Solar Panel Cost Guide in Marshall, MN (2024 Update)
- Marshall Solar Installation Cost: $20,004
- 25-Year Savings: $14,923
- Payback Period: 17.2 Years
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Average Cost of Solar Panels in Marshall
We break down average solar pricing in Marshall.
In Marshall, solar panels cost about 4 per watt on average.Using this figure, a typical 7.1-kW system would cost about $20,004 before the 0 federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Marshall homeowner. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor.Many homeowners find going solar is a fruitful investment. The average homeowner in Marshall can save about $16,000 on their power bills over 20 years.
Click the button below to get connected to a reputable solar installer in your area for a personalized quote.
Solar savings over time in Marshall
| Year | Return on Investment |
|---|---|
| 1 years | $-18,724 |
| 3 years | $-16,166 |
| 5 years | $-13,607 |
| 7 years | $-11,048 |
| 9 years | $-8,489 |
| 11 years | $-5,930 |
| 13 years | $-3,371 |
| 15 years | $-812 |
| 17 years | $1,747 |
| 19 years | $4,306 |
| 21 years | $6,865 |
| 23 years | $9,423 |
| 25 years | $11,982 |
Top Solar Installers in Marshall
When making the switch to solar, many homeowners prefer to go with a solar company since handling can be a time-consuming project. A solar installer can also help save you money in the long run by offering warranties, repairs and component replacements.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
See all of the solar companies in Marshall
Factors that Affect Solar Panel Costs in Marshall
The cost of installing a solar system in Marshall can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
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 electricity your household consumes, the larger your system will likely need to be. You can expect to spend about $4,030 per kilowatt in Marshall.Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Marshall, where sunlight is relatively abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a popular route because they reduce your upfront costs and let you pay for your system over a term of, on average, between five and seven years.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 original 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
Lastly, the company you opt for to install your solar panel system can impact how much it costs. Marshall’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Marshall have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $6,952 | 17.9 years |
| 8 kW | $4.11 | $23,019 | $9,720 | 17.6 years |
| 10 kW | $4.03 | $28,210 | $12,715 | 17.2 years |
| 12 kW | $3.95 | $33,175 | $15,934 | 16.9 years |
| 14 kW | $3.87 | $37,914 | $19,380 | 16.5 years |
| 16 kW | $3.79 | $42,428 | $23,051 | 16.2 years |
| 18 kW | $3.71 | $46,716 | $26,948 | 15.9 years |
| 20 kW | $3.63 | $50,778 | $31,071 | 15.5 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: The kind of solar panel you want to get plays a part in which company you should choose, since different companies offer different panels.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running for years to come and save you money on repairs and maintenance.
- Reputation: Well-established companies likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
EcoWatch's Marshall, MN Solar Cost FAQs
How much does it cost to install solar panels in Marshall?
This is a difficult question to answer precisely, because the cost depends on many factors. Broadly speaking, it costs about $20,150 for a 5-kW system and $40,300 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. Conversely, 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 Marshall?
Leasing solar panels can be an attractive choice, as it usually comes with low or $0 upfront payments. The drawback 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 get the most savings.
Is going solar worth it?
Whether or not solar panels are worth it depends on a variety of factors like how much you pay for electricity and how much direct sunlight your roof gets.
How often do you have to replace solar panels?
On average, solar panels can last 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 larger level 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.