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
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Average Cost of Solar Panels in Hanover
Let’s have a look at the average cost of solar in Hanover.
Although 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 needs 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.
Bear in mind that the figures above are only estimates based on the average Hanover homeowner. The cost of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor.For many homeowners, the upfront investment in solar power is worth paying. On average Hanover homeowners see about $18,000 in savings on energy bills over 20 years.
For a customized quote from a local solar company 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
Installing solar panels on your own can be a stressful undertaking, which is why getting a solar installation company is a good option for many homeowners. Companies can also offer access to various kinds of the best solar panels and help you decide which one will be best for your home.
If you're looking for a solar company in Hanover, the EcoWatch team has organized a list of our top suggestions here:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- 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
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 Hanover
Factors that Affect Solar Panel Costs in Hanover
Cost is usually one of the most important factors for homeowners who want to invest in solar. There are a few major factors that will push your cost above or below the average in Hanover: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
The cost of solar panel systems 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 better efficiency or power production require 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 $4,030.The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more over time on your power bills. Additionally, extra products, like solar batteries, can bring your total well above the Hanover average.
Solar Financing Terms
Most solar installers in Hanover provide solar loans, which reduce your upfront costs of installing solar.When estimating your overall cost, you should also calculate the interest you’ll pay if you go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you get to install your solar system can influence the cost. Hanover’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies generally have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or add-on services like electric car 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 | $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
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 select the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you opt for.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like EcoWatch.
- Installation Process: When going solar, it’s necessary to maintain an open line of communication with your solar company. See to it that you understand how the installation process works and the completion timeline.
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, completion timeline rebates and warranties.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- 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
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 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 certain factors 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?
You can’t get solar panels for free in Hanover. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Can solar panels completely eradicate my power bills?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $955.64 per year.
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.