cost the most important consideration when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your 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 Detroit Lakes is currently $362,809, which means you can look forward to a value of about $14,875 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Detroit Lakes is a fruitful investment.
How many solar panels should I get 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 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 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.