Solar Panel Cost Guide in Inver Grove Heights, MN (2024 Update)
- Inver Grove Heights Solar Installation Cost: $20,281
- 25-Year Savings: $21,494
- Payback Period: 14.2 Years
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Average Cost of Solar Panels in Inver Grove Heights
We go over average solar pricing in Inver Grove Heights.
In Inver Grove Heights, solar panels cost about 4 per watt on average.The average solar panel system size in Inver Grove Heights is around 7.2 kilowatts, meaning a cost of about $20,281 for a solar installation, or $29,002 before the 0 federal solar tax credit is applied.
These figures are just averages, and how much solar costs for you will look different based on your energy needs and what company you go with.With typical savings of about $19,000 on utility bills over 20 years, many homeowners in Inver Grove Heights find investing in solar can pay off big.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Inver Grove Heights
| Year | Return on Investment |
|---|---|
| 1 years | $-19,001 |
| 3 years | $-16,442 |
| 5 years | $-13,883 |
| 7 years | $-11,324 |
| 9 years | $-8,766 |
| 11 years | $-6,207 |
| 13 years | $-3,648 |
| 15 years | $-1,089 |
| 17 years | $1,470 |
| 19 years | $4,029 |
| 21 years | $6,588 |
| 23 years | $9,147 |
| 25 years | $11,706 |
Top Solar Installers in Inver Grove Heights
When making the switch to solar, many homeowners choose to use a solar company since handling can be a challenging project. Plus, if you’d like to maximize your investment in solar energy, using a solar installer can help with that as well. Different providers can offer warranties, expertise on how to install solar panels and sometimes even information on local incentives.
There are various licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
See all of the solar companies in Inver Grove Heights
Factors that Affect Solar Panel Costs in Inver Grove Heights
Even though the average cost of a solar system in Inver Grove Heights is $20,281, your final cost may be higher or lower than that. There are many factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to take into consideration.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of installing solar panels. For that reason, it’s important to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs.The type of solar panels and equipment you want is another factor that will substantially affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Moreover, solar equipment is more than just the solar panels themselves. You’ll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking for a solar system that’s in your budget.
Solar Financing Terms
Most solar companies in Inver Grove Heights provide solar loans, which reduce the initial cost of installing solar.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you’re only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panel system can play a part in determining your pricing. Inver Grove Heights’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Inver Grove Heights are more knowledgeable about local solar incentives and can help you make good use 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 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 | $4.19 | $17,603 | $12,263 | 14.7 years |
| 8 kW | $4.11 | $23,019 | $16,803 | 14.5 years |
| 10 kW | $4.03 | $28,210 | $21,567 | 14.2 years |
| 12 kW | $3.95 | $33,175 | $26,558 | 13.9 years |
| 14 kW | $3.87 | $37,914 | $31,774 | 13.6 years |
| 16 kW | $3.79 | $42,428 | $37,216 | 13.3 years |
| 18 kW | $3.71 | $46,716 | $42,884 | 13.0 years |
| 20 kW | $3.63 | $50,778 | $48,777 | 12.8 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a tough decision, we have some tips to help you, such as:
- Warranty: Warranties that provide coverage for panel repairs and maintenance over around 25 years are the best you can get in the business, and offering such a warranty is one sign of a good company.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and energy efficiency. They will come at different prices as well. The company you choose affects which solar panel brands you have access to.
- 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 likely has a solid reputation and is qualified to do the job well. Another way you can check your installer’s reputation is by reading reviews.
- Installation Process: When going solar, it’s necessary to maintain an open line of communication with your solar panel installer. See to it that you understand how the installation process works and the completion timeline.
EcoWatch's Inver Grove Heights, MN Solar Cost FAQs
How much does it cost to install solar panels in Inver Grove Heights?
This is a tough question to answer exactly, because the cost depends on many factors. Broadly 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 other solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Inver Grove Heights?
You can’t get solar panels for free in Inver Grove Heights. 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.
Can you sell solar power back to the grid in Inver Grove Heights?
Most states offer net metering programs of some kind. Through these, you can receive compensation for the extra power your system produces or or receive credits to put toward future utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Inver Grove Heights?
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.