Solar Panel Cost Guide in Hastings, MN (2024 Update)
- Hastings Solar Installation Cost: $20,325
- 25-Year Savings: $20,212
- Payback Period: 14.7 Years
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Average Cost of Solar Panels in Hastings
Find out what the average cost of a solar system is in Hastings.
Although the national average of solar panels is $2.66 per watt, solar panels in Hastings generally cost about 4.Since a 7.2-kW system is needed to cover the energy consumption of a typical home in Hastings, the average price of going solar will be about $20,325 after claiming the federal solar tax credit of 0.
These figures are just averages, and the cost of going solar for you will most likely look different based on your specific situation and what company you want to go with.But, after you've paid the initial cost of installation, the payback for most homeowners is typically good, with a net average savings of about $18,000 over 20 years on power bills.
For a personalized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Hastings
| Year | Return on Investment |
|---|---|
| 1 years | $-19,046 |
| 3 years | $-16,487 |
| 5 years | $-13,928 |
| 7 years | $-11,369 |
| 9 years | $-8,810 |
| 11 years | $-6,251 |
| 13 years | $-3,692 |
| 15 years | $-1,133 |
| 17 years | $1,426 |
| 19 years | $3,984 |
| 21 years | $6,543 |
| 23 years | $9,102 |
| 25 years | $11,661 |
Top Solar Installers in Hastings
Many homeowners decide to use a solar installer since trying to install solar panels yourself can be a labor-intensive endeavor. Solar warranties and repairs are often included in the cost of installation when you opt for a solar company as well, which can save you more money over time.
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
See all of the solar companies in Hastings
Factors that Affect Solar Panel Costs in Hastings
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that determine your overall cost in Hastings: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar system in Hastings, one of the most crucial 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 usage, which you can figure out by looking at past electricity bills. Your overall cost can increase by about $4,030 for each additional kilowatt you need.The kind of solar equipment you choose can bring your price up or down 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. On the other hand, higher efficiency could save you more in the long run on your power bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Hastings average.
Solar Financing Terms
Many homeowners find the average cost of solar in Hastings to be too steep, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also result in paying more over time because of interest.It’s wise to add the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Hastings is the company you hire to install your solar system. As with choosing a company to renovate your kitchen, for example, you’ll have many options for solar installers that offer a range of services for different budgets.Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and find a company that provides 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 | $4.19 | $17,603 | $11,156 | 15.3 years |
| 8 kW | $4.11 | $23,019 | $15,326 | 15.0 years |
| 10 kW | $4.03 | $28,210 | $19,722 | 14.7 years |
| 12 kW | $3.95 | $33,175 | $24,344 | 14.4 years |
| 14 kW | $3.87 | $37,914 | $29,191 | 14.1 years |
| 16 kW | $3.79 | $42,428 | $34,264 | 13.8 years |
| 18 kW | $3.71 | $46,716 | $39,562 | 13.5 years |
| 20 kW | $3.63 | $50,778 | $45,086 | 13.2 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 find the right company for you, here are some tips to keep in mind:
- Warranty: Warranties that cover panel repairs and maintenance over a couple decades are the gold standard in the business, and offering that kind of warranty is one mark of a quality company.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
- Installation Process: When going solar, it’s important to maintain an open line of communication with your solar company. See to it that you understand how the installation process works and the project completion timeline.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
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 Hastings, MN Solar Cost FAQs
What is the average cost of installing solar panels in Hastings?
The average cost of solar panels in Hastings 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 such as the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Hastings?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Can you sell solar power back to the grid in Hastings?
The majority of states have net metering programs of some kind. Through these, you can be compensated for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Hastings?
Even though 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 choose 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.