Solar Panel Cost Guide in Forest Lake, MN (Mar 2023)
- Forest Lake Solar Installation Cost: $14,353
- 25-Year Savings: $23,256
- Payback Period: 9.5 Years
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Updated March 14, 2023
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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 solar panels is 2.84 per watt. The average Forest Lake homeowner needs a 7.2-kilowatt system, which would cost about $14,353 with the federal tax credit, or $20,525 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The actual cost of installing solar panels can vary based on a few factors, such as how many panels you need, your energy usage and what company you go with. For many homeowners, the upfront cost of solar is worth paying. On average homeowners in Forest Lake see about $20,000 in savings on utility bills over 20 years.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Forest Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-12,849 |
| 3 years | $-9,840 |
| 5 years | $-6,832 |
| 7 years | $-3,823 |
| 9 years | $-814 |
| 11 years | $2,195 |
| 13 years | $5,203 |
| 15 years | $8,212 |
| 17 years | $11,221 |
| 19 years | $14,229 |
| 21 years | $17,238 |
| 23 years | $20,247 |
| 25 years | $23,256 |
Top Solar Installers in Forest Lake
Installing solar panels by yourself can be a dangerous task, which is why getting a solar installation company is a good option for many homeowners. Also, companies with a high reputation that cost more upfront could actually save you money in the long run due to their warranties, repair services and expert design.
There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Forest Lake
Factors that Affect Solar Panel Costs in Forest Lake
For many Forest Lake homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Forest Lake, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. That's why it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect 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
Most solar companies in Forest Lake provide solar loans, which reduce your upfront costs of installing solar. It's a good idea to add the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay back the loan.
Solar Panel Installation Company
The solar company you pick will impact your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or specials to compete with those larger companies.
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 | $18,845 | 9.9 years |
| 8 kW | $2.90 | $16,222 | $25,445 | 9.7 years |
| 10 kW | $2.84 | $19,880 | $32,204 | 9.5 years |
| 12 kW | $2.78 | $23,379 | $39,122 | 9.4 years |
| 14 kW | $2.73 | $26,719 | $46,199 | 9.2 years |
| 16 kW | $2.67 | $29,900 | $53,435 | 9.0 years |
| 18 kW | $2.61 | $32,921 | $60,830 | 8.8 years |
| 20 kW | $2.56 | $35,784 | $68,384 | 8.6 years |
How to Save on Solar Panels
There are many companies available in Forest Lake, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Different companies offer various brands and models of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
- Contract: Before you sign a contract with a solar company, be sure to look it over carefully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Reputation: Make sure your solar company has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
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 Forest Lake, MN Solar Cost FAQs
What is the average cost of installing solar panels in Forest Lake?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. It will cost more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Forest Lake?
You can't get solar panels for free in Forest Lake. However, you may still be able to afford 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 Forest Lake?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
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 how much sunlight your roof gets. You can take a 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 buy between 20 and 35 panels to cover 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.