Solar Panel Cost Guide in Luverne, MN (2023 Update)
- Luverne Solar Installation Cost: $13,936
- 25-Year Savings: $13,809
- Payback Period: 12.5 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Luverne
We go over average solar pricing in Luverne.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Luverne, the typical cost of a solar system is 2.84 per watt. The average solar panel system size in Luverne is around 7.0 kilowatts, meaning a cost of about $13,936 for a solar installation, or $19,928 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Luverne homeowner. The price of a solar system for your home may look different depending on factors unique to your situation, like your household energy use and solar contractor. With average savings of about $15,000 on electricity bills over 20 years, many homeowners in Luverne find investing in solar can pay off big.
Click the button below to get connected to a reputable solar installer in Luverne for a customized quote.
Solar savings over time in Luverne
| Year | Return on Investment |
|---|---|
| 1 years | $-12,826 |
| 3 years | $-10,607 |
| 5 years | $-8,387 |
| 7 years | $-6,167 |
| 9 years | $-3,948 |
| 11 years | $-1,728 |
| 13 years | $491 |
| 15 years | $2,711 |
| 17 years | $4,930 |
| 19 years | $7,150 |
| 21 years | $9,370 |
| 23 years | $11,589 |
| 25 years | $13,809 |
Top Solar Installers in Luverne
Although it's possible to install solar panels on your own, it involves extra effort and expertise. Because of that, almost all homeowners choose to go with a solar panel installer. The expertise that solar companies provide can be valuable as well, especially if you don't quite know what kind of solar equipment you need.
You can work with a local solar installer to get a free estimate on the cost of solar panels for your home. Here are some nearby:
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 Luverne
Factors that Affect Solar Panel Costs in Luverne
For many Luverne homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Luverne, with typical prices between $20,000 to $40,000. There are a number of factors that greatly influence the price you'll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the cost of a solar energy system in Luverne, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy usage, which you can determine by looking at past power bills. Your total cost can increase by around $2,840 for each additional kilowatt you need. There are many different solar panel brands and the one you pick also affects the cost. Generally, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you're looking 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
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That's why many Luverne homeowners choose to finance their solar panel systems to make paying for solar more affordable. However, the interest on solar loans also increases your overall costs, so it's vital to take that into consideration as well. You can always bring down the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
Finally, the company you choose to install your solar panel system can play a role in determining how much you pay. Luverne's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because they have greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes 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 | $2.95 | $12,405 | $11,358 | 13.1 years |
| 8 kW | $2.90 | $16,222 | $15,462 | 12.8 years |
| 10 kW | $2.84 | $19,880 | $19,725 | 12.5 years |
| 12 kW | $2.78 | $23,379 | $24,147 | 12.3 years |
| 14 kW | $2.73 | $26,719 | $28,729 | 12.0 years |
| 16 kW | $2.67 | $29,900 | $33,469 | 11.8 years |
| 18 kW | $2.61 | $32,921 | $38,368 | 11.5 years |
| 20 kW | $2.56 | $35,784 | $43,427 | 11.3 years |
How to Save on Solar Panels
The solar company you choose will affect not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should consider, such as:
- Solar Panel Brands: Different companies carry various brands and types of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
- Contract: Before you sign a contract with a solar company, make sure you look it over completely so you understand the terms. Also, ask questions if you're unsure about some of the terms, such as what to do if a component breaks or malfunctions and what services you can expect from them.
- Installation Process: When going solar, it's important to maintain an open line of communication with your solar company. Confirm that you understand how the installation process works and the project timeline.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
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 Luverne, MN Solar Cost FAQs
How much does it cost to install solar panels in Luverne?
This is a tough question to answer exactly, because the cost depends on a few different factors. Broadly speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, 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 Luverne?
Solar panels aren't free in Luverne, 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.
How much can I save on energy bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $792.11 per year.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.