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 typically cost around 4.To account for 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.
These figures are just averages, and how much solar costs for you may differ based on your specific situation and what company you want to go with.But, after you've paid the upfront cost of installation, the ROI for most homeowners is usually fruitful, with a net average savings of about $18,000 over 20 years on electricity bills.
Click the button below to get connected to a highly rated solar panel company in Lakeville for a customized 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
When switching to solar energy, many homeowners opt to hire a solar company since installing solar panels yourself can be a challenging project. Solar warranties and repairs are often included in the cost of installation when you sign a contract with a solar contractor as well, which can save you more money after your initial investment.
If you're looking for a solar company in Lakeville, the EcoWatch team has organized a list of our top suggestions here:
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 Lakeville
Factors that Affect Solar Panel Costs in Lakeville
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that determine your overall cost in Lakeville: solar equipment and system size, financing options and the solar installation company you choose. We’ll discuss each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Lakeville, 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 figure out by looking at past power bills. Your total cost can increase by around $4,030 for each additional kilowatt you need.The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your power bills. In addition, extra products, such as solar batteries, can bring your total well above the Lakeville average.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are an affordable route because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.You’ll have to consider the long-term cost of financing options, including the total interest you’ll pay over the length of the loan. If you can only 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 getting a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panels can influence your pricing. Lakeville’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing 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 lower 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 | $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
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Before you sign a contract with a solar installer, make sure you look it over completely so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
- Installation Process: When making the switch to solar, it’s important to maintain an open line of communication with your solar panel installer. See to it that you understand how the installation process will go and the completion timeline.
- Solar Panel Brands: The type of solar panel you want to install plays a part in which company you should opt for, since different companies offer different panels.
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 Lakeville, MN Solar Cost FAQs
What is the average cost of installing solar panels in Lakeville?
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. It will cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Lakeville?
You can’t get solar panels for free in Lakeville. However, you may still be able to afford them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Lakeville?
Solar panels can be a good investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How long do solar panels last in Lakeville?
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 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 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.