Solar Panel Cost Guide in Hugo, MN (2024 Update)
- Hugo Solar Installation Cost: $20,370
- 25-Year Savings: $21,338
- Payback Period: 14.3 Years
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Average Cost of Solar Panels in Hugo
Let’s take a look at the average cost of solar panels in Hugo.
In Hugo, solar panels cost about 4 per watt on average.Since a 7.2-kW system is needed to cover the energy usage of a typical home in Hugo, the average price of going solar will be about $20,370 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of how much solar panels could cost. The true cost of going solar can vary depending on several factors, such as what size system you need, your energy consumption and what installation company you go with.But, after you've paid the initial cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $19,000 over 20 years on utility bills.
To get a free estimate 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 | $-19,090 |
| 3 years | $-16,531 |
| 5 years | $-13,973 |
| 7 years | $-11,414 |
| 9 years | $-8,855 |
| 11 years | $-6,296 |
| 13 years | $-3,737 |
| 15 years | $-1,178 |
| 17 years | $1,381 |
| 19 years | $3,940 |
| 21 years | $6,499 |
| 23 years | $9,058 |
| 25 years | $11,616 |
Top Solar Installers in Hugo
Trying to install solar panels yourself can be a stressful undertaking, which is why using a solar installation company is a good option for many homeowners. Plus, if you aren’t sure what brand of solar panels and equipment you want, a solar expert can help you find the right equipment for you after a site survey and consultation.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- 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
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
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few primary factors that determine your overall cost in Hugo: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Hugo, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy consumption, which you can figure out by looking at past energy bills. Your overall cost can increase by about $4,030 for each additional kilowatt you need.Some solar brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Hugo, where sunlight isn’t as abundant, efficiency can quickly pay off. Also, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar panels out of pocket can be difficult. Solar loans are available from most installers in Hugo, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more accessible.It’s wise to include the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
The solar installer you go with to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies operating throughout Hugo, and each can charge varying amounts for labor and equipment.Additionally, some companies in Hugo are more knowledgeable about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 | $4.19 | $17,603 | $12,056 | 14.8 years |
| 8 kW | $4.11 | $23,019 | $16,525 | 14.6 years |
| 10 kW | $4.03 | $28,210 | $21,221 | 14.3 years |
| 12 kW | $3.95 | $33,175 | $26,142 | 14.0 years |
| 14 kW | $3.87 | $37,914 | $31,289 | 13.7 years |
| 16 kW | $3.79 | $42,428 | $36,662 | 13.4 years |
| 18 kW | $3.71 | $46,716 | $42,260 | 13.1 years |
| 20 kW | $3.63 | $50,778 | $48,084 | 12.8 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you find the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: The type of solar panel you need plays a role in which installer you should opt for, since different companies have different panels.
- Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- 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.
- Installation Process: When making the switch to solar power, it’s important to maintain an open line of communication with your solar company. Confirm that you understand how the installation process will go and the project completion timeline.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- 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
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 tough question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $20,150 for a 5-kW system and $40,300 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 consumption. Conversely, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Are solar panels free in Hugo?
You can’t get solar panels for free in Hugo. 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’d prefer to own your solar panels, you can finance them with a solar loan.
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 the amount of direct sunlight your roof gets.
How long do solar panels last in Hugo?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down 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.