Solar Panel Cost Guide in Hanover, MN (2024 Update)
- Hanover Solar Installation Cost: $20,208
- 25-Year Savings: $19,988
- Payback Period: 14.8 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Hanover
Let’s have a look at the average cost of solar in Hanover.
While the national average of solar panels is $2.66 per watt, solar panels in Hanover typically cost about 4.Because a 7.2-kW system is needed to cover the energy consumption of a typical home in Hanover, the average price of going solar will be about $20,208 after claiming the federal solar tax credit of 0.
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 panels you choose, your solar contractor and more.Many homeowners find adopting solar power is a fruitful investment. The average homeowner in Hanover can save around $18,000 on their electricity bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Hanover
| Year | Return on Investment |
|---|---|
| 1 years | $-18,929 |
| 3 years | $-16,370 |
| 5 years | $-13,811 |
| 7 years | $-11,252 |
| 9 years | $-8,693 |
| 11 years | $-6,135 |
| 13 years | $-3,576 |
| 15 years | $-1,017 |
| 17 years | $1,542 |
| 19 years | $4,101 |
| 21 years | $6,660 |
| 23 years | $9,219 |
| 25 years | $11,778 |
Top Solar Installers in Hanover
DIY solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Hiring a solar panel installer can make swapping over to solar power much easier. Plus, if you’re not certain what type of solar panels and equipment you may need, a solar expert can help you figure that out after a site survey and consultation.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
See all of the solar companies in Hanover
Factors that Affect Solar Panel Costs in Hanover
Even though the average cost of a solar system in Hanover is $20,208, your final cost may differ. There are several factors that can have a significant impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.
Solar Equipment
When it comes to estimating the price of a solar energy system in Hanover, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy consumption, which you can gauge by looking at past electricity bills. Your overall cost can increase by around $4,030 for each additional kilowatt you need.The brand of solar panels and equipment you want is another factor that will greatly influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to come at a higher price. Plus, solar equipment goes beyond just the solar panels themselves. You’ll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that’s in your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be financially overwhelming. Solar loans are offered by most installers in Hanover, which can reduce, or in some cases eliminate, your upfront costs to make solar more affordable.However, the interest on solar loans also adds to your total costs, so it’s crucial to take that into consideration as well. You can always bring down the total you pay in interest and sometimes even your APR by making a larger down payment.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panels can play a role in determining your pricing. Hanover’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size sometimes plays the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater 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 lower 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 | $11,066 | 15.4 years |
| 8 kW | $4.11 | $23,019 | $15,206 | 15.1 years |
| 10 kW | $4.03 | $28,210 | $19,572 | 14.8 years |
| 12 kW | $3.95 | $33,175 | $24,164 | 14.5 years |
| 14 kW | $3.87 | $37,914 | $28,981 | 14.2 years |
| 16 kW | $3.79 | $42,428 | $34,024 | 13.9 years |
| 18 kW | $3.71 | $46,716 | $39,292 | 13.6 years |
| 20 kW | $3.63 | $50,778 | $44,786 | 13.3 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose significantly 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:
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you opt for.
- Reputation: Long-standing companies likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to align on any details you should know with your solar installer, such as what permits you should secure and what the project timeline is.
- Contract: Look through the contract terms closely to make sure you understand how much it will cost, completion timeline incentives and warranties.
EcoWatch's Hanover, MN Solar Cost FAQs
How much does it cost to install solar panels in Hanover?
The average cost of solar panels in Hanover 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 kind of solar panels you want, what size system you need and how much energy you use.
Are solar panels free in Hanover?
A solar panel system isn’t free in Hanover, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Can solar panels significantly reduce my power bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Hanover, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in Hanover?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.