Solar Panel Cost Guide in Fairmont, MN (2023 Update)
- Fairmont Solar Installation Cost: $14,075
- 25-Year Savings: $16,483
- Payback Period: 11.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Fairmont
Find out how much it might cost to go solar in Fairmont.
While the national average of solar panels is $2.66 per watt, solar panels in Fairmont typically cost around 2.84. The average solar panel system size in Fairmont is around 7.1 kilowatts, meaning a cost of about $14,075 for a solar installation, or $20,127 before the 30% federal solar tax credit is applied.
The true price you pay can go higher or lower than the average in Fairmont depending on a variety of factors, such as the kind of solar panels you choose and the solar contractor you hire. Many homeowners find installing a solar panel system is a sound investment. The average homeowner in Fairmont can save around $16,000 on their energy bills over 20 years.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Fairmont
| Year | Return on Investment |
|---|---|
| 1 years | $-12,853 |
| 3 years | $-10,408 |
| 5 years | $-7,963 |
| 7 years | $-5,519 |
| 9 years | $-3,074 |
| 11 years | $-629 |
| 13 years | $1,815 |
| 15 years | $4,260 |
| 17 years | $6,705 |
| 19 years | $9,149 |
| 21 years | $11,594 |
| 23 years | $14,039 |
| 25 years | $16,483 |
Top Solar Installers in Fairmont
When going solar, many homeowners prefer to hire a solar installer since handling can be a difficult project. The payback period on an investment in solar panels will vary depending on factors like your roof configuration and energy usage, but working with a solar installer can help you reach a break-even point sooner. Your provider will be able to help you get the most out of incentives available in your area.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some in Fairmont:
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
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
See all of the solar companies in Fairmont
Factors that Affect Solar Panel Costs in Fairmont
For many Fairmont homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Fairmont, with typical prices between $20,000 to $40,000. There are several factors that significantly influence the price you'll pay, which we'll go over 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 significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,840. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space 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. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Fairmont to be prohibitively expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also result in paying more over time because of interest. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar company you select will affect your total cost to make the switch to solar power. Different companies will charge different amounts for the equipment and labor. Larger national companies generally have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have 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 | $13,488 | 12.0 years |
| 8 kW | $2.90 | $16,222 | $18,302 | 11.7 years |
| 10 kW | $2.84 | $19,880 | $23,275 | 11.5 years |
| 12 kW | $2.78 | $23,379 | $28,407 | 11.3 years |
| 14 kW | $2.73 | $26,719 | $33,698 | 11.1 years |
| 16 kW | $2.67 | $29,900 | $39,149 | 10.8 years |
| 18 kW | $2.61 | $32,921 | $44,758 | 10.6 years |
| 20 kW | $2.56 | $35,784 | $50,526 | 10.4 years |
How to Save on Solar Panels
The solar panel company you opt for will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, such as:
- Warranty: If you're concerned about the durability of your solar panel system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: Make sure your solar installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
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
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
EcoWatch's Fairmont, MN Solar Cost FAQs
How much does it cost to install solar panels in Fairmont?
The average cost of solar panels in Fairmont 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 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 a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Do solar panels increase your property value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How often do you have to replace solar panels?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them once you've had 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.