Solar Panel Cost Guide in Lake Elmo, MN (2024 Update)
- Lake Elmo Solar Installation Cost: $20,370
- 25-Year Savings: $22,061
- Payback Period: 14.0 Years
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Average Cost of Solar Panels in Lake Elmo
We break down average solar pricing in Lake Elmo.
The national average cost of solar panels is $2.66 per watt, but in Lake Elmo it’s 4 per watt.Since a 7.2-kW system is needed to cover the energy needs of a typical home in Lake Elmo, the average price of going solar will be about $20,370 after claiming the federal solar tax credit of 0.
Remember that the numbers above are only averages. The price you’ll pay for solar will differ based on your household energy needs, the type of solar panels you choose, your solar contractor and more.For many homeowners, the upfront investment in solar panels is worth paying. On average Lake Elmo homeowners see about $19,000 in savings on electricity bills over 20 years.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Lake Elmo
| 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 Lake Elmo
Although you can install solar panels yourself, it takes extra time and knowledge. Because of that, most homeowners choose to hire a solar panel installer. Because solar panels are exposed to temperature swings and extreme weather, warranties and repairs from your solar installer can help you get the most out of your investment in solar panels by reducing potential costs down the line.
You can get a free estimate from a local solar installer on how much solar panels could cost for your home. Here are some in Lake Elmo:
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 Lake Elmo
Factors that Affect Solar Panel Costs in Lake Elmo
There are a number of criteria that can play into 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
The size of the solar energy system you need to offset your energy usage, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $4,030. There are several different solar panel brands and the one you choose also changes the cost. In general, the brands that are more efficient tend to also cost more. Plus, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Lake Elmo have solar loans, which reduce the initial cost of installing solar.When estimating your overall cost, you should also calculate the interest you’ll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The solar panel installer you select will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor.The company’s size sometimes plays the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger companies.
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 | $12,656 | 14.5 years |
| 8 kW | $4.11 | $23,019 | $17,326 | 14.3 years |
| 10 kW | $4.03 | $28,210 | $22,221 | 14.0 years |
| 12 kW | $3.95 | $33,175 | $27,343 | 13.7 years |
| 14 kW | $3.87 | $37,914 | $32,690 | 13.4 years |
| 16 kW | $3.79 | $42,428 | $38,263 | 13.1 years |
| 18 kW | $3.71 | $46,716 | $44,061 | 12.9 years |
| 20 kW | $3.63 | $50,778 | $50,085 | 12.6 years |
How to Save on Solar Panels
The company that does your solar system 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 challenge, we have some tips to help you, such as:
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases offer high-quality solar panel installation and expertise.
- Contract: When looking through 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 like a system component breaking or the company going out of business.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should acquire and how long the project will take.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panel system running for a long time and save you money on repairs and maintenance.
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 Lake Elmo, MN Solar Cost FAQs
How much does it cost to install solar panels in Lake Elmo?
This is a tough question to answer precisely, because the cost depends on many 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 other solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Are solar panels free in Lake Elmo?
You can’t get solar panels for free in Lake Elmo. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you want to own your solar panels, you can finance them with a solar loan.
How will installing solar panels impact my home value?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Lake Elmo is currently $622,663, so you could be looking at a value of about $25,529 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Lake Elmo is a worthwhile investment.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can 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.