Solar Panel Cost Guide in Mankato, MN (Mar 2023)
- Mankato Solar Installation Cost: $14,155
- 25-Year Savings: $19,986
- Payback Period: 10.4 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Mankato
Here's how much it might cost to go solar in Mankato.
The national average cost of solar panels is $2.66 per watt, but in Mankato it's 2.84 per watt. Using this figure, a typical 7.1-kW system would cost about $14,155 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy consumption, the type of solar panels you want to get, your solar contractor and more. Many homeowners find installing solar panels is a rewarding investment. The average homeowner in Mankato can save around $18,000 on their energy bills over 20 years.
To receive a free quote from a vetted solar installation company in Mankato, you can click the button below.
Solar savings over time in Mankato
| Year | Return on Investment |
|---|---|
| 1 years | $-12,789 |
| 3 years | $-10,058 |
| 5 years | $-7,326 |
| 7 years | $-4,595 |
| 9 years | $-1,864 |
| 11 years | $867 |
| 13 years | $3,599 |
| 15 years | $6,330 |
| 17 years | $9,061 |
| 19 years | $11,792 |
| 21 years | $14,524 |
| 23 years | $17,255 |
| 25 years | $19,986 |
Top Solar Installers in Mankato
Although you can install solar panels by yourself, it takes extra effort and expertise. That's why the majority of homeowners choose to hire a solar panel installer. Also, companies with a high reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
If you'd like to start using solar energy but still aren't sure which solar installer to go with, here are our recommendations for providers nearby:
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 Mankato
Factors that Affect Solar Panel Costs in Mankato
Even though the average cost of a solar system in Mankato is $14,155, your final cost may differ. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to consider.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay about $2,840 per kilowatt in Mankato. The brand of solar panels and equipment you choose is another factor that will considerably affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more costly. Further, solar equipment goes beyond just the solar panels themselves. You'll also need to make decisions about 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's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Mankato to be prohibitively steep, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in higher prices over time because of interest. However, the interest on solar loans also increases your total costs, so it's vital to take that into consideration as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you hire to handle your switch to renewable energy can play a role in your total costs. There are about 3 solar installation companies in Mankato, and each can charge different amounts for labor and equipment. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk 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 | $16,361 | 10.8 years |
| 8 kW | $2.90 | $16,222 | $22,133 | 10.6 years |
| 10 kW | $2.84 | $19,880 | $28,063 | 10.4 years |
| 12 kW | $2.78 | $23,379 | $34,153 | 10.2 years |
| 14 kW | $2.73 | $26,719 | $40,402 | 10.0 years |
| 16 kW | $2.67 | $29,900 | $46,810 | 9.7 years |
| 18 kW | $2.61 | $32,921 | $53,377 | 9.5 years |
| 20 kW | $2.56 | $35,784 | $60,102 | 9.3 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be difficult, we have some tips to help you, such as:
- Contract: Even though reading through a contract can be tedious, it's important to do it thoroughly so you can be sure you understand how much the equipment and services will cost and the terms of the warranty.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- 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 substantial role in the company you opt for.
- Installation Process: Get details from your solar installer about the installation process and what to expect, such as when the site survey will be done and how long it will take.
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 Mankato, MN Solar Cost FAQs
How much does it cost to install solar panels in Mankato?
This is a hard question to answer precisely, because the cost depends on a few different 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. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Mankato?
Leasing solar panels can be an appealing choice, because it often 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 way to go if you want to maximize your savings.
Can solar panels completely eradicate my power bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Mankato, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy needs and the average daily sunlight your roof gets. You can 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 install between 20 and 35 panels to cover 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.