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
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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.The average solar panel system size in Elk River is around 7.2 kilowatts, meaning a cost of about $20,198 for a solar installation, or $28,883 before the 0 federal solar tax credit is applied.
These figures are only averages, and how much solar costs for you will most likely differ based on the amount of energy your home requires and what company you go with.Even with the high upfront cost, the average Elk River homeowner can save about $18,000 on their electricity bills over 20 years, which is one of the perks of solar.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
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 opt for a solar panel installer since installing solar panels yourself can be hard. Solar companies provide key benefits that can help you get the most out of your investment, like warranties, monitoring and free repairs.
If you’d like to switch to solar energy but still aren’t sure which solar system company to go with, here are our recommendations for providers in Elk River:
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 Elk River
Factors that Affect Solar Panel Costs in Elk River
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that affect your total cost in Elk River: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more electricity your household uses, the larger your system will likely need to be. You can expect to spend about $4,030 per kilowatt in Elk River.The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your power bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Elk River average.
Solar Financing Terms
Many homeowners find the average cost of solar in Elk River to be too steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in higher prices over time because of interest.It’s wise to add 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 how long it’ll take to pay back the loan.
Solar Panel Installation Company
The solar panel installer you select will influence your total cost to go solar. Different companies will bill different amounts for the equipment and labor.The company’s size sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because they have access to more resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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
There are a large number of companies available in Elk River, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Installation Process: Make sure you’re on the same page with the installer regarding how the installation process will go and what needs to be done before your solar panel system is installed, such as updating or replacing your electrical system or roof.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Review the contract terms closely to make sure you understand the total cost, project timeline rebates and warranties.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the gold standard in the business, and offering that kind of warranty is one indication of a good company.
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 Elk River, MN Solar Cost FAQs
What is the average cost of installing solar panels in Elk River?
This is a tough question to answer precisely, because the cost depends on many factors. Broadly 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 extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Elk River?
Leasing solar panels can be an appealing choice, because it commonly 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 maximize your savings.
How much can I save on energy bills after installing solar panels?
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 do I need to power my home?
To figure out how many solar panels you need, you should find out how much energy your home needs 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 home 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.