Solar Panel Cost Guide in Faribault, MN (2024 Update)
- Faribault Solar Installation Cost: $20,226
- 25-Year Savings: $20,246
- Payback Period: 14.7 Years
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Average Cost of Solar Panels in Faribault
Find out what the average cost of a solar system is in Faribault.
While the national average of solar panels is $2.66 per watt, solar panels in Faribault typically cost about 4.Since a 7.2-kW system is needed to cover the energy consumption of a typical home in Faribault, the average price of going solar will be about $20,226 after claiming the federal solar tax credit of 0.
How much you pay can go above or below the average in Faribault depending on a variety of factors, such as the model of solar panels you choose and the solar company you hire.But, once you've paid the initial cost of installation, the ROI for most homeowners is quite fruitful, with a net average savings of about $18,000 over 20 years on electricity bills.
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 | $-18,946 |
| 3 years | $-16,387 |
| 5 years | $-13,828 |
| 7 years | $-11,269 |
| 9 years | $-8,711 |
| 11 years | $-6,152 |
| 13 years | $-3,593 |
| 15 years | $-1,034 |
| 17 years | $1,525 |
| 19 years | $4,084 |
| 21 years | $6,643 |
| 23 years | $9,202 |
| 25 years | $11,761 |
Top Solar Installers in Faribault
Do-it-yourself solar panel installation is a possibility, but it's an undertaking that can be a pain. Going with a solar company can make swapping over to solar power much easier. Plus, warranties and repairs from your solar panel installer can protect your investment and bring down the cost of maintenance over the lifespan of your panels.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some 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 Faribault
Factors that Affect Solar Panel Costs in Faribault
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that will push your cost above or below the average in Faribault: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $4,030.The brand and type of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted 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 limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Faribault to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to paying more over time because of interest.It’s a good idea to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
The solar panel installation company you pick will influence your total cost to go solar. Different companies will charge different amounts for the equipment and labor.The size of the company can sometimes play the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $11,268 | 15.2 years |
| 8 kW | $4.11 | $23,019 | $15,476 | 14.9 years |
| 10 kW | $4.03 | $28,210 | $19,909 | 14.7 years |
| 12 kW | $3.95 | $33,175 | $24,568 | 14.4 years |
| 14 kW | $3.87 | $37,914 | $29,452 | 14.1 years |
| 16 kW | $3.79 | $42,428 | $34,562 | 13.8 years |
| 18 kW | $3.71 | $46,716 | $39,898 | 13.5 years |
| 20 kW | $3.63 | $50,778 | $45,459 | 13.2 years |
How to Save on Solar Panels
The solar panel company you go with will be a major factor in determining not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should take into account, including:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose plays a role in which solar panel brands you have access to.
- Contract: Although 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 the terms of the warranty.
- Reputation: Long-standing companies likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, such as when the site survey will be done and what the project timeline is.
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 Faribault, MN Solar Cost FAQs
What is the average cost of installing solar panels in Faribault?
The average cost of solar panels in Faribault is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Faribault?
You can’t get solar panels for free in Faribault. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Can you sell solar power back to the grid in Faribault?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future utility bills.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home needs 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 house 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.