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
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Mankato
Let’s have a look at the average cost of solar panels in Mankato.
In Mankato, solar panels cost about 4 per watt on average.To cover the typical energy usage of the average home in Mankato, most homeowners require a 7.1-kilowatt system. Using the figure above, a solar installation costs about $20,088, or $28,726 before the federal solar tax credit of 0 is applied.
The true price you pay can be higher or lower than the average in Mankato depending on a variety of factors, such as the brand of solar panels you choose and the solar company you hire.For many homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $18,000 in savings on electricity bills over 20 years.
For a free quote from a local solar company that has been pre-vetted by EcoWatch, 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
Putting up solar panels by yourself can be a difficult undertaking, which is why using a solar installer is a good option for many homeowners. Plus, if you’re unsure what kind of solar panels and equipment you need, a solar expert can help you figure that out after a site survey and consultation.
If you’d like to start using solar energy but still aren’t certain which solar panel installer to go with, here are our recommendations for providers nearby:
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 $20,088, your actual cost may be above or below the average. There are quite a few factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,030.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your power bills. In addition, add-on products, like solar batteries, can bring your total well above the Mankato average.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That’s why many Mankato homeowners choose to finance their solar panel systems to make going solar more affordable.It’s a good idea to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
The solar panel installer you choose will affect your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor.You may notice national solar installers that have lower prices because of their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger 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 brand of solar panels and the installation company you choose significantly influences your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: Though reading through a contract can take a lot of time, it’s important to do it fully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
- Solar Panel Brands: Different companies will offer different brands and kinds of panels. If you want a specific brand, make sure the solar company you’re considering has it.
EcoWatch's Mankato, MN Solar Cost FAQs
What is the average cost of installing solar panels in Mankato?
This is a hard question to answer exactly, 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. You can expect to pay more if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Mankato?
Leasing solar panels can be an attractive choice, as 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.
Is it worth going solar in Mankato?
Solar panels can be a good investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How long do solar panels last in Mankato?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.