Solar Panel Cost Guide in Independence, MN (2023 Update)
- Independence Solar Installation Cost: $14,314
- 25-Year Savings: $18,941
- Payback Period: 10.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Independence
Find out what the average cost of installing solar panels is in Independence.
In Independence, 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.
The actual price you pay can be above or below the average in Independence depending on a variety of factors, such as the kind of solar panels you choose and the solar installer you hire. But, once you've paid the initial cost of installation, the ROI for most homeowners is quite fruitful, with a net average savings of about $18,000 over 20 years on energy bills.
Click the button below to get connected to a top solar panel company in Independence for a customized estimate.
Solar savings over time in Independence
| Year | Return on Investment |
|---|---|
| 1 years | $-12,983 |
| 3 years | $-10,323 |
| 5 years | $-7,663 |
| 7 years | $-5,002 |
| 9 years | $-2,342 |
| 11 years | $318 |
| 13 years | $2,979 |
| 15 years | $5,639 |
| 17 years | $8,300 |
| 19 years | $10,960 |
| 21 years | $13,620 |
| 23 years | $16,281 |
| 25 years | $18,941 |
Top Solar Installers in Independence
When going solar, many homeowners decide to hire a solar company since putting up a solar system yourself can be a difficult project. A solar company can also help save you money in the long run by offering warranties, repairs and part replacements.
If you'd like to start using solar energy but still aren't sure which solar panel installer to go with, here are our suggestions for providers in Independence:
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 Independence
Factors that Affect Solar Panel Costs in Independence
There are several criteria that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy is the size of the solar system, which is measured in kilowatts (kW). The more power your household consumes, the larger your system will likely need to be. You can expect to pay about $2,840 per kilowatt in Independence. The solar equipment you choose can bring your price up or down 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. On the other hand, higher efficiency could save you more over time on your power bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Independence average.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are an affordable option because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years. It's a good idea 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 the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Independence is the company you get to install your solar panel system. As with choosing a company to build a deck or pool, for example, you'll have many options for solar installers that provide a range of services at different costs. You may come across national solar installers that have lower prices because of 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 major players.
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 | $15,300 | 11.2 years |
| 8 kW | $2.90 | $16,222 | $20,718 | 11.0 years |
| 10 kW | $2.84 | $19,880 | $26,295 | 10.8 years |
| 12 kW | $2.78 | $23,379 | $32,031 | 10.5 years |
| 14 kW | $2.73 | $26,719 | $37,927 | 10.3 years |
| 16 kW | $2.67 | $29,900 | $43,981 | 10.1 years |
| 18 kW | $2.61 | $32,921 | $50,194 | 9.9 years |
| 20 kW | $2.56 | $35,784 | $56,566 | 9.7 years |
How to Save on Solar Panels
The solar panel company you opt for will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, such as:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to get the job done well. Another way you can verify your installer's reputation is by reading reviews.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a substantial role in the company you hire.
- Warranty: A quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Look through the contract terms closely to make sure you understand the cost breakdown, project timeline incentives and warranties.
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 Independence, MN Solar Cost FAQs
How much does it cost to install solar panels in Independence?
The average cost of solar panels in Independence 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 things such as the model of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Independence?
Leasing solar panels can be an attractive choice, as it often comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
How much can I save on electricity bills after installing solar panels?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Independence, 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?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to account for their typical energy usage.
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.