Solar Panel Cost Guide in Golden Valley, MN (2024 Update)
- Golden Valley Solar Installation Cost: $20,316
- 25-Year Savings: $11,670
- Payback Period: 14.2 Years
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Average Cost of Solar Panels in Golden Valley
Find out how much it might cost to go solar in Golden Valley.
The national average cost of solar panels is $2.66 per watt, but in Golden Valley it’s 4 per watt.The average Golden Valley homeowner needs a 7.2-kilowatt system, which would cost about $20,316 with the federal tax credit, or $29,052 before the 0 tax credit is applied.
These figures are only estimates, and the cost of going solar for you will differ based on the amount of energy your home requires and what company you choose to go with.With typical savings of about $19,000 on utility bills over 20 years, many homeowners in Golden Valley find installing solar panels can be quite rewarding.
To get a free quote from a top solar installer in Golden Valley, you can click the button below.
Solar savings over time in Golden Valley
| Year | Return on Investment |
|---|---|
| 1 years | $-19,037 |
| 3 years | $-16,478 |
| 5 years | $-13,919 |
| 7 years | $-11,360 |
| 9 years | $-8,801 |
| 11 years | $-6,242 |
| 13 years | $-3,684 |
| 15 years | $-1,125 |
| 17 years | $1,434 |
| 19 years | $3,993 |
| 21 years | $6,552 |
| 23 years | $9,111 |
| 25 years | $11,670 |
Top Solar Installers in Golden Valley
Although you can install solar panels on your own, it requires extra effort and know-how. That's one of the reasons the majority of homeowners choose to go with a solar panel installer. Plus, if you’d like to maximize your investment in solar power, using a solar installer can help with that as well. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives.
There are various licensed solar professionals that can help you install your solar panels. Here are our suggestions:
See all of the solar companies in Golden Valley
Factors that Affect Solar Panel Costs in Golden Valley
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that will push your cost above or below the average in Golden Valley: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover 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 going solar. That’s why it’s crucial 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 increase or decrease the price quite significantly. If you prefer a trusted 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 additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar installers in Golden Valley have solar loans, which reduce the initial cost of installing solar.While solar loans make adopting solar energy more accessible for Golden Valley homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Golden Valley is the company you hire to install your solar system. As with choosing a company to install new cabinets, for instance, you’ll have no shortage of solar installers that offer a range of services at different price points.The size of the company can sometimes play the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
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 | $12,211 | 14.8 years |
| 8 kW | $4.11 | $23,019 | $16,733 | 14.5 years |
| 10 kW | $4.03 | $28,210 | $21,480 | 14.2 years |
| 12 kW | $3.95 | $33,175 | $26,453 | 13.9 years |
| 14 kW | $3.87 | $37,914 | $31,652 | 13.6 years |
| 16 kW | $3.79 | $42,428 | $37,076 | 13.3 years |
| 18 kW | $3.71 | $46,716 | $42,726 | 13.1 years |
| 20 kW | $3.63 | $50,778 | $48,602 | 12.8 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since selecting a company can be difficult, we have some tips to help you, such as:
- Contract: Before signing a contract with a solar installer, make sure you read it through carefully so you understand the terms. Also, ask questions if you aren’t sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to install your solar system. Another way you can look into your installer’s reputation is by reading reviews.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
EcoWatch's Golden Valley, MN Solar Cost FAQs
How much does it cost to install solar panels in Golden Valley?
The average cost of solar panels in Golden Valley is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Golden Valley?
Leasing solar panels can be an attractive choice, because it usually comes with low or $0 upfront payments. The drawback is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better way to go if you want to maximize your savings.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
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 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 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.