Solar Panel Cost Guide in Hopkins, MN (Mar 2023)
- Hopkins Solar Installation Cost: $14,314
- 25-Year Savings: $21,472
- Payback Period: 10.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Hopkins
Find out what the average cost of a solar system is in Hopkins.
In Hopkins, solar panels cost about 2.84 per watt on average. Using this figure, a typical 7.2-kW system would cost about $14,314 before the 30% federal solar tax credit is applied.
These figures are only estimates, and your own solar costs will most likely look different based on factors unique to your home and what company you want to go with. Many homeowners find installing solar panels 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 top solar installer 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 | $-12,882 |
| 3 years | $-10,019 |
| 5 years | $-7,156 |
| 7 years | $-4,294 |
| 9 years | $-1,431 |
| 11 years | $1,432 |
| 13 years | $4,295 |
| 15 years | $7,158 |
| 17 years | $10,021 |
| 19 years | $12,884 |
| 21 years | $15,747 |
| 23 years | $18,610 |
| 25 years | $21,472 |
Top Solar Installers in Hopkins
Although you can install solar panels on your own, it involves extra energy and know-how. That's why almost all homeowners choose a solar panel installer. Some solar installers, especially local ones, can help you better understand incentives in Hopkins, optimizing your ROI.
If you'd like to switch to solar energy but still aren't certain which solar company to go with, here are our suggestions for providers near you:
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
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
See all of the solar companies in Hopkins
Factors that Affect Solar Panel Costs in Hopkins
The cost of installing a solar system in Hopkins can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is the size of the system you need, and other factors include equipment choices, financing options and the solar company you choose.
Solar Equipment
The size of the solar panel system you need for your home, 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 about $2,840. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose 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 over time on your power bills. Additionally, extra products, like solar batteries, can bump up your total well above the Hopkins average.
Solar Financing Terms
Most solar installers in Hopkins have solar loans, which reduce your upfront costs of installing solar. When figuring out your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The last significant cost factor you should keep in mind is the installer you choose. Given the growing popularity of clean energy solutions in Hopkins, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Hopkins know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, 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 | $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 a large number of companies to choose from in Hopkins, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Contract: Before you sign a contract with a solar installer, be sure to look it over completely so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Solar Panel Brands: Different companies will have various brands and kinds of panels. If you prefer a specific brand, make sure the solar company you're considering has it.
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for a long time and save you money on repairs and maintenance.
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
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
EcoWatch's Hopkins, MN Solar Cost FAQs
How much does it cost to install 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 actual 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 use.
Can you get solar panels for free in Hopkins?
Solar panels aren't free in Hopkins, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Can you sell solar power back to the grid in Hopkins?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future power bills.
How long do solar panels last in Hopkins?
On average, solar panels can last 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 amount 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.