Solar Panel Cost Guide in Medina, MN (2023 Update)
- Medina Solar Installation Cost: $14,317
- 25-Year Savings: $19,747
- Payback Period: 10.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Medina
Let's have a look at the average cost of solar in Medina.
Although the national average of solar panels is $2.66 per watt, solar panels in Medina typically cost about 2.84. The average solar panel system size in Medina is around 7.2 kilowatts, meaning a cost of about $14,314 for a solar installation, or $20,469 before the 30% federal solar tax credit is applied.
The true price you pay can be higher or lower than the average in Medina based on several factors, such as the type of solar panels you choose and the solar contractor you hire. With typical savings of about $18,000 on power bills over 20 years, many homeowners in Medina find going solar can be quite rewarding.
Click the button below to get connected to a highly rated solar panel company in your area for a custom estimate.
Solar savings over time in Medina
| Year | Return on Investment |
|---|---|
| 1 years | $-14,204 |
| 3 years | $-13,977 |
| 5 years | $-13,749 |
| 7 years | $-13,522 |
| 9 years | $-13,295 |
| 11 years | $-13,068 |
| 13 years | $-12,841 |
| 15 years | $-12,614 |
| 17 years | $-12,387 |
| 19 years | $-12,160 |
| 21 years | $-11,933 |
| 23 years | $-11,706 |
| 25 years | $-11,478 |
Top Solar Installers in Medina
When switching to solar energy, many homeowners decide to hire a solar company since installing a solar system yourself can be a challenging project. Companies can also have access to quality options of the best solar panels and help you pick which one will be best for your family.
If you'd like to start using solar energy but still aren't certain which solar system installer to go with, here are our recommendations for providers nearby:
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 Medina
Factors that Affect Solar Panel Costs in Medina
Cost is usually one of the most important factors for homeowners who are considering investing in solar. There are a few key factors that will push your cost above or below the average in Medina: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
One of the most significant 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 $2,840 per kilowatt in Medina. There are several different solar panel brands and the one you choose also changes the cost. In many cases, the brands that are more efficient tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
If paying for a solar system in cash is out of reach, solar loans are a solid route because they cut back your upfront costs and let you pay for your system over five to seven years on average. You'll have to consider the long-term cost of loans, including the total 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 above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
The remaining significant cost factor you should consider is the installer you choose. Given the growing popularity of clean energy solutions in Medina, you'll have plenty of options to choose from, but each comes at varying price points for labor and equipment. Additionally, some companies in Medina are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. However, 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 | $2.95 | $12,405 | $15,974 | 10.9 years |
| 8 kW | $2.90 | $16,222 | $21,617 | 10.7 years |
| 10 kW | $2.84 | $19,880 | $27,419 | 10.5 years |
| 12 kW | $2.78 | $23,379 | $33,380 | 10.3 years |
| 14 kW | $2.73 | $26,719 | $39,500 | 10.1 years |
| 16 kW | $2.67 | $29,900 | $45,779 | 9.9 years |
| 18 kW | $2.61 | $32,921 | $52,217 | 9.7 years |
| 20 kW | $2.56 | $35,784 | $58,814 | 9.5 years |
How to Save on Solar Panels
The solar company you choose will influence not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, including:
- Solar Panel Brands: The model of solar panel you'd like plays a role in which company you should go with, since different companies offer different panels.
- Contract: Read the contract terms closely to make sure you understand how much it will cost, project timeline rebates and warranties.
- Warranty: A high-quality company rises above 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 demonstrated expertise in the field. Two 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 good reviews from past customers.
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 Medina, MN Solar Cost FAQs
What is the average cost of installing solar panels in Medina?
The average cost of solar panels in Medina is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the model of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Medina?
You can't get solar panels for free in Medina. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd prefer to own your solar panels, you can finance them with a solar loan.
How much can I save on power bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $945.98 per year.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the amount of sunlight your roof gets. You can take a 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.