Solar Panel Cost Guide in Hugo, MN (2023 Update)
- Hugo Solar Installation Cost: $14,353
- 25-Year Savings: $21,340
- Payback Period: 10.1 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Hugo
We break down average solar pricing in Hugo.
The national average cost of solar panels is $2.66 per watt, but in Hugo it's 2.84 per watt. The average solar panel system size in Hugo is around 7.2 kilowatts, meaning a cost of about $14,353 for a solar installation, or $20,525 before the 30% federal solar tax credit is applied.
These figures are just averages, and the cost of going solar for you may vary based on your energy needs and what company you choose to go with. With typical savings of about $19,000 on energy bills over 20 years, many homeowners in Hugo find investing in solar can be quite rewarding.
To receive a free quote from a vetted solar installer in Hugo, you can click the button below.
Solar savings over time in Hugo
| Year | Return on Investment |
|---|---|
| 1 years | $-12,926 |
| 3 years | $-10,070 |
| 5 years | $-7,215 |
| 7 years | $-4,359 |
| 9 years | $-1,504 |
| 11 years | $1,352 |
| 13 years | $4,207 |
| 15 years | $7,063 |
| 17 years | $9,918 |
| 19 years | $12,774 |
| 21 years | $15,629 |
| 23 years | $18,484 |
| 25 years | $21,340 |
Top Solar Installers in Hugo
Putting up solar panels by yourself can be a dangerous undertaking, which is why hiring a solar installation company is a good option for many homeowners. Also, if you'd like to maximize your investment in solar power, opting for a solar company can help with that too. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives, rebates and net metering programs.
You can work with a local solar installer to get a free estimate on how much your investment in solar could cost 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 Hugo
Factors that Affect Solar Panel Costs in Hugo
There are a number of factors that can influence 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 panel system you need for your household, 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 solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for 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 energy bills. In addition, add-on products, like solar batteries, can bump up your total well above the Hugo average.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are an affordable route because they reduce your upfront costs and allow you to pay for your system over five to seven years on average. It's wise to add the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar installer you go with to handle your switch to sustainable energy can have an effect on your total costs. There are about 3 solar installation companies operating in Hugo, and each can charge varying amounts for labor and equipment. The company's size sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more resources and bulk 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 down 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 | $2.95 | $12,405 | $17,254 | 10.5 years |
| 8 kW | $2.90 | $16,222 | $23,323 | 10.3 years |
| 10 kW | $2.84 | $19,880 | $29,551 | 10.1 years |
| 12 kW | $2.78 | $23,379 | $35,938 | 9.9 years |
| 14 kW | $2.73 | $26,719 | $42,485 | 9.7 years |
| 16 kW | $2.67 | $29,900 | $49,190 | 9.5 years |
| 18 kW | $2.61 | $32,921 | $56,055 | 9.3 years |
| 20 kW | $2.56 | $35,784 | $63,078 | 9.0 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: Different companies will offer various brands and kinds of panels. If you know you want a specific brand, make sure the solar installer you're considering has it.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running for a long time and save you money on repairs and maintenance.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can research your installer's reputation is by reading reviews.
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 Hugo, MN Solar Cost FAQs
What is the average cost of installing solar panels in Hugo?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Hugo?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Is it worth going solar in Hugo?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
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 larger 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.