Solar Panel Cost Guide in Farmington, MN (2024 Update)
- Farmington Solar Installation Cost: $20,281
- 25-Year Savings: $20,405
- Payback Period: 14.6 Years
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Average Cost of Solar Panels in Farmington
Find out how much it might cost to make the switch to solar in Farmington.
The average cost of solar panels in Farmington is 4 per watt.To account for the typical energy needs of the average home in Farmington, most homeowners require a 7.2-kilowatt system. Using the figure above, a solar installation costs about $20,281, or $29,002 before the federal solar tax credit of 0 is applied.
Remember that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy needs, the type of solar panels you want, your solar contractor and more.Many homeowners find going solar is a sound investment. The average homeowner in Farmington can save around $18,000 on their electricity bills over 20 years.
You can click the button below to get connected with a vetted solar company in Farmington for a quote for your home.
Solar savings over time in Farmington
| Year | Return on Investment |
|---|---|
| 1 years | $-19,001 |
| 3 years | $-16,442 |
| 5 years | $-13,883 |
| 7 years | $-11,324 |
| 9 years | $-8,766 |
| 11 years | $-6,207 |
| 13 years | $-3,648 |
| 15 years | $-1,089 |
| 17 years | $1,470 |
| 19 years | $4,029 |
| 21 years | $6,588 |
| 23 years | $9,147 |
| 25 years | $11,706 |
Top Solar Installers in Farmington
DIY solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Hiring a solar panel installer can make your swap to solar power much easier. Solar warranties and repairs are typically included in the cost of installation when you sign a contract with a solar company as well, which can save you more money after your upfront investment.
Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:
See all of the solar companies in Farmington
Factors that Affect Solar Panel Costs in Farmington
The cost of installing a solar system in Farmington 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 the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. Because of that, it’s crucial to accurately assess the size of the solar energy system needed for your home by figuring out your average energy use.The model of solar panels and equipment you choose is another factor that will significantly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more expensive. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when researching a solar system that’s in your budget.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are a solid route because they cut back your upfront costs and let you pay for your system over five to seven years on average.However, the interest on solar loans also increases your all-in costs, so it’s crucial to consider that as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you pick will impact your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor.Larger national companies usually have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional 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 | $4.19 | $17,603 | $11,355 | 15.2 years |
| 8 kW | $4.11 | $23,019 | $15,591 | 14.9 years |
| 10 kW | $4.03 | $28,210 | $20,053 | 14.6 years |
| 12 kW | $3.95 | $33,175 | $24,740 | 14.3 years |
| 14 kW | $3.87 | $37,914 | $29,654 | 14.0 years |
| 16 kW | $3.79 | $42,428 | $34,792 | 13.7 years |
| 18 kW | $3.71 | $46,716 | $40,157 | 13.4 years |
| 20 kW | $3.63 | $50,778 | $45,747 | 13.2 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should secure and what the project timeline is.
- Contract: When looking over 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 such as a system part breaking or if the company goes out of business.
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you opt for.
EcoWatch's Farmington, MN Solar Cost FAQs
What is the average cost of installing solar panels in Farmington?
This is a difficult question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $20,150 for a 5-kW system and $40,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Farmington?
You can’t get solar panels for free in Farmington. 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.
Is it worth going solar in Farmington?
Solar panels can be a good investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to get between 20 and 35 panels to account for their typical energy usage.
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.