Solar Panel Cost Guide in Forest Lake, MN (2024 Update)
- Forest Lake Solar Installation Cost: $20,370
- 25-Year Savings: $11,616
- Payback Period: 13.5 Years
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Average Cost of Solar Panels in Forest Lake
We break down average solar pricing in Forest Lake.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Forest Lake, the average cost of a solar system is 4 per watt.To account for the typical energy needs of the average home in Forest Lake, most homeowners require a 7.2-kilowatt system. Using the per-watt figure above, a solar installation costs around $20,370, or $29,129 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy use, the type of equipment you want, your solar contractor and more.Despite the significant initial cost, the average Forest Lake homeowner can save about $20,000 on their energy bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a top solar installer in Forest Lake that can help you get a more accurate cost estimate for your home.
Solar savings over time in Forest Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-19,090 |
| 3 years | $-16,531 |
| 5 years | $-13,973 |
| 7 years | $-11,414 |
| 9 years | $-8,855 |
| 11 years | $-6,296 |
| 13 years | $-3,737 |
| 15 years | $-1,178 |
| 17 years | $1,381 |
| 19 years | $3,940 |
| 21 years | $6,499 |
| 23 years | $9,058 |
| 25 years | $11,616 |
Top Solar Installers in Forest Lake
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can use up a lot of your time and energy. Taking advantage of a solar company can make your swap to solar power much easier. Companies can also offer access to various kinds of the best solar panels and help you decide which one will be best for your home.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some near you:
See all of the solar companies in Forest Lake
Factors that Affect Solar Panel Costs in Forest Lake
While the average cost of a solar system in Forest Lake is $20,370, your actual cost may differ. There are several factors that can have a major impact on the cost of a residential 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 influences the overall cost of installing solar panels. For that reason, it’s a priority to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use.The solar equipment you choose can bring your price up or down 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 electric bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Forest Lake average.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That’s why many Forest Lake homeowners decide to finance their solar panel systems to make paying for solar more affordable.When figuring out your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you choose will play a role in your total cost to adopt 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 offering sales and discounts. While the smaller companies might not have 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 | $13,647 | 14.1 years |
| 8 kW | $4.11 | $23,019 | $18,648 | 13.8 years |
| 10 kW | $4.03 | $28,210 | $23,874 | 13.5 years |
| 12 kW | $3.95 | $33,175 | $29,326 | 13.3 years |
| 14 kW | $3.87 | $37,914 | $35,004 | 13.0 years |
| 16 kW | $3.79 | $42,428 | $40,907 | 12.7 years |
| 18 kW | $3.71 | $46,716 | $47,036 | 12.5 years |
| 20 kW | $3.63 | $50,778 | $53,390 | 12.2 years |
How to Save on Solar Panels
The solar company you go with will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, such as:
- Warranty: A quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Installation Process: Make sure you’re on the same page with the installer with regard to how the installation process will go and what needs to be done before your solar panel system is installed, such as repairing your electrical system or roof.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can research your installer’s reputation is by reading reviews.
- Contract: Even though reading through a contract can be tedious, it’s important to do it thoroughly so you can be sure you understand what services your solar company will provide and the terms of the warranty.
EcoWatch's Forest Lake, MN Solar Cost FAQs
How much does it cost to install solar panels in Forest Lake?
The average cost of solar panels in Forest Lake is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the actual cost will depend on certain factors like the type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Forest Lake?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Is going solar worth it?
Solar panels can be a beneficial investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs 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.