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.
The average cost of a solar system in Marshall is 4 per watt.Because a 7.1-kW system is needed to cover the energy needs of a typical home in Marshall, the average price of going solar will be about $20,004 after claiming the federal solar tax credit of 0.
These figures are only averages, and how much solar costs for you will most likely look different based on factors unique to your home and what company you choose to go with.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.
To receive a free quote from a highly rated solar installation company in Marshall, you can click the button below.
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
Many homeowners opt for a solar panel company since installing solar panels yourself can be a labor-intensive endeavor. 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're searching for a solar company in Marshall, we've compiled 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 Marshall
Factors that Affect Solar Panel Costs in Marshall
There are a number of criteria that can play into your solar system installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of adopting solar energy 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 $4,030 per kilowatt in Marshall.The model of solar panels and equipment you choose is another factor that will significantly influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment is more than just the solar panels themselves. You’ll also need to think 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 researching a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are an affordable option because they cut back your upfront costs and let you pay for your system over five to seven years on average.Though solar loans make adopting solar energy more accessible for Marshall homeowners, they can also raise the total you pay for your system due to interest. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Marshall is the company you choose to install your solar system. Similar to choosing a company to build a deck or pool, for example, you’ll have no shortage of solar installers that provide a range of services for different budgets.The company’s size can sometimes play the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of access to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down 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 | $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
There are numerous companies to choose from in Marshall, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Warranty: Companies typically 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 demonstrated expertise in the field. A couple of 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 satisfied reviews from past customers.
- Installation Process: When making the switch to solar, it’s crucial to maintain an open line of communication with your solar installer. Make sure you understand how the installation process works and the project completion timeline.
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 Marshall, MN Solar Cost FAQs
How much does it cost to install solar panels in Marshall?
The average cost of solar panels in Marshall 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 certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Marshall?
Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to 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 bang for your buck from going solar.
Is switching to solar power 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 long do solar panels last in Marshall?
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 their energy production will have decreased significantly after that point. You can decide to replace them after having 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.