Solar Panel Cost Guide in Faribault, MN (2023 Update)

  • Faribault Solar Installation Cost: $14,253
  • 25-Year Savings: $20,246
  • Payback Period: 10.3 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated September 15, 2023

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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 Faribault

Here's how much it might cost to go solar in Faribault.

The national average cost of solar panels is $2.66 per watt, but in Faribault it's 2.84 per watt. The average solar panel system size in Faribault is around 7.2 kilowatts, meaning a cost of about $14,254 for a solar installation, or $20,383 before the 30% federal solar tax credit is applied.

The true cost of your system can go above or below the average in Faribault based on a few factors, such as the model of solar panels you choose and the solar installer you hire. Despite the large upfront cost, the average Faribault homeowner can save around $18,000 on their power bills over 20 years, which is one of the perks of solar.

Click the button below to get connected to a top solar panel company in Faribault for a customized quote.

Solar savings over time in Faribault

Year Return on Investment
1 years $-14,138
3 years $-13,908
5 years $-13,678
7 years $-13,448
9 years $-13,218
11 years $-12,988
13 years $-12,758
15 years $-12,528
17 years $-12,298
19 years $-12,068
21 years $-11,838
23 years $-11,608
25 years $-11,378

Top Solar Installers in Faribault

Trying to install solar panels on your own can be a stressful undertaking, which is why getting a solar installation company is a good option for many homeowners. Another perk of working with a solar company is that they can help you make the most of your return of investment by lowering your future costs of repairs and replacements due to warranties and informing you of local incentives you can take advantage of.

Working with a vetted solar company can make going solar easier. Here are our recommendations:

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 Faribault

Factors that Affect Solar Panel Costs in Faribault

Although the average cost of a solar system in Faribault is $14,254, your actual cost may be higher or lower than that. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to take into consideration.

Solar Equipment

System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. That's why it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your typical energy use. 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

For some homeowners, paying for a solar system out of pocket can be a challenge. Solar loans are available from most installers in Faribault, which can bring down, or in some cases totally eliminate, your upfront costs to make solar more accessible. Even though solar loans make going solar more accessible for Faribault homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.

Solar Panel Installation Company

A final factor to consider when trying to figure out the cost of solar for your home or business in Faribault is the company you choose to install your PV system. As with choosing a company to build a deck or pool, for example, you'll have no shortage of solar installers that provide a range of services at different costs. Additionally, some companies in Faribault know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.

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

The solar panel company you choose will be a major factor in determining not only your total 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 consider, such as:

  • Contract: Read the contract terms carefully to make sure you understand how much it will cost, project timeline incentives and warranties.
  • Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years in most cases provide high-quality solar panel installation and expertise.
  • Solar Panel Brands: The model of solar panel you want to get plays a role in which installer you should opt for, since different companies have access to different panels.
  • Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.

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 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 $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the model of solar panels you want, what size system you need and how much energy you consume.

Is cost the most important thing to think about when buying solar panels?

The initial cost is a very important factor to consider, but whether it's the most important for you depends on your goals for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.

How much can I save on electricity bills after installing solar panels?

It is possible to erase your electricity bills with solar panels, but for most homeowners in Faribault, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.

How often do you have to replace solar panels?

Although 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 their energy production will have decreased significantly after that point. You can decide 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.

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