Solar Panel Cost Guide in Glencoe, MN (2023 Update)
- Glencoe Solar Installation Cost: $14,095
- 25-Year Savings: $19,903
- Payback Period: 10.4 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Glencoe
Here's how much it might cost to make the switch to solar in Glencoe.
In Glencoe, solar panels cost about 2.84 per watt on average. To cover the typical energy usage of the average home in Glencoe, most homeowners require a 7.1-kilowatt system. Using the figure above, a solar installation costs around $14,095, or $20,156 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average Glencoe homeowner. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. For most homeowners, the upfront investment in solar is worth paying. On average homeowners in Glencoe see about $18,000 in savings on utility bills over 20 years.
Click the button below to get connected to a reputable solar company in Glencoe for a custom estimate.
Solar savings over time in Glencoe
| Year | Return on Investment |
|---|---|
| 1 years | $-12,735 |
| 3 years | $-10,015 |
| 5 years | $-7,295 |
| 7 years | $-4,575 |
| 9 years | $-1,856 |
| 11 years | $864 |
| 13 years | $3,584 |
| 15 years | $6,304 |
| 17 years | $9,024 |
| 19 years | $11,744 |
| 21 years | $14,464 |
| 23 years | $17,183 |
| 25 years | $19,903 |
Top Solar Installers in Glencoe
When going solar, many homeowners decide to use a solar company since putting up a solar system yourself can be a difficult project. Companies can also have access to a large variety of the best solar panels and help you decide which one will be best for your home.
Working with a vetted solar company can make going solar easier. Here are our recommendations:
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 Glencoe
Factors that Affect Solar Panel Costs in Glencoe
Although the average cost of a solar system in Glencoe is $14,095, your final cost may be above or below the average. There are several factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Glencoe, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can determine by looking at past electricity bills. Your total cost can increase by about $2,840 for each additional kilowatt you need. The kind of solar panels and equipment you choose is another factor that will considerably influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more pricey. Plus, solar equipment goes beyond just the solar panels themselves. You'll also need to consider 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 falls within your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Glencoe to be prohibitively costly, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans drastically decrease upfront costs for most homeowners, but they also lead to a higher cost over time because of interest. Although solar loans make going solar more accessible for Glencoe homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Glencoe is the company you get to install your PV system. Similar to choosing a company to build a deck or pool, for instance, there are plenty of solar installers that offer a range of services at different costs. Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and go with the company that offers the products, warranties and services you're looking for and also is within your budget.
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 | $16,365 | 10.8 years |
| 8 kW | $2.90 | $16,222 | $22,138 | 10.6 years |
| 10 kW | $2.84 | $19,880 | $28,070 | 10.4 years |
| 12 kW | $2.78 | $23,379 | $34,161 | 10.2 years |
| 14 kW | $2.73 | $26,719 | $40,411 | 10.0 years |
| 16 kW | $2.67 | $29,900 | $46,820 | 9.7 years |
| 18 kW | $2.61 | $32,921 | $53,388 | 9.5 years |
| 20 kW | $2.56 | $35,784 | $60,115 | 9.3 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Warranty: Warranties that cover defective panels and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one mark of a good company.
- Solar Panel Brands: Not all solar installers have 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.
- 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 completed and how long it will take.
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
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 Glencoe, MN Solar Cost FAQs
What is the average cost of installing solar panels in Glencoe?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly 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 extra solar equipment or higher quality panels, or if you have above-average energy needs. Conversely, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
Cost is a key factor to consider, but whether it's the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.
How will having solar panels impact my property value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Glencoe is currently $167,400, so you can expect a value of about $6,863 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Glencoe is a worthwhile investment.
How many solar panels should I get 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 install 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.