Solar Panel Cost Guide in Lake Elmo, MN (Jan 2023)
- Lake Elmo Solar Installation Cost: $14,353
- 25-Year Savings: $22,062
- Payback Period: 9.9 Years
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Top Solar Installers in Lake Elmo
When switching to solar energy, many homeowners opt to use a solar installation company since putting up solar panels yourself can be a challenging project. Also, companies with a good reputation that cost more upfront could actually save you money in the long run because of their warranties, repair services and expert design.
Working with a professional solar company can make going solar easier. Here are our recommendations:
See all of the solar companies in Lake Elmo
Factors that Affect Solar Panel Costs in Lake Elmo
Cost is often one of the most important factors for homeowners considering investing in solar. There are a few primary factors that affect your total cost in Lake Elmo: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
When it comes to estimating the price of solar panels in Lake Elmo, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home's energy consumption, which you can gauge by looking at past electricity bills. Your total cost can increase by around $2,840 for each additional kilowatt you need. The model of solar panels and equipment you want is another factor that will significantly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Moreover, solar equipment goes beyond just the solar panels themselves. You'll also need to decide on 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
Many homeowners find the average cost of solar in Lake Elmo to be too expensive, even if the investment pays off over time. Thankfully, nearly every solar installer in the area provides access to financing options. Solar loans substantially decrease upfront costs in most cases, but they also result in higher prices over time due to interest. 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 off the loan.
Solar Panel Installation Company
The solar panel installation company you pick will affect your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor. The company's size can sometimes play the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to 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 discount can bring their pricing lower to compete with bigger names.
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||$17,854||10.2 years|
|8 kW||$2.90||$16,222||$24,123||10.1 years|
|10 kW||$2.84||$19,880||$30,551||9.9 years|
|12 kW||$2.78||$23,379||$37,139||9.7 years|
|14 kW||$2.73||$26,719||$43,885||9.5 years|
|16 kW||$2.67||$29,900||$50,791||9.3 years|
|18 kW||$2.61||$32,921||$57,855||9.1 years|
|20 kW||$2.56||$35,784||$65,079||8.9 years|
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- 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 solid reputation and is qualified to do the job well. Another way you can check your installer's reputation is by reading reviews.
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: When looking over your solar installer's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. While there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to peruse their list of offerings before making your decision.
EcoWatch's Lake Elmo, MN Solar Cost FAQs
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.