Solar Panel Cost Guide in Lakeville, MN (2024 Update)
- Lakeville Solar Installation Cost: $20,281
- 25-Year Savings: $20,405
- Payback Period: 14.6 Years
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Average Cost of Solar Panels in Lakeville
Here’s how much it might cost to go solar in Lakeville.
Although the national average of solar panels is $2.66 per watt, solar panels in Lakeville generally cost about 4.To cover the typical energy usage of the average home in Lakeville, most homeowners require a 7.2-kilowatt system. Using the figure above, a solar installation costs about $20,281, or $29,002 before the federal solar tax credit of 0 is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may vary based on your household energy needs, the type of solar panels you choose, your solar contractor and more.Many homeowners find installing a solar system is a rewarding investment. The average homeowner in Lakeville can save around $18,000 on their power bills over 20 years.
Click the button below to get connected to a top solar installer in Lakeville for a personalized estimate.
Solar savings over time in Lakeville
| 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 Lakeville
Many homeowners opt for a solar panel company since figuring out how to install solar panels by yourself can be challenging. Solar warranties and repairs are usually included in the cost of installation when you sign a contract with a solar contractor as well, which can save you more money over time.
Working with a vetted solar company can help you make the most of your investment in solar. Here are our recommendations:
See all of the solar companies in Lakeville
Factors that Affect Solar Panel Costs in Lakeville
There are several factors that can determine your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by nearly $4,030. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your electric bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Lakeville average.
Solar Financing Terms
Many homeowners find the average cost of solar in Lakeville to be too steep, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in higher prices over time due to interest.You’ll have to consider the long-term cost of loans, including the amount of 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 finding a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The remaining key cost factor you should take into consideration is the installer you choose. Given the growing popularity of renewable energy solutions in Lakeville, you’ll have a great number of options to choose from, but each comes at varying price points for labor and equipment.The company’s size sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices due 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 discount can bring their pricing down 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 | $4.19 | $17,603 | $11,355 | 15.2 years |
| 8 kW | $4.11 | $23,019 | $15,591 | 14.9 years |
| 10 kW | $4.03 | $28,210 | $20,053 | 14.6 years |
| 12 kW | $3.95 | $33,175 | $24,740 | 14.3 years |
| 14 kW | $3.87 | $37,914 | $29,654 | 14.0 years |
| 16 kW | $3.79 | $42,428 | $34,792 | 13.7 years |
| 18 kW | $3.71 | $46,716 | $40,157 | 13.4 years |
| 20 kW | $3.63 | $50,778 | $45,747 | 13.2 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 selecting a company can be a tough decision, we have some tips to help you, such as:
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running for years to come and save you money on repairs and maintenance.
- Contract: Review the contract terms closely to make sure you understand the cost breakdown, project timeline rebates and warranties.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be completed and how long it will take.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
EcoWatch's Lakeville, MN Solar Cost FAQs
What is the average cost of installing solar panels in Lakeville?
This is a difficult question to answer precisely, because the cost depends on a few different 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. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have above-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.
Can you get solar panels for free in Lakeville?
A solar panel system isn’t free in Lakeville, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can further reduce the cost.
Is it worth going solar in Lakeville?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
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 are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can continue to use 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.