Solar Panel Cost Guide in Elko New Market, MN (2023 Update)

  • Elko New Market Solar Installation Cost: $20,196
  • 25-Year Savings: $18,896
  • Payback Period: 15.2 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Elko New Market

We break down average solar pricing in Elko New Market.

Although the national average of solar panels is $2.66 per watt, solar panels in Elko New Market generally cost about 4.Using this figure, a typical 7.2-kW system would cost about $20,196 before the 0 federal solar tax credit is applied.

The prices above are just estimates to give you an idea of how much solar panels could cost. The exact cost of installing solar panels can vary based on a few factors, such as how many panels you need, your energy consumption and what solar installer you go with.Many homeowners find adopting solar power is a sound investment. The average homeowner in Elko New Market can save about $18,000 on their energy bills over 20 years.

You can click the button below to get connected with a vetted solar installer in Elko New Market that can help you get a more accurate cost estimate for your home.

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

Putting up solar panels yourself can be a stressful project, which is why getting a solar installer is a good option for many homeowners. Plus, if you’d like to maximize your investment in solar power, going with a solar company can help with that as well. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives.

There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:

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 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

Best Technology

Tesla Energy

★★★★★
3.2

  • 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

For many Elko New Market homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Elko New Market, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you’ll pay, which we'll go over below.

Solar Equipment

Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. For that reason, it’s important to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your energy bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Elko New Market average.

Solar Financing Terms

If paying for a solar system out of pocket is out of reach, solar loans are an affordable choice because they cut back your upfront costs and let you pay for your system over five to seven years on average.While solar loans make adopting solar energy more accessible for Elko New Market homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

The remaining significant cost factor you should take into consideration is the installer you choose. Given the growing popularity of sustainable energy solutions in Elko New Market, you’ll have plenty of options to choose from, but each comes at varying price points for labor and equipment.Companies that 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 with an above-average cost. It’s best to do some research and find a company that has the products, warranties and services you want and also is 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 $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

There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:

  • Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
  • Contract: Before you sign a contract with a solar company, be sure to look it over completely so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
  • Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
  • Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.

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 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

Best Technology

Tesla Energy

★★★★★
3.2

  • 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 precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $20,150 for a 5-kW system and $40,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.

Is cost the most important thing to think about 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 offer net metering programs of some kind. Through these, you can either get paid for the extra power your system generates or or receive credits to put toward future energy 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 needs and the average daily 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 cover 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.

Follow us