Solar Panel Cost Guide in Hopkins, MN (Oct 2022)

  • Hopkins Solar Installation Cost: $14,314
  • 25-Year Savings: $21,472
  • Payback Period: 10.0 Years

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EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 9/16/2022

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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 $3 per watt on average. Using this figure, a typical 7.2 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 National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

The Green Panel

★★★★★
4.5

  • 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

★★★★★
4.0

  • 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 Size

The size of the solar panel system you need for your home 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

Solar Incentives in Hopkins

Name Solar Energy Sales Tax Exemption
Incentive Amount 100% exemption
More Info Click here

Name Wind and Solar-Electric (PV) Systems Exemption
More Info Click here

Name Xcel Energy - Solar*Rewards Program
Website Visit here
More Info Click here

Name Wind Energy Sales Tax Exemption
Incentive Amount 100% of sales tax
More Info Click here

Name Xcel Energy (Electric and Gas) - Residential Energy Efficiency Rebate Program
Website Visit here
More Info Click here

Name Brainerd Public Utilities - Residential Energy Efficiency Rebate Program
Website Visit here
More Info Click here

Name Xcel Energy - Renewable Development Fund Grants
Incentive Amount Varies
Website Visit here
More Info Click here

Name Connexus Energy - Residential Energy Efficiency Loan Program
Website Visit here
More Info Click here

Name Home Energy Loan Program
Incentive Amount $20,000
Website Visit here
More Info Click here

Name Fix-Up Loan
Website Visit here
More Info Click here

Name Renewable Energy Production Incentive
Website Visit here
More Info Click here

Name Residential Renewable Energy Tax Credit
Website Visit here
More Info Click here

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 National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

The Green Panel

★★★★★
4.5

  • 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

★★★★★
4.0

  • 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

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 stuff such as the type of solar panels you want, what size system you need and how much energy you use.

Is cost the most important consideration when buying solar panels?

The upfront cost is a very important factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to think about are the quality and durability of your solar panels.

Can solar panels eliminate my energy bills?

It is possible to eradicate your electricity bills with solar panels, but for most homeowners in Hopkins, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.

What solar power system size is right for my home?

To figure out what solar panel system size you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house 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.

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