Solar Panel Cost Guide in Hopkins, MN (2023 Update)
- Hopkins Solar Installation Cost: $14,317
- 25-Year Savings: $21,469
- Payback Period: 10.0 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Hopkins
Find out how much it might cost to go solar in Hopkins.
While the national average of solar panels is $2.66 per watt, solar panels in Hopkins typically cost about 2.84. To cover the typical energy usage of the average home in Hopkins, most homeowners require a 7.2-kilowatt system. Using the figure above, a solar installation costs around $14,314, or $20,469 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Hopkins homeowners. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. Many homeowners find going solar is a sound investment. The average homeowner in Hopkins can save around $19,000 on their electricity bills over 20 years.
You can click the button below to get connected with a pre-vetted solar company in Hopkins that can help you get a more accurate cost estimate for your home.
Solar savings over time in Hopkins
| Year | Return on Investment |
|---|---|
| 1 years | $-14,198 |
| 3 years | $-13,959 |
| 5 years | $-13,721 |
| 7 years | $-13,482 |
| 9 years | $-13,244 |
| 11 years | $-13,005 |
| 13 years | $-12,766 |
| 15 years | $-12,528 |
| 17 years | $-12,289 |
| 19 years | $-12,051 |
| 21 years | $-11,812 |
| 23 years | $-11,574 |
| 25 years | $-11,335 |
Top Solar Installers in Hopkins
When going solar, many homeowners choose to hire a solar installation company since installing a solar system yourself can be a difficult project. Another advantage of going with a solar installer is that they can help you optimize your ROI by bringing down your future costs of repairs and replacements because of warranties and helping you learn about local incentives you can take advantage of.
Working with a professional solar company can help your solar project go smoothly. Here are our recommendations:
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 Hopkins
Factors that Affect Solar Panel Costs in Hopkins
For many Hopkins homeowners, the decision to install solar panels depends on cost. However, the range of solar installation costs can be quite wide in Hopkins, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the key factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,840. The 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, more efficient panels could save you more over time on your energy bills. Additionally, extra products, such as solar batteries, can bring your total well above the Hopkins average.
Solar Financing Terms
Most solar companies in Hopkins provide solar loans, which reduce the initial cost of installing a solar system. However, the interest on solar loans also increases your overall costs, so it's important to keep that in mind as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar panel installation company you choose will affect your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. You may see national solar installers that have lower prices due to their bigger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $17,409 | 10.4 years |
| 8 kW | $2.90 | $16,222 | $23,530 | 10.2 years |
| 10 kW | $2.84 | $19,880 | $29,810 | 10.0 years |
| 12 kW | $2.78 | $23,379 | $36,249 | 9.8 years |
| 14 kW | $2.73 | $26,719 | $42,847 | 9.6 years |
| 16 kW | $2.67 | $29,900 | $49,604 | 9.4 years |
| 18 kW | $2.61 | $32,921 | $56,520 | 9.2 years |
| 20 kW | $2.56 | $35,784 | $63,596 | 9.0 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Warranty: Each company may offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Although reading through a contract can be tedious, it's important to do it fully so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years in most cases offer quality solar panel installation and expertise.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. While there are many options for which type of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
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 Hopkins, MN Solar Cost FAQs
What is the average cost of installing solar panels in Hopkins?
The average cost of solar panels in Hopkins is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Hopkins?
You can't get solar panels for free in Hopkins. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
How much can I save on power bills after switching to solar?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Hopkins, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.