Solar Panel Cost Guide in Elk River, MN (2024 Update)
- Elk River Solar Installation Cost: $20,198
- 25-Year Savings: $20,581
- Payback Period: 14.5 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Elk River
Find out how much it might cost to install solar panels in Elk River.
The national average cost of solar panels is $2.66 per watt, but in Elk River it’s 4 per watt.Using this figure, a typical 7.2-kW system would cost about $20,198 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of installing solar panels can vary depending on multiple factors, such as how many panels you need, your energy consumption and what installation company you go with.Many homeowners find installing solar panels is a sound investment. The average homeowner in Elk River can save around $18,000 on their electricity bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Elk River that can help you get a more accurate cost estimate for your home.
Solar savings over time in Elk River
| Year | Return on Investment |
|---|---|
| 1 years | $-18,919 |
| 3 years | $-16,360 |
| 5 years | $-13,801 |
| 7 years | $-11,242 |
| 9 years | $-8,683 |
| 11 years | $-6,124 |
| 13 years | $-3,565 |
| 15 years | $-1,006 |
| 17 years | $1,552 |
| 19 years | $4,111 |
| 21 years | $6,670 |
| 23 years | $9,229 |
| 25 years | $11,788 |
Top Solar Installers in Elk River
Many homeowners decide to hire a solar panel installer since trying to install solar panels by yourself can be time-consuming. Since solar panels are exposed to the elements every day, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by avoiding potential costs down the line.
If you're on the hunt for a solar installer in Elk River, we've organized a list of our top suggestions here:
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 Elk River
Factors that Affect Solar Panel Costs in Elk River
For many Elk River homeowners, the decision to go solar depends on cost. However, the range of solar installation costs can be quite wide in Elk River, with typical prices between $20,000 to $40,000. There are a few factors that significantly 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 some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,030.Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Elk River, where sunlight isn’t as abundant, efficiency can quickly pay off. Also, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are provided by most installers in Elk River, which can lower, or in some cases completely eliminate, your upfront costs to make solar more accessible.When considering your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you hire to install your solar system can influence the cost. Elk River’s solar companies all have different labor costs and add varying upcharges to 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 access to specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle 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 | $4.19 | $17,603 | $11,572 | 15.1 years |
| 8 kW | $4.11 | $23,019 | $15,880 | 14.8 years |
| 10 kW | $4.03 | $28,210 | $20,414 | 14.5 years |
| 12 kW | $3.95 | $33,175 | $25,174 | 14.2 years |
| 14 kW | $3.87 | $37,914 | $30,160 | 13.9 years |
| 16 kW | $3.79 | $42,428 | $35,371 | 13.6 years |
| 18 kW | $3.71 | $46,716 | $40,808 | 13.3 years |
| 20 kW | $3.63 | $50,778 | $46,471 | 13.1 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: An important thing to understand when adopting solar power is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should secure and how long the project will take.
- Solar Panel Brands: Different companies will offer different brands and kinds of panels. If you know you want a specific brand, make sure the solar installer you’re considering has it.
- Contract: Although reading through a contract can take a lot of time, it’s important to do it fully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- 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.
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 Elk River, MN Solar Cost FAQs
What is the average cost of installing solar panels in Elk River?
This is a difficult question to answer precisely, because the cost depends on a few different 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 cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy usage. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Elk River?
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 can’t take advantage of 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 financial benefits from going solar.
Can solar panels completely eradicate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $972.49 per year.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage 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 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.