Solar Panel Cost Guide in Elk River, MN (2023 Update)
- 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:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Elk River
We go over average solar pricing in Elk River.
While the national average of solar panels is $2.66 per watt, solar panels in Elk River generally cost about 2.84. To cover the typical energy usage of the average home in Elk River, most homeowners require a 7.2-kilowatt system. Using the per-watt figure above, a solar installation costs about $14,234, or $20,355 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average Elk River homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. With typical savings of about $18,000 on power bills over 20 years, many homeowners in Elk River find going solar has a decent ROI.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Elk River
| Year | Return on Investment |
|---|---|
| 1 years | $-12,954 |
| 3 years | $-10,396 |
| 5 years | $-7,837 |
| 7 years | $-5,278 |
| 9 years | $-2,719 |
| 11 years | $-160 |
| 13 years | $2,399 |
| 15 years | $4,958 |
| 17 years | $7,517 |
| 19 years | $10,076 |
| 21 years | $12,634 |
| 23 years | $15,193 |
| 25 years | $17,752 |
Top Solar Installers in Elk River
Although it's possible to install solar panels yourself, it involves extra effort and knowledge. For that reason, most homeowners choose a solar panel installer. Companies can also have access to various kinds of the best solar panels and help you choose which one will be best for you.
Working with a vetted solar company can help your solar project go smoothly. Here are our recommendations:
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
There are a number of criteria that can play into your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production use 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. The model of solar panels and equipment you choose is another factor that will substantially affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions 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 looking into a solar system that's in your budget.
Solar Financing Terms
Most solar companies in Elk River have solar loans, which reduce the initial cost of installing solar panels. Though solar loans make adopting solar energy more accessible for Elk River homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The last significant cost factor you should keep in mind is the installer you choose. Given the growing popularity of green energy solutions in Elk River, you'll have plenty of options to choose from, but each comes at different price points for labor and equipment. You may notice national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials 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 | $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
There are numerous companies available in Elk River, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you hire.
- Contract: Before signing a contract with a solar installer, make sure to read it through fully so you understand the terms. Also, ask questions if you're not certain about some of the terms, such as what the warranty covers and what services you can expect from them.
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running smoothly and save you money on repairs and maintenance.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you need to know with your solar installer, such as what permits you should secure and how long the project will take.
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?
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 like the kind of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Elk River?
Leasing solar panels can be an attractive choice, as 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 option if you want to get the most savings.
Does Elk River have a net metering program?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future energy bills.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.