Solar Panel Cost Guide in Hibbing, MN (2024 Update)
- Hibbing Solar Installation Cost: $21,487
- 25-Year Savings: $19,060
- Payback Period: 15.7 Years
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Average Cost of Solar Panels in Hibbing
We go over average solar pricing in Hibbing.
In Hibbing, solar panels cost about 4 per watt on average.Using this figure, a typical 7.6-kW system would cost about $21,487 before the 0 federal solar tax credit is applied.
These figures are only estimates, and the cost of going solar for you will most likely differ based on the amount of energy your home requires and what company you choose to go with.With average savings of about $17,000 on energy bills over 20 years, many homeowners in Hibbing find installing solar panels can be quite rewarding.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Hibbing
| Year | Return on Investment |
|---|---|
| 1 years | $-20,270 |
| 3 years | $-17,836 |
| 5 years | $-15,403 |
| 7 years | $-12,969 |
| 9 years | $-10,535 |
| 11 years | $-8,101 |
| 13 years | $-5,667 |
| 15 years | $-3,233 |
| 17 years | $-800 |
| 19 years | $1,634 |
| 21 years | $4,068 |
| 23 years | $6,502 |
| 25 years | $8,936 |
Top Solar Installers in Hibbing
When going solar, many homeowners opt to use a solar company since installing a solar system yourself can be a challenging project. Companies can also provide access to various kinds of the best solar panels and help you choose which one will be right for your family.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some in Hibbing:
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 Hibbing
Factors that Affect Solar Panel Costs in Hibbing
The cost of installing a solar system in Hibbing can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the price of a solar system in Hibbing, one of the most important 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 consumption, which you can determine by looking at past power bills. Your overall cost can increase by about $4,030 for each additional kilowatt you need.The brand and type of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag 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 greater 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 solar panels in cash is too expensive, solar loans are a popular option because they decrease your upfront costs and allow you to pay for your system over five to seven years on average.You’ll have to consider the long-term cost of loans, including the amount of interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Finally, the company you hire to install your solar panel system can impact your pricing. Hibbing’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size can sometimes play the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger companies.
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 | $9,339 | 16.3 years |
| 8 kW | $4.11 | $23,019 | $12,903 | 16.0 years |
| 10 kW | $4.03 | $28,210 | $16,693 | 15.7 years |
| 12 kW | $3.95 | $33,175 | $20,709 | 15.4 years |
| 14 kW | $3.87 | $37,914 | $24,950 | 15.1 years |
| 16 kW | $3.79 | $42,428 | $29,417 | 14.8 years |
| 18 kW | $3.71 | $46,716 | $34,110 | 14.4 years |
| 20 kW | $3.63 | $50,778 | $39,028 | 14.1 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Different companies will have various brands and models of panels. If you prefer a specific brand, make sure the solar panel installer you’re considering has it.
- Contract: Although reading through a contract can take a lot of time, it’s important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like the EcoWatch team.
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 Hibbing, MN Solar Cost FAQs
How much does it cost to install solar panels in Hibbing?
The average cost of solar panels in Hibbing 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 such as the type of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in Hibbing?
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 way to go if you want to maximize your savings.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and the amount of direct sunlight your roof gets.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage 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.