Solar Panel Cost Guide in Elk River, MN (Nov 2022)

  • Elk River Solar Installation Cost: $14,234
  • 25-Year Savings: $20,581
  • Payback Period: 10.2 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

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Average Cost of Solar Panels in Elk River

We break down average solar pricing in Elk River.

The average cost of a solar system in Elk River is $3 per watt. To account for the typical energy needs of the average home in Elk River, most homeowners require a 7.2-kilowatt system. Using the figure above, a solar installation costs around $14,234, or $10,533 after the federal solar tax credit of 30% is applied.

The prices above are just estimates to give you an idea of how much a solar panel system could cost. The true cost of installing solar panels can vary depending on multiple factors, such as how many panels you need, your energy usage and what solar installer you go with. Despite the significant initial cost, the average Elk River homeowner can save around $18,000 on their electricity bills over 20 years, which is one of the perks of solar.

You can click the button below to get connected with a top solar installer in Elk River for a quote for your home.

Solar savings over time in Elk River

Year Return on Investment
1 years $-12,841
3 years $-10,056
5 years $-7,271
7 years $-4,486
9 years $-1,701
11 years $1,084
13 years $3,870
15 years $6,655
17 years $9,440
19 years $12,225
21 years $15,010
23 years $17,795
25 years $20,581

Top Solar Installers in Elk River

Many homeowners choose to use a solar installation company since trying to install solar panels yourself can be hard. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and component replacements.

Working with a professional solar installer can help you make the most of your investment in solar. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

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 install a solar energy system 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 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 variety of factors. One of the major factors is the system size. Solar power systems with better efficiency or power generation need 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 $2,840. Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher 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 you don't have a lot of 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

If paying for a solar system out of pocket is difficult, solar loans are an affordable option because they lower 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 put more money down upfront, you can reduce your total costs and how long it'll take to pay back the loan.

Solar Panel Installation Company

The solar panel installation company you pick will influence your total cost to make the switch to solar energy. Different companies will charge different amounts for the equipment and labor. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and go with the company that has the products, warranties and services you're looking for and also fits within your budget.

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 $16,769 10.6 years
8 kW $2.90 $16,222 $22,677 10.4 years
10 kW $2.84 $19,880 $28,744 10.2 years
12 kW $2.78 $23,379 $34,970 10.0 years
14 kW $2.73 $26,719 $41,355 9.8 years
16 kW $2.67 $29,900 $47,899 9.6 years
18 kW $2.61 $32,921 $54,603 9.4 years
20 kW $2.56 $35,784 $61,465 9.2 years

How to Save on Solar Panels

Since the model of solar panels and the installer you choose greatly influences 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:

  • Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
  • Installation Process: Make sure you're on the same page with the company in regard to how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.
  • Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you go with.
  • Contract: Though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand what services your solar company will provide and the terms of the warranty.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

EcoWatch's Elk River, MN Solar Cost FAQs

How much does it cost to install solar panels in Elk River?

The average cost of solar panels in Elk River 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 such as 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 Elk River?

Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to 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 savings from going solar.

Is it worth going solar in Elk River?

Solar panels can be a beneficial investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already pretty low, solar panels might not be for you.

How many solar panels should I get to power my home?

To figure out what solar panel system size 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 typically 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.

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