Solar Panel Cost Guide in Luverne, MN (2025 Update)
- Luverne Solar Installation Cost: $19,762
- 25-Year Savings: $13,818
- Payback Period: 17.8 Years
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Average Cost of Solar Panels in Luverne
Let’s take a look at the average cost of solar in Luverne.
The national average cost of solar panels is $2.66 per watt, but in Luverne it’s 4 per watt.The average solar panel system size in Luverne is around 7.0 kilowatts, meaning a cost of about $19,762 for a solar installation, or $28,260 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of installing solar panels can vary based on several factors, such as what size system you need, your energy usage and what company you go with.Many homeowners find adopting solar power is a rewarding investment. The average homeowner in Luverne can save around $15,000 on their power bills over 20 years.
Click the button below to get connected to a highly rated solar company in your area for a customized quote.
Solar savings over time in Luverne
| Year | Return on Investment |
|---|---|
| 1 years | $-18,696 |
| 3 years | $-16,564 |
| 5 years | $-14,432 |
| 7 years | $-12,300 |
| 9 years | $-10,169 |
| 11 years | $-8,037 |
| 13 years | $-5,905 |
| 15 years | $-3,773 |
| 17 years | $-1,641 |
| 19 years | $491 |
| 21 years | $2,622 |
| 23 years | $4,754 |
| 25 years | $6,886 |
Top Solar Installers in Luverne
Although you can install solar panels on your own, it involves extra effort and know-how. That's why the majority of homeowners choose to go with a solar panel installer. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and part replacements.
Working with a licensed solar company can help your solar project go smoothly. Here are our recommendations:
See all of the solar companies in Luverne
Factors that Affect Solar Panel Costs in Luverne
The cost of installing a solar system in Luverne can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
The size of the solar energy system you need to offset your energy usage, 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 about $4,030. The brand and kind of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are offered by most installers in Luverne, which can lower, or in some cases totally eliminate, your upfront costs to make solar more accessible.You’ll have to consider the long-term cost of financing options, including the amount of 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 securing a solar loan with a low APR could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you choose will impact your total cost to adopt solar energy. Different companies will bill different amounts for the equipment and labor.The size of the company can sometimes play the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to greater resources and bulk 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 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 | $6,160 | 18.5 years |
| 8 kW | $4.11 | $23,019 | $8,665 | 18.2 years |
| 10 kW | $4.03 | $28,210 | $11,395 | 17.8 years |
| 12 kW | $3.95 | $33,175 | $14,351 | 17.5 years |
| 14 kW | $3.87 | $37,914 | $17,533 | 17.1 years |
| 16 kW | $3.79 | $42,428 | $20,941 | 16.7 years |
| 18 kW | $3.71 | $46,716 | $24,574 | 16.4 years |
| 20 kW | $3.63 | $50,778 | $28,433 | 16.0 years |
How to Save on Solar Panels
The solar company you go with will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, including:
- Solar Panel Brands: The kind of solar panel you need to install plays a part in which company you should opt for, since different companies have different panels.
- Installation Process: When making the switch to solar, it’s important to keep an open line of communication with your solar company. Make sure you understand how the installation process works and the project timeline.
- Contract: Though reading through a contract can be tedious, it’s important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Warranty: If you’re concerned about the endurance of your solar energy system, making sure your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
EcoWatch's Luverne, MN Solar Cost FAQs
How much does it cost to install solar panels in Luverne?
This is a difficult 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 be more expensive if you want extra 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 choose a smaller solar panel system or less efficient solar panels.
What other factors should I consider other than cost when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your 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 Luverne is currently $234,420, so you could be looking at a value of about $9,611 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Luverne is a worthwhile investment.
How many solar panels should I get to power my home?
To figure out what solar panel system size you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.