Solar Panel Cost Guide in Mahtomedi, MN (Mar 2023)
- Mahtomedi Solar Installation Cost: $14,353
- 25-Year Savings: $21,433
- Payback Period: 10.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Mahtomedi
Find out what the average cost of solar panel installation is in Mahtomedi.
Although the national average of solar panels is $2.66 per watt, solar panels in Mahtomedi generally cost about 2.84. The average solar panel system size in Mahtomedi is around 7.2 kilowatts, meaning a cost of about $14,353 for a solar installation, or $20,525 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Mahtomedi 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. For most homeowners, the upfront cost of solar is worth paying. On average Mahtomedi homeowners see about $19,000 in savings on electricity bills over 20 years.
Click the button below to get connected to a highly rated solar panel company in Mahtomedi for a customized estimate.
Solar savings over time in Mahtomedi
| Year | Return on Investment |
|---|---|
| 1 years | $-12,922 |
| 3 years | $-10,059 |
| 5 years | $-7,196 |
| 7 years | $-4,333 |
| 9 years | $-1,470 |
| 11 years | $1,392 |
| 13 years | $4,255 |
| 15 years | $7,118 |
| 17 years | $9,981 |
| 19 years | $12,844 |
| 21 years | $15,707 |
| 23 years | $18,570 |
| 25 years | $21,433 |
Top Solar Installers in Mahtomedi
Trying to install solar panels on your own can be a challenging task, which is why getting a solar installation company is a good option for many homeowners. Some solar companies, especially local ones, can help you take advantage of incentives in Mahtomedi, thereby optimizing your ROI.
Working with a licensed solar installer can help you make the most of your investment in solar. Here are our recommendations:
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 Mahtomedi
Factors that Affect Solar Panel Costs in Mahtomedi
The cost of installing a solar system in Mahtomedi can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
When it comes to estimating the cost of solar panels in Mahtomedi, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can determine by looking at past electricity bills. Your overall cost can increase by about $2,840 for each additional kilowatt you need. The kind of solar panels and equipment you choose is another factor that will considerably impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment consists of more than just the solar panels themselves. You'll also need to decide on the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That's why many Mahtomedi homeowners decide to finance their solar panel systems to make paying for solar more affordable. Although solar loans make going solar more accessible for Mahtomedi homeowners, they can also increase the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Mahtomedi is the company you choose to install your solar panel system. Similar to choosing a company to renovate your kitchen, for example, you'll have no shortage of solar installers that provide a range of services for different budgets. You may come across national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $17,331 | 10.4 years |
| 8 kW | $2.90 | $16,222 | $23,426 | 10.2 years |
| 10 kW | $2.84 | $19,880 | $29,680 | 10.0 years |
| 12 kW | $2.78 | $23,379 | $36,093 | 9.8 years |
| 14 kW | $2.73 | $26,719 | $42,665 | 9.6 years |
| 16 kW | $2.67 | $29,900 | $49,396 | 9.4 years |
| 18 kW | $2.61 | $32,921 | $56,286 | 9.2 years |
| 20 kW | $2.56 | $35,784 | $63,335 | 9.0 years |
How to Save on Solar Panels
There are many companies available in Mahtomedi, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Solar Panel Brands: Different companies have various brands and kinds of panels. If you prefer a specific brand, make sure the solar installer you're considering has it.
- Contract: When reading through your solar company's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Reputation: Companies that have been operating for many years likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Warranty: If you're worried about the longevity of your solar system, making sure your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
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 Mahtomedi, MN Solar Cost FAQs
What is the average cost of installing solar panels in Mahtomedi?
This is a hard question to answer precisely, because the cost depends on many factors. Generally 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 higher quality panels, or if you have above-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Mahtomedi?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of 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 savings from going solar.
How much can I save on energy bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on where you're located and the efficiency of your system. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $991.19 per year.
How long do solar panels last in Mahtomedi?
Although 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 decide to replace them once you've had 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.