Solar Panel Cost Guide in Elko New Market, MN (2023 Update)
- Elko New Market Solar Installation Cost: $14,234
- 25-Year Savings: $18,894
- Payback Period: 10.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Elko New Market
We break down average solar pricing in Elko New Market.
The national average cost of solar panels is $2.66 per watt, but in Elko New Market it's 2.84 per watt. The average solar panel system size in Elko New Market is around 7.2 kilowatts, meaning a cost of about $14,234 for a solar installation, or $20,355 before the 30% federal solar tax credit is applied.
How much you pay can be above or below the average in Elko New Market depending on several factors, such as the type of solar panels you choose and the solar installer you hire. Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Elko New Market can save about $18,000 on their energy bills over 20 years.
To receive a free estimate from a pre-vetted solar installer in Elko New Market, you can click the button below.
Solar savings over time in Elko New Market
| Year | Return on Investment |
|---|---|
| 1 years | $-12,909 |
| 3 years | $-10,259 |
| 5 years | $-7,608 |
| 7 years | $-4,958 |
| 9 years | $-2,308 |
| 11 years | $342 |
| 13 years | $2,993 |
| 15 years | $5,643 |
| 17 years | $8,293 |
| 19 years | $10,944 |
| 21 years | $13,594 |
| 23 years | $16,244 |
| 25 years | $18,894 |
Top Solar Installers in Elko New Market
Installing solar panels yourself can be a challenging task, which is why getting a solar installation company is a good option for many homeowners. Companies can also offer access to quality options of the best solar panels and help you pick which one will be best for you.
If you'd like to go solar but still aren't sure which solar installer to go with, here are our suggestions for providers nearby:
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 Elko New Market
Factors that Affect Solar Panel Costs in Elko New Market
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few primary factors that determine your overall 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
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,840. Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Elko New Market, where sunlight isn't as abundant, efficiency can quickly pay off. Plus, 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
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Elko New Market homeowners decide to finance their solar panel systems to make paying for solar more affordable. Although solar loans make going solar more accessible for Elko New Market homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The remaining major cost factor you should keep in mind is the installer you choose. Given the growing popularity of green energy solutions in Elko New Market, you'll have plenty of options to choose from, but each comes at different price points for labor and equipment. Larger national companies generally have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on 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 | $2.95 | $12,405 | $15,359 | 11.2 years |
| 8 kW | $2.90 | $16,222 | $20,797 | 11.0 years |
| 10 kW | $2.84 | $19,880 | $26,394 | 10.7 years |
| 12 kW | $2.78 | $23,379 | $32,150 | 10.5 years |
| 14 kW | $2.73 | $26,719 | $38,065 | 10.3 years |
| 16 kW | $2.67 | $29,900 | $44,139 | 10.1 years |
| 18 kW | $2.61 | $32,921 | $50,372 | 9.9 years |
| 20 kW | $2.56 | $35,784 | $56,765 | 9.7 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: Before you sign a contract with a solar company, make sure you read it through completely so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Even though there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of offerings before deciding.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can look into your installer's reputation is by reading reviews.
- Installation Process: Get details from your solar company about the installation process and what to expect, such as when the site survey will be done and how long it 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 Elko New Market, MN Solar Cost FAQs
What is the average cost of installing solar panels in Elko New Market?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Generally speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Elko New Market?
Leasing solar panels can be an appealing choice, because it usually 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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Can you sell solar power back to the grid in Elko New Market?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future energy bills.
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 uses 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.