Solar Panel Cost Guide in Hanover, MN (2023 Update)
- Hanover Solar Installation Cost: $14,234
- 25-Year Savings: $19,995
- Payback Period: 10.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Hanover
Let's have a look at the average cost of solar panels in Hanover.
The average cost of a solar system in Hanover is 2.84 per watt. To account for the typical energy needs of the average home in Hanover, most homeowners require a 7.2-kilowatt system. Using the figure above, a solar installation costs about $14,234, or $20,355 before the federal solar tax credit of 30% is applied.
The true cost of your system can be above or below the average in Hanover depending on a variety of factors, such as the model of solar panels you choose and the solar installer you hire. Many homeowners find installing a solar panel system is a sound investment. The average homeowner in Hanover can save about $18,000 on their power bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Hanover
| Year | Return on Investment |
|---|---|
| 1 years | $-12,865 |
| 3 years | $-10,127 |
| 5 years | $-7,388 |
| 7 years | $-4,650 |
| 9 years | $-1,912 |
| 11 years | $827 |
| 13 years | $3,565 |
| 15 years | $6,303 |
| 17 years | $9,042 |
| 19 years | $11,780 |
| 21 years | $14,518 |
| 23 years | $17,257 |
| 25 years | $19,995 |
Top Solar Installers in Hanover
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Hiring a solar company can make your switch to solar power much easier. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long run with their warranties, repair services and expert design.
Working with a vetted solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 Hanover
Factors that Affect Solar Panel Costs in Hanover
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that affect your total cost in Hanover: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,840. The kind of solar panels and equipment you get is another factor that will greatly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Furthermore, solar equipment consists of more than just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that falls within your budget.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are offered by most installers in Hanover, which can reduce, or in some cases completely eliminate, your upfront costs to make solar more accessible. While solar loans make switching to solar energy more accessible for Hanover 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 avoid paying as much in interest.
Solar Panel Installation Company
The solar panel installer you select will affect your total cost to make the switch to solar power. Different companies will bill different amounts for the equipment and labor. Larger national companies typically have lower costs, but some local companies compete with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or extra services like electric vehicle charger installation, they might be cheaper overall.
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 | $16,264 | 10.8 years |
| 8 kW | $2.90 | $16,222 | $22,004 | 10.6 years |
| 10 kW | $2.84 | $19,880 | $27,902 | 10.4 years |
| 12 kW | $2.78 | $23,379 | $33,960 | 10.2 years |
| 14 kW | $2.73 | $26,719 | $40,176 | 10.0 years |
| 16 kW | $2.67 | $29,900 | $46,552 | 9.8 years |
| 18 kW | $2.61 | $32,921 | $53,087 | 9.6 years |
| 20 kW | $2.56 | $35,784 | $59,780 | 9.4 years |
How to Save on Solar Panels
The company that does your solar system 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: It's important to read through your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Solar Panel Brands: The type of solar panel you'd like plays a part in which installer you should choose, since different companies offer different panels.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the project completion timeline.
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. Two 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 past customers.
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 Hanover, MN Solar Cost FAQs
What is the average cost of installing solar panels in Hanover?
The average cost of solar panels in Hanover 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 certain factors such as the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Hanover?
Leasing solar panels can be an attractive choice, because it commonly 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 incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Can solar panels significantly reduce my electricity bills?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners throughout 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 many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs and how much 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 get between 20 and 35 panels to account for 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.