Solar Panel Cost Guide in Fairmont, MN (2024 Update)
- Fairmont Solar Installation Cost: $19,975
- 25-Year Savings: $16,481
- Payback Period: 16.3 Years
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Average Cost of Solar Panels in Fairmont
Find out how much it might cost to make the switch to solar in Fairmont.
In Fairmont, solar panels cost about 4 per watt on average.The average solar panel system size in Fairmont is around 7.1 kilowatts, meaning a cost of about $19,975 for a solar installation, or $28,564 before the 0 federal solar tax credit is applied.
These figures are only estimates, and the cost of going solar for you may look different based on the amount of energy your home requires and what company you want to go with.Many homeowners find installing a solar panel system is a fruitful investment. The average homeowner in Fairmont can save around $16,000 on their energy bills over 20 years.
To receive a free estimate from a vetted solar installation company in Fairmont, you can click the button below.
Solar savings over time in Fairmont
| Year | Return on Investment |
|---|---|
| 1 years | $-19,046 |
| 3 years | $-17,188 |
| 5 years | $-15,329 |
| 7 years | $-13,471 |
| 9 years | $-11,612 |
| 11 years | $-9,754 |
| 13 years | $-7,895 |
| 15 years | $-6,037 |
| 17 years | $-4,178 |
| 19 years | $-2,320 |
| 21 years | $-461 |
| 23 years | $1,398 |
| 25 years | $3,256 |
Top Solar Installers in Fairmont
DIY solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Hiring an installer can make converting to solar power much easier. Also, companies with a high reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you’d like to switch to solar energy but still aren’t sure which solar company to go with, here are our suggestions for providers near you:
Best National Provider
SunPower
- 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
- 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 Fairmont
Factors that Affect Solar Panel Costs in Fairmont
The cost of installing a solar system in Fairmont can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation 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 $4,030.The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are a solid choice because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also adds to your all-in costs, so it’s important to include that in your estimate as well. You can always reduce the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The remaining significant cost factor you should consider is the installer you choose. Given the booming popularity of green energy solutions in Fairmont, you’ll have plenty of options to choose from, but each comes at varying price points for labor and equipment.Companies that only sell products with high efficiency and therefore a higher price point — 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 decide on the company that offers the products, warranties and services you’re looking for 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 | $8,290 | 17.0 years |
| 8 kW | $4.11 | $23,019 | $11,505 | 16.7 years |
| 10 kW | $4.03 | $28,210 | $14,945 | 16.3 years |
| 12 kW | $3.95 | $33,175 | $18,611 | 16.0 years |
| 14 kW | $3.87 | $37,914 | $22,503 | 15.7 years |
| 16 kW | $3.79 | $42,428 | $26,620 | 15.4 years |
| 18 kW | $3.71 | $46,716 | $30,963 | 15.0 years |
| 20 kW | $3.63 | $50,778 | $35,532 | 14.7 years |
How to Save on Solar Panels
There are many companies available in Fairmont, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be challenging, so here are some tips to help you decide:
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one mark of a quality company.
- Reputation: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: When reading through your solar installer’s contract, ask for clarification about any terms you’re not sure of and be sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Solar Panel Brands: Different companies carry various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel installer you’re considering has it.
Best National Provider
SunPower
- 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
- 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 Fairmont, MN Solar Cost FAQs
What is the average cost of installing solar panels in Fairmont?
The average cost of solar panels in Fairmont is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the actual cost will depend on stuff 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 apart from cost when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in Fairmont?
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 power bills.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can keep using them at a lower efficiency.
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.