Solar Panel Cost Guide in Golden Valley, MN (2023 Update)
- Golden Valley Solar Installation Cost: $14,314
- 25-Year Savings: $21,472
- Payback Period: 10.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Golden Valley
Find out what the average cost of installing solar panels is in Golden Valley.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Golden Valley, the typical cost of a solar system is 2.84 per watt. The average solar panel system size in Golden Valley is around 7.2 kilowatts, meaning a cost of about $14,314 for a solar installation, or $20,469 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar may look quite different based on your household energy consumption, the type of solar system you want, your solar contractor and more. With average savings of about $19,000 on power bills over 20 years, many homeowners in Golden Valley find investing in solar has a decent ROI.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Golden Valley
| Year | Return on Investment |
|---|---|
| 1 years | $-12,882 |
| 3 years | $-10,019 |
| 5 years | $-7,156 |
| 7 years | $-4,294 |
| 9 years | $-1,431 |
| 11 years | $1,432 |
| 13 years | $4,295 |
| 15 years | $7,158 |
| 17 years | $10,021 |
| 19 years | $12,884 |
| 21 years | $15,747 |
| 23 years | $18,610 |
| 25 years | $21,472 |
Top Solar Installers in Golden Valley
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Taking advantage of an installer can make your switch to solar power much easier. Plus, warranties and repairs from your solar panel company can protect your investment and reduce the cost of maintenance over time.
If you're searching for a solar installer in Golden Valley, we've compiled a list of our top suggestions here:
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 Golden Valley
Factors that Affect Solar Panel Costs in Golden Valley
Cost is often one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that determine your overall cost in Golden Valley: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That's why 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 type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your electric bills. In addition, add-on products, such as solar batteries, can bring your total well above the Golden Valley average.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are available from most installers in Golden Valley, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also increases your total costs, so it's important to include that in your estimate as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Golden Valley is the company you get to install your solar 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 price points. You may notice national solar installers that have lower prices because of their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions 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 | $17,409 | 10.4 years |
| 8 kW | $2.90 | $16,222 | $23,530 | 10.2 years |
| 10 kW | $2.84 | $19,880 | $29,810 | 10.0 years |
| 12 kW | $2.78 | $23,379 | $36,249 | 9.8 years |
| 14 kW | $2.73 | $26,719 | $42,847 | 9.6 years |
| 16 kW | $2.67 | $29,900 | $49,604 | 9.4 years |
| 18 kW | $2.61 | $32,921 | $56,520 | 9.2 years |
| 20 kW | $2.56 | $35,784 | $63,596 | 9.0 years |
How to Save on Solar Panels
Since the type of solar panels and the company you choose greatly affects your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Installation Process: Make sure you're on the same page with the installer regarding how the installation process will go and what needs to be done before your solar panels are installed, such as repairing your electrical system or roof.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Reputation: Solar installers that have great reviews from their customers and that have been in business for many years in most cases offer high-quality solar panel installation and expertise.
- Contract: When reading over your solar company's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
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 Golden Valley, MN Solar Cost FAQs
What is the average cost of installing solar panels in Golden Valley?
This is a hard question to answer exactly, 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. You can expect to pay more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. Conversely, you can spend less if you go with a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Golden Valley?
A solar panel system isn't free in Golden Valley, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
How will having solar panels impact the value of my home?
Solar panels can increase your property's value significantly as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.