Solar Panel Cost Guide in Hermantown, MN (2024 Update)
- Hermantown Solar Installation Cost: $21,487
- 25-Year Savings: $16,763
- Payback Period: 16.8 Years
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Average Cost of Solar Panels in Hermantown
Find out what the average cost of solar panel installation is in Hermantown.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Hermantown, the typical cost of a solar system is 4 per watt.The average solar panel system size in Hermantown is around 7.6 kilowatts, meaning a cost of about $21,487 for a solar installation, or $30,726 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of installing solar panels can vary quite a bit based on multiple factors, such as what size system you need, your energy consumption and what installation company you go with.Even with the high initial cost, the average Hermantown homeowner can save about $16,000 on their energy bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a vetted solar panel company in your area for a customized estimate.
Solar savings over time in Hermantown
| Year | Return on Investment |
|---|---|
| 1 years | $-20,446 |
| 3 years | $-18,363 |
| 5 years | $-16,280 |
| 7 years | $-14,197 |
| 9 years | $-12,114 |
| 11 years | $-10,031 |
| 13 years | $-7,949 |
| 15 years | $-5,866 |
| 17 years | $-3,783 |
| 19 years | $-1,700 |
| 21 years | $383 |
| 23 years | $2,466 |
| 25 years | $4,549 |
Top Solar Installers in Hermantown
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Taking advantage of a solar panel installer can make switching to solar power much easier. Solar warranties and repairs are ordinarily included in the cost of installation when you sign a contract with a solar contractor as well, which can save you more money over time.
If you're looking for a solar company in Hermantown, we've 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 Hermantown
Factors that Affect Solar Panel Costs in Hermantown
The cost of installing a solar system in Hermantown can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is the size of the system your home needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. Because of that, it’s important to accurately ascertain the size of the solar energy system needed for your home by figuring out your energy needs.The type of 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, higher efficiency could save you more in the long run on your electric bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Hermantown average.
Solar Financing Terms
If paying for a solar system in cash is difficult, solar loans are an affordable choice because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years.However, the interest on solar loans also increases your overall costs, so it’s important to consider that as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The solar company you opt for to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies operating in Hermantown, and each can charge varying amounts for labor and equipment.Additionally, some companies in Hermantown are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $7,530 | 17.5 years |
| 8 kW | $4.11 | $23,019 | $10,491 | 17.2 years |
| 10 kW | $4.03 | $28,210 | $13,678 | 16.8 years |
| 12 kW | $3.95 | $33,175 | $17,091 | 16.5 years |
| 14 kW | $3.87 | $37,914 | $20,729 | 16.2 years |
| 16 kW | $3.79 | $42,428 | $24,593 | 15.8 years |
| 18 kW | $3.71 | $46,716 | $28,683 | 15.5 years |
| 20 kW | $3.63 | $50,778 | $32,998 | 15.2 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be difficult, we have some tips to help you, such as:
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one sign of a good company.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar company, such as what permits you should secure and what the project timeline is.
- Contract: Although reading through a contract can be tedious, it’s important to do it thoroughly so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Solar Panel Brands: The brand of solar panel you need to install plays a part in which company you should opt for, since different companies offer different panels.
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 Hermantown, MN Solar Cost FAQs
What is the average cost of installing solar panels in Hermantown?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $20,150 for a 5-kW system and $40,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Hermantown?
Leasing solar panels can be an option if you are unable to pay upfront or get 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 bang for your buck from going solar.
Is going solar worth it?
Solar panels can be a great investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household 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.