Solar Panel Cost Guide in Ham Lake, MN (Mar 2023)
- Ham Lake Solar Installation Cost: $14,274
- 25-Year Savings: $20,077
- Payback Period: 10.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Ham Lake
See how much it might cost to switch to solar power in Ham Lake.
The national average cost of solar panels is $2.66 per watt, but in Ham Lake it's 2.84 per watt. The average Ham Lake homeowner needs a 7.2-kilowatt system, which would cost about $14,274 with the federal tax credit, or $20,412 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy consumption, the type of solar panels you choose, your solar contractor and more. But, after you've paid the initial cost of installation, the return on investment for most homeowners is typically fruitful, with a net average savings of about $18,000 over 20 years on energy bills.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Ham Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-12,900 |
| 3 years | $-10,152 |
| 5 years | $-7,404 |
| 7 years | $-4,656 |
| 9 years | $-1,908 |
| 11 years | $840 |
| 13 years | $3,588 |
| 15 years | $6,336 |
| 17 years | $9,084 |
| 19 years | $11,833 |
| 21 years | $14,581 |
| 23 years | $17,329 |
| 25 years | $20,077 |
Top Solar Installers in Ham Lake
When going solar, many homeowners prefer to use a solar installation company since putting up a solar system yourself can be a time-consuming project. The expertise that solar companies provide can be valuable as well, particularly if you don't quite know what brand of solar equipment you need.
If you're on the hunt for a solar installer in Ham Lake, we've compiled a list of our top suggestions here:
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 Ham Lake
Factors that Affect Solar Panel Costs in Ham Lake
There are a number of factors that can influence your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,840. The type of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your energy bills. In addition, add-on products, like solar batteries, can bring your total well above the Ham Lake average.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be a challenge. Solar loans are offered by most installers in Ham Lake, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible. Even though solar loans make going solar more accessible for Ham Lake homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar panel installation company you select will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor. You may come across 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 promotions to compete with those major players.
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 | $16,305 | 10.8 years |
| 8 kW | $2.90 | $16,222 | $22,058 | 10.6 years |
| 10 kW | $2.84 | $19,880 | $27,970 | 10.4 years |
| 12 kW | $2.78 | $23,379 | $34,041 | 10.2 years |
| 14 kW | $2.73 | $26,719 | $40,271 | 10.0 years |
| 16 kW | $2.67 | $29,900 | $46,661 | 9.8 years |
| 18 kW | $2.61 | $32,921 | $53,209 | 9.6 years |
| 20 kW | $2.56 | $35,784 | $59,916 | 9.3 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Contract: When reading over your solar installer's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- Solar Panel Brands: Different companies will carry various brands and kinds of panels. If you prefer a specific brand, make sure the solar panel installer you're considering has it.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to get the job done well. Another way you can verify your installer's reputation is by reading reviews.
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 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 variety of 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 be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to think about 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.
Is it worth going solar in Ham Lake?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home uses and how much sunlight your home gets. For a general estimate, however, since each panel can generally 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.