Solar Panel Cost Guide in Faribault, MN (Mar 2023)
- Faribault Solar Installation Cost: $14,254
- 25-Year Savings: $20,246
- Payback Period: 10.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Faribault
Let's have a look at the average cost of solar panels in Faribault.
The average cost of solar panels in Faribault is 2.84 per watt. To cover the typical energy usage of the average home in Faribault, most homeowners require a 7.2-kilowatt system. Using the figure above, a solar installation costs around $14,254, or $20,383 before the federal solar tax credit of 30% 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 depending on several factors, such as how many panels you need, your energy consumption and what company you go with. For many homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $18,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a vetted solar company in Faribault for a quote for your home.
Solar savings over time in Faribault
| Year | Return on Investment |
|---|---|
| 1 years | $-12,874 |
| 3 years | $-10,114 |
| 5 years | $-7,354 |
| 7 years | $-4,594 |
| 9 years | $-1,834 |
| 11 years | $926 |
| 13 years | $3,686 |
| 15 years | $6,446 |
| 17 years | $9,206 |
| 19 years | $11,966 |
| 21 years | $14,726 |
| 23 years | $17,486 |
| 25 years | $20,246 |
Top Solar Installers in Faribault
Many homeowners opt for a solar installation company since installing solar panels yourself can be challenging. Local solar companies can also help you maximize your return on investment by walking you through any local incentives and by providing warranties and repairs.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some near you:
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 Faribault
Factors that Affect Solar Panel Costs in Faribault
The cost of installing a solar system in Faribault can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is the size of the system your household needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The size of the solar energy system you need for your household, 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 around $2,840. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your energy bills. Additionally, extra products, like solar batteries, can bring your total well above the Faribault average.
Solar Financing Terms
If paying for solar panels in cash is out of reach, solar loans are an affordable choice because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. 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're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
A final factor to keep in mind when trying to estimate the cost of solar for your home or business in Faribault is the company you hire to install your solar system. Similar to choosing a company to install new cabinets, for example, there's no shortage of solar installers that provide a range of services at different costs. Some companies 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 with an above-average cost. It's best to do some research and decide on the company that offers the products, warranties and services you want and also fits 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 | $2.95 | $12,405 | $16,466 | 10.7 years |
| 8 kW | $2.90 | $16,222 | $22,273 | 10.5 years |
| 10 kW | $2.84 | $19,880 | $28,239 | 10.3 years |
| 12 kW | $2.78 | $23,379 | $34,364 | 10.1 years |
| 14 kW | $2.73 | $26,719 | $40,647 | 9.9 years |
| 16 kW | $2.67 | $29,900 | $47,090 | 9.7 years |
| 18 kW | $2.61 | $32,921 | $53,692 | 9.5 years |
| 20 kW | $2.56 | $35,784 | $60,453 | 9.3 years |
How to Save on Solar Panels
There are a lot of companies available in Faribault, 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 defective panels and repairs over around 25 years are the gold standard in the business, and offering such a warranty is one sign of a quality company.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years likely provide quality solar panel installation and expertise.
- Contract: Although reading through a contract can take a lot of time, it's important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Even though there are many options for which model 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.
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 Faribault, MN Solar Cost FAQs
How much does it cost to install solar panels in Faribault?
The average cost of solar panels in Faribault 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 certain factors such as the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Faribault?
Leasing solar panels can be an attractive choice, because it often 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 maximize your savings.
Is it worth going solar in Faribault?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know 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 household 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.