Solar Panel Cost Guide in Lakeville, MN (Mar 2023)
- Lakeville Solar Installation Cost: $14,294
- 25-Year Savings: $20,403
- Payback Period: 10.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Lakeville
Find out what the average cost of solar panel installation is in Lakeville.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Lakeville, the typical cost of solar panels is 2.84 per watt. Using this figure, a typical 7.2-kW system would cost about $14,294 before the 30% federal solar tax credit is applied.
How much you pay can go higher or lower than the average in Lakeville based on several factors, such as the type of solar panels you choose and the solar company you hire. With average savings of about $18,000 on energy bills over 20 years, many homeowners in Lakeville find going solar can be quite rewarding.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Lakeville
| Year | Return on Investment |
|---|---|
| 1 years | $-12,906 |
| 3 years | $-10,130 |
| 5 years | $-7,354 |
| 7 years | $-4,579 |
| 9 years | $-1,803 |
| 11 years | $973 |
| 13 years | $3,749 |
| 15 years | $6,524 |
| 17 years | $9,300 |
| 19 years | $12,076 |
| 21 years | $14,852 |
| 23 years | $17,628 |
| 25 years | $20,403 |
Top Solar Installers in Lakeville
When making the switch to solar, many homeowners choose to go with a solar installer since putting up solar panels yourself can be a difficult project. Plus, if you're unsure what type of solar panels and equipment you need, a solar installer can help you find the right equipment for you after a site survey and consultation.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
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
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
See all of the solar companies in Lakeville
Factors that Affect Solar Panel Costs in Lakeville
For many Lakeville homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Lakeville, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. For that reason, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Lakeville, where sunlight isn't as abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are provided by most installers in Lakeville, which can bring down, or in some cases eliminate, your upfront costs to make solar more accessible. It's a good idea 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 how long it'll take to pay back the loan.
Solar Panel Installation Company
The final significant cost factor you should take into consideration is the installer you choose. Given the growing popularity of green energy solutions in Lakeville, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. Larger national companies typically have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional services like electric car charger installation, they might be cheaper overall.
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 | $16,552 | 10.7 years |
| 8 kW | $2.90 | $16,222 | $22,388 | 10.5 years |
| 10 kW | $2.84 | $19,880 | $28,383 | 10.3 years |
| 12 kW | $2.78 | $23,379 | $34,536 | 10.1 years |
| 14 kW | $2.73 | $26,719 | $40,849 | 9.9 years |
| 16 kW | $2.67 | $29,900 | $47,321 | 9.7 years |
| 18 kW | $2.61 | $32,921 | $53,952 | 9.5 years |
| 20 kW | $2.56 | $35,784 | $60,741 | 9.3 years |
How to Save on Solar Panels
There are a lot of 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:
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for a long time and save you money on repairs and maintenance.
- Contract: Even though reading through a contract can be tedious, it's important to do it fully so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Solar Panel Brands: Different companies will have different brands and models of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
- Reputation: Companies that have been in business 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 adequate aftercare and customer support, such as part repairs and replacements.
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
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
EcoWatch's Lakeville, MN Solar Cost FAQs
How much does it cost to install solar panels in Lakeville?
The average cost of solar panels in Lakeville 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 certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Lakeville?
Leasing solar panels can be an option if you can't afford to pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
Can you sell solar power back to the grid in Lakeville?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just give you credit toward your future power bills.
How often do you have to replace solar panels?
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 how much 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.