Solar Panel Cost Guide in Lake Elmo, MN (2023 Update)
- Lake Elmo Solar Installation Cost: $14,355
- 25-Year Savings: $22,061
- Payback Period: 9.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Lake Elmo
Here's how much it might cost to install solar panels in Lake Elmo.
In Lake Elmo, solar panels cost about 2.84 per watt on average. Since a 7.2-kW system is needed to cover the energy consumption of a typical home in Lake Elmo, the average price of going solar will be about $14,353 after claiming the federal solar tax credit of 30%.
These figures are only estimates, and your own solar costs may look different based on factors unique to your home and what company you go with. Even with the high upfront cost, the average Lake Elmo homeowner can save around $19,000 on their energy bills over 20 years, which is one of the advantages of solar.
To get a free quote from a top solar installation company in Lake Elmo, you can click the button below.
Solar savings over time in Lake Elmo
| Year | Return on Investment |
|---|---|
| 1 years | $-13,075 |
| 3 years | $-10,517 |
| 5 years | $-7,958 |
| 7 years | $-5,399 |
| 9 years | $-2,840 |
| 11 years | $-281 |
| 13 years | $2,278 |
| 15 years | $4,837 |
| 17 years | $7,396 |
| 19 years | $9,955 |
| 21 years | $12,514 |
| 23 years | $15,072 |
| 25 years | $17,631 |
Top Solar Installers in Lake Elmo
DIY solar panel installation is a way to cut costs, but it's an undertaking that can be a pain. Taking advantage of an installer can make converting to solar power much easier. Plus, if you aren't sure what kind of solar panels and equipment you want, a solar installer can help you find the right equipment for you after a site survey and consultation.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some near you:
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 Lake Elmo
Factors that Affect Solar Panel Costs in Lake Elmo
There are many factors that can affect your solar system 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
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 brand of solar panels and equipment you want is another factor that will greatly impact costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to consider 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 into a solar system that's in your budget.
Solar Financing Terms
Most solar companies in Lake Elmo offer solar loans, which reduce your upfront costs of installing solar panels. 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
Finally, the company you hire to install your solar panel system can impact how much it costs. Lake Elmo's solar companies all have different labor costs and add varying upcharges to equipment. 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
The solar company you choose will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Reputation: Companies that have been operating for many years likely have a high 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 support, such as part repairs and replacements.
- Solar Panel Brands: Not all solar companies carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you hire.
- Warranty: An all-inclusive, 25-year warranty can help keep your solar panel system running for a long time and save you money on repairs and maintenance.
- Contract: Although reading through a contract can take a lot of time, it's important to do it thoroughly so you can make sure you understand what services your solar company will provide and the terms of the warranty.
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 Lake Elmo, MN Solar Cost FAQs
What is the average cost of installing solar panels in Lake Elmo?
This is a tough question to answer exactly, because the cost depends on a variety of factors. Broadly 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 consumption. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
What other factors should I consider apart from cost when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Can you sell solar power back to the grid in Lake Elmo?
Most states offer net metering programs of some kind. Through these, you can get paid for the extra power your system generates 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 Lake Elmo?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can choose to replace them after having them for that long or you can keep using them at a lower efficiency.
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.