Solar Panel Cost Guide in Mankato, MN (2024 Update)
- Mankato Solar Installation Cost: $20,088
- 25-Year Savings: $19,984
- Payback Period: 14.7 Years
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Updated February 03, 2024
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Average Cost of Solar Panels in Mankato
Let’s have a look at the average cost of solar panels in Mankato.
The national average cost of solar panels is $2.66 per watt, but in Mankato it’s 4 per watt.Using this figure, a typical 7.1-kW system would cost about $20,088 before the 0 federal solar tax credit is applied.
The true price you pay can be higher or lower than the average in Mankato based on a variety of factors, such as the type of solar panels you choose and the solar installer you hire.With average savings of about $18,000 on electricity bills over 20 years, many homeowners in Mankato find going solar can be quite rewarding.
To receive a free quote from a pre-vetted solar installation company in Mankato, you can click the button below.
Solar savings over time in Mankato
Year | Return on Investment |
---|---|
1 years | $-18,809 |
3 years | $-16,250 |
5 years | $-13,691 |
7 years | $-11,132 |
9 years | $-8,573 |
11 years | $-6,014 |
13 years | $-3,456 |
15 years | $-897 |
17 years | $1,662 |
19 years | $4,221 |
21 years | $6,780 |
23 years | $9,339 |
25 years | $11,898 |
Top Solar Installers in Mankato
Although it's possible to install solar panels yourself, it takes extra labor and knowledge. That's one of the reasons almost all homeowners choose a solar panel installer. A solar installer can also help save you money over the lifespan of your system by providing warranties, repairs and component replacements.
If you're looking for a solar installer in Mankato, 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 Mankato
Factors that Affect Solar Panel Costs in Mankato
The cost of installing a solar system in Mankato can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The biggest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it’s crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use.Some solar panel brands — like Maxeon from SunPower — cost more upfront but also tend to offer higher efficiency. In a city like Mankato, where sunlight isn’t as abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don’t have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be financially overwhelming. Solar loans are available from most installers in Mankato, which can lower, or in some cases completely 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 more than the principal 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
The remaining significant cost factor you should keep in mind is the installer you choose. Given the growing popularity of clean energy solutions in Mankato, you’ll have plenty of options to choose from, but each comes at various price points for labor and equipment.The company’s size can sometimes play the most considerable role in your 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 promotion 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 | $11,163 | 15.3 years |
8 kW | $4.11 | $23,019 | $15,335 | 15.0 years |
10 kW | $4.03 | $28,210 | $19,733 | 14.7 years |
12 kW | $3.95 | $33,175 | $24,357 | 14.4 years |
14 kW | $3.87 | $37,914 | $29,206 | 14.1 years |
16 kW | $3.79 | $42,428 | $34,281 | 13.8 years |
18 kW | $3.71 | $46,716 | $39,582 | 13.5 years |
20 kW | $3.63 | $50,778 | $45,108 | 13.2 years |
How to Save on Solar Panels
Since the kind of solar panels and the company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Contract: Before you sign a contract with a solar installer, make sure you read it through completely so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what to do if a part breaks or malfunctions and if there are any guarantees about energy production.
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Your solar installer should have a solid reputation as a company and have proven expertise in the field. Two ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Solar Panel Brands: Not all solar companies offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
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 Mankato, MN Solar Cost FAQs
How much does it cost to install solar panels in Mankato?
The average cost of solar panels in Mankato is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the real cost will depend on stuff like the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Mankato?
Leasing solar panels can be an attractive choice, because it typically comes with low or $0 upfront payments. The downside is that you won’t be able to save as much. If you lease, you don’t own the system, so you can’t claim any tax rebates and credits and your home value won’t increase. Buying solar panels is a better option if you want to maximize your savings.
Is going solar worth it?
Solar panels can be a good investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your power bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can opt to 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.