Solar Panel Cost Guide in Ham Lake, MN (2024 Update)
- Ham Lake Solar Installation Cost: $20,251
- 25-Year Savings: $20,079
- Payback Period: 14.7 Years
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Average Cost of Solar Panels in Ham Lake
We go over average solar pricing in Ham Lake.
The average cost of a solar system in Ham Lake is 4 per watt.Using this figure, a typical 7.2-kW system would cost about $20,251 before the 0 federal solar tax credit is applied.
How much you pay can be above or below the average in Ham Lake depending on a variety of factors, such as the type of solar panels you choose and the solar installer you hire.With average savings of about $18,000 on power bills over 20 years, many homeowners in Ham Lake find going solar can be quite rewarding.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Ham Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-18,989 |
| 3 years | $-16,464 |
| 5 years | $-13,939 |
| 7 years | $-11,414 |
| 9 years | $-8,888 |
| 11 years | $-6,363 |
| 13 years | $-3,838 |
| 15 years | $-1,313 |
| 17 years | $1,212 |
| 19 years | $3,737 |
| 21 years | $6,262 |
| 23 years | $8,787 |
| 25 years | $11,312 |
Top Solar Installers in Ham Lake
Many homeowners opt for a solar installation company since installing solar panels by yourself can be challenging. The expertise that solar installers offer can be helpful as well, especially if you aren’t sure what type of solar equipment you need.
You can get a free quote from a local solar installer on how much solar panels could cost for your home. Here are some in Ham Lake:
See all of the solar companies in Ham Lake
Factors that Affect Solar Panel Costs in Ham Lake
For many Ham Lake homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Ham Lake, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,030.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer better efficiency. In a city like Ham Lake, where sunlight isn’t as abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
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 Ham Lake, which can lower, or in some cases completely eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Ham Lake, and each can charge different amounts for labor and equipment.Companies that only sell high-quality, high-efficiency and high-price products — 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 find a company that provides the products, warranties and services you want 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 | $4.19 | $17,603 | $11,107 | 15.3 years |
| 8 kW | $4.11 | $23,019 | $15,261 | 15.0 years |
| 10 kW | $4.03 | $28,210 | $19,640 | 14.7 years |
| 12 kW | $3.95 | $33,175 | $24,245 | 14.4 years |
| 14 kW | $3.87 | $37,914 | $29,076 | 14.1 years |
| 16 kW | $3.79 | $42,428 | $34,132 | 13.9 years |
| 18 kW | $3.71 | $46,716 | $39,414 | 13.6 years |
| 20 kW | $3.63 | $50,778 | $44,922 | 13.3 years |
How to Save on Solar Panels
There are many companies to choose from in Ham Lake, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- 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.
- Contract: Before you sign a contract with a solar company, make sure to look it over carefully so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will go, as well as important factors like the project timeline.
- 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 most likely has a solid reputation and is qualified to install your solar system. Another way you can check your installer’s reputation is by reading reviews.
EcoWatch's Ham Lake, MN Solar Cost FAQs
What is the average cost of installing solar panels in Ham Lake?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $20,150 for a 5-kW system and $40,300 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 needs. On the other hand, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
What other factors should I consider apart from cost when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can solar panels significantly reduce my energy bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $957.00 per year.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home 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.