Solar Panel Cost Guide in Hastings, MN (2023 Update)
- Hastings Solar Installation Cost: $14,314
- 25-Year Savings: $20,221
- Payback Period: 10.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Hastings
Find out what the average cost of solar panels are in Hastings.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hastings, the typical cost of a solar system is 2.84 per watt. Because a 7.2-kW system is needed to cover the energy needs of a typical home in Hastings, the average price of going solar will be about $14,314 after claiming the federal solar tax credit of 30%.
Keep in mind that the figures above are only estimates based on the average Hastings homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. For many homeowners, the upfront investment in solar power is worth paying. On average homeowners in Hastings see about $18,000 in savings on utility bills over 20 years.
You can click the button below to get connected with a pre-vetted solar installer in Hastings for a quote for your home.
Solar savings over time in Hastings
| Year | Return on Investment |
|---|---|
| 1 years | $-12,932 |
| 3 years | $-10,169 |
| 5 years | $-7,407 |
| 7 years | $-4,644 |
| 9 years | $-1,881 |
| 11 years | $882 |
| 13 years | $3,645 |
| 15 years | $6,407 |
| 17 years | $9,170 |
| 19 years | $11,933 |
| 21 years | $14,696 |
| 23 years | $17,459 |
| 25 years | $20,221 |
Top Solar Installers in Hastings
Many homeowners decide to hire a solar panel company since figuring out how to install solar panels by yourself can be time-consuming. Also, companies with a high reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
If you're looking for a solar company in Hastings, the EcoWatch team has 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 Hastings
Factors that Affect Solar Panel Costs in Hastings
The cost of installing a solar system in Hastings can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. Because of that, it's crucial to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are an affordable choice because they cut back your upfront costs and allow you to pay for your system over five to seven years on average. When figuring out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The remaining major cost factor you should take into consideration is the installer you choose. Given the growing popularity of green energy solutions in Hastings, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. Some companies only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and find a company that has the products, warranties and services you're looking for and also fits within your budget.
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 | $16,354 | 10.8 years |
| 8 kW | $2.90 | $16,222 | $22,124 | 10.6 years |
| 10 kW | $2.84 | $19,880 | $28,052 | 10.4 years |
| 12 kW | $2.78 | $23,379 | $34,140 | 10.2 years |
| 14 kW | $2.73 | $26,719 | $40,386 | 10.0 years |
| 16 kW | $2.67 | $29,900 | $46,792 | 9.7 years |
| 18 kW | $2.61 | $32,921 | $53,357 | 9.5 years |
| 20 kW | $2.56 | $35,784 | $60,080 | 9.3 years |
How to Save on Solar Panels
There are many companies to choose from in Hastings, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: The model of solar panel you need to get plays a part in which company you should go with, since different companies provide different panels.
- Reputation: Well-established companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Contract: Read the contract terms carefully to make sure you understand the total cost, project timeline rebates and warranties.
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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 Hastings, MN Solar Cost FAQs
How much does it cost to install solar panels in Hastings?
This is a tough question to answer precisely, because the cost depends on a few different 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 cost more if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy consumption. On the other hand, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Are solar panels free in Hastings?
You can't get solar panels for free in Hastings. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
Do solar panels increase your home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Hastings is currently $244,900, so you can expect a value of about $10,041 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Hastings is a fruitful investment.
What solar power system size is right for my home?
To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically 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.