Solar Panel Cost Guide in Ham Lake, MN (2023 Update)
- Ham Lake Solar Installation Cost: $14,271
- 25-Year Savings: $20,079
- Payback Period: 10.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Ham Lake
Find out what the average cost of a solar system is in Ham Lake.
The average cost of a solar system in Ham Lake is 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.
These figures are just estimates, and the cost of going solar for you will differ based on the amount of energy your home requires and what company you go with. Even with the significant upfront cost, the average Ham Lake homeowner can save around $18,000 on their power bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a reputable solar installer in your area for a personalized estimate.
Solar savings over time in Ham Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-14,157 |
| 3 years | $-13,928 |
| 5 years | $-13,699 |
| 7 years | $-13,470 |
| 9 years | $-13,241 |
| 11 years | $-13,012 |
| 13 years | $-12,783 |
| 15 years | $-12,554 |
| 17 years | $-12,325 |
| 19 years | $-12,096 |
| 21 years | $-11,867 |
| 23 years | $-11,638 |
| 25 years | $-11,409 |
Top Solar Installers in Ham Lake
Many homeowners choose to use a solar installation company since installing solar panels on your own can be a lot of work. The expertise that solar installers provide can be valuable as well, particularly if you aren't sure what type of solar equipment would be right for your home.
If you'd like to switch to solar energy but still aren't sure which solar panel company to go with, here are our suggestions for providers nearby:
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 Ham Lake
Factors that Affect Solar Panel Costs in Ham Lake
Though the average cost of a solar system in Ham Lake is $14,274, your actual cost may differ. There are several factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more important things to consider.
Solar Equipment
When it comes to estimating the cost of solar panels in Ham Lake, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can gauge by looking at past electricity bills. Your total cost can increase by about $2,840 for each additional kilowatt you need. There are many different solar panel brands and the one you choose also changes the cost. In many cases, the brands that are more efficient tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are a popular option because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. Even though solar loans make adopting solar energy more accessible for Ham Lake homeowners, they can also add to the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Finally, the company you choose to install your solar panel system can affect the cost. Ham Lake's solar companies all have different labor costs and add varying upcharges to equipment. The company's size can sometimes play the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount 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 | $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
Since the brand of solar panels and the company you choose considerably affects your costs and your system's efficiency, production, and durability, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Contract: Though reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. Even though there are many options for which type of solar panel you can get, not every company will have the exact one you may want or need, so make sure you ask for their list of options before deciding.
- Installation Process: Make sure you're aligned with the installer regarding how the installation process will go and what you need to do before your solar panels are installed, such as updating or replacing your electrical system or roof.
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 Ham Lake, MN Solar Cost FAQs
How much does it cost to install solar panels in Ham Lake?
The average cost of solar panels in Ham Lake is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the real cost will depend on stuff such as the kind of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Ham Lake is currently $294,800, which means you can look forward to a value of about $12,087 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Ham Lake is a fruitful investment.
How long do solar panels last in Ham Lake?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can continue to use them at a lower efficiency.
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.