Solar Panel Cost Guide in Elko New Market, MN (2025 Update)
- Elko New Market Solar Installation Cost: $20,196
- 25-Year Savings: $18,896
- Payback Period: 15.2 Years
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Average Cost of Solar Panels in Elko New Market
We break down average solar pricing in Elko New Market.
In Elko New Market, solar panels cost about 4 per watt on average.The average Elko New Market homeowner needs a 7.2-kilowatt system, which would cost about $20,196 with the federal tax credit, or $28,880 before the 0 tax credit is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy needs, the type of solar panels you choose, your solar contractor and more.For many homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $18,000 in savings on electricity bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Elko New Market
| Year | Return on Investment |
|---|---|
| 1 years | $-19,006 |
| 3 years | $-16,627 |
| 5 years | $-14,248 |
| 7 years | $-11,869 |
| 9 years | $-9,490 |
| 11 years | $-7,111 |
| 13 years | $-4,732 |
| 15 years | $-2,352 |
| 17 years | $27 |
| 19 years | $2,406 |
| 21 years | $4,785 |
| 23 years | $7,164 |
| 25 years | $9,543 |
Top Solar Installers in Elko New Market
When making the switch to solar, many homeowners choose to go with a solar company since installing solar panels yourself can be a challenging project. Some solar installers, especially local ones, can help you take advantage of incentives in Elko New Market, therefore optimizing your ROI.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some nearby:
See all of the solar companies in Elko New Market
Factors that Affect Solar Panel Costs in Elko New Market
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that affect your total cost in Elko New Market: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Elko New Market, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy consumption, which you can figure out by looking at past energy bills. Your overall cost can increase by about $4,030 for each additional kilowatt you need.There are several different solar panel brands and the one you pick also affects the cost. Usually, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you choose can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are an affordable choice because they cut back your upfront costs and allow you to pay for your system over five to seven years on average.Although solar loans make going solar more accessible for Elko New Market homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Elko New Market is the company you choose to install your solar panel system. Similar to choosing a company to build a deck or pool, for instance, there’s no shortage of solar installers that offer a range of services at different costs.You may see national solar installers that have lower prices due to their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $10,162 | 15.9 years |
| 8 kW | $4.11 | $23,019 | $14,000 | 15.5 years |
| 10 kW | $4.03 | $28,210 | $18,064 | 15.2 years |
| 12 kW | $3.95 | $33,175 | $22,354 | 14.9 years |
| 14 kW | $3.87 | $37,914 | $26,870 | 14.6 years |
| 16 kW | $3.79 | $42,428 | $31,611 | 14.3 years |
| 18 kW | $3.71 | $46,716 | $36,578 | 14.0 years |
| 20 kW | $3.63 | $50,778 | $41,771 | 13.7 years |
How to Save on Solar Panels
Since the model 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 select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Different companies offer various brands and kinds of panels. If you know you want a specific brand, make sure the solar panel company you’re considering has it.
- Contract: When looking through your solar installer’s contract, ask questions about any terms you’re not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Installation Process: When going solar, it’s important to maintain an open line of communication with your solar panel company. See to it that you understand how the installation process will go and the project completion timeline.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
EcoWatch's Elko New Market, MN Solar Cost FAQs
How much does it cost to install solar panels in Elko New Market?
The average cost of solar panels in Elko New Market is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the real cost will depend on things such as the type of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Elko New Market?
Most states have net metering programs of some kind. Through these, you can either be compensated for the extra power your system generates or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of 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 get between 20 and 35 panels to account for 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.