Solar Panel Cost Guide in Hibbing, MN (2023 Update)
- Hibbing Solar Installation Cost: $15,142
- 25-Year Savings: $19,060
- Payback Period: 11.1 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hibbing
Find out what the average cost of solar panel installation is in Hibbing.
While the national average of solar panels is $2.66 per watt, solar panels in Hibbing generally cost around 2.84. The average solar panel system size in Hibbing is around 7.6 kilowatts, meaning a cost of about $15,149 for a solar installation, or $21,663 before the 30% federal solar tax credit is applied.
The true price you pay can be above or below the average in Hibbing based on several factors, such as the model of solar panels you choose and the solar installer you hire. Despite the high upfront cost, the average Hibbing homeowner can save around $17,000 on their power bills over 20 years, which is one of the positives of solar.
To calculate your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Hibbing
| Year | Return on Investment |
|---|---|
| 1 years | $-15,028 |
| 3 years | $-14,800 |
| 5 years | $-14,572 |
| 7 years | $-14,344 |
| 9 years | $-14,116 |
| 11 years | $-13,888 |
| 13 years | $-13,660 |
| 15 years | $-13,432 |
| 17 years | $-13,204 |
| 19 years | $-12,976 |
| 21 years | $-12,748 |
| 23 years | $-12,520 |
| 25 years | $-12,292 |
Top Solar Installers in Hibbing
Trying to put up solar panels by yourself can be a time-consuming project, which is why using a solar installation company is a good option for many homeowners. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
You can work with a local solar installer to get a free quote on the cost of solar panels for your home. Here are some nearby:
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
There are several factors that can determine your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $2,840. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive 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 additional equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Hibbing to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to paying more over time due to interest. When figuring out your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
The solar company you hire to handle your switch to green energy can play a role in your total costs. There are about 3 solar installation companies operating in Hibbing, and each can charge different amounts for labor and equipment. The size of the company can sometimes play the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have greater resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger names.
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 | $14,537 | 11.5 years |
| 8 kW | $2.90 | $16,222 | $19,700 | 11.3 years |
| 10 kW | $2.84 | $19,880 | $25,023 | 11.1 years |
| 12 kW | $2.78 | $23,379 | $30,505 | 10.8 years |
| 14 kW | $2.73 | $26,719 | $36,145 | 10.6 years |
| 16 kW | $2.67 | $29,900 | $41,945 | 10.4 years |
| 18 kW | $2.61 | $32,921 | $47,904 | 10.2 years |
| 20 kW | $2.56 | $35,784 | $54,022 | 10.0 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose greatly impacts your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: Each solar panel brand and model offers varying levels of quality, durability and efficiency. They will come at different price points as well. The company you choose has an impact on which solar panel brands you have access to.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
- Contract: It's important to look over your solar installer's contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system's energy production.
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
What is the average cost of installing solar panels in Hibbing?
This is a difficult question to answer exactly, because the cost depends on many factors. Broadly 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 other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Can you get solar panels for free in Hibbing?
You can't get solar panels for free in Hibbing. 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 prefer to own your solar panels, you can finance them with a solar loan.
Is going solar worth it?
Solar panels can be a beneficial investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already fairly low, solar panels might not be for you.
How many solar panels do I need to power my home?
To figure out what solar panel system size you need, you should find out how much energy your home requires 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.