Solar Panel Cost Guide in Medina, MN (Mar 2023)
- Medina Solar Installation Cost: $14,314
- 25-Year Savings: $19,751
- Payback Period: 10.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Medina
We go over average solar pricing in Medina.
The average cost of solar panels in Medina is 2.84 per watt. Using this figure, a typical 7.2-kW system would cost about $14,314 before the 30% federal solar tax credit is applied.
Keep in mind that the figures above are only estimates based on the average Medina homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. Despite the high upfront cost, the average Medina homeowner can save about $18,000 on their power bills over 20 years, which is one of the benefits of solar.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Medina
| Year | Return on Investment |
|---|---|
| 1 years | $-12,951 |
| 3 years | $-10,226 |
| 5 years | $-7,501 |
| 7 years | $-4,776 |
| 9 years | $-2,050 |
| 11 years | $675 |
| 13 years | $3,400 |
| 15 years | $6,125 |
| 17 years | $8,850 |
| 19 years | $11,575 |
| 21 years | $14,300 |
| 23 years | $17,026 |
| 25 years | $19,751 |
Top Solar Installers in Medina
DIY solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Taking advantage of a solar panel installer can make swapping over to solar power much easier. Also, companies with a good reputation that are more expensive upfront could actually save you money in the long term with their warranties, repair services and expert design.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some in Medina:
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 Medina
Factors that Affect Solar Panel Costs in Medina
The cost of installing a solar system in Medina can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The biggest one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it's crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose 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. Additionally, add-on products, like solar batteries, can bump up your total well above the Medina average.
Solar Financing Terms
Many homeowners find the average cost of solar in Medina to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs in most cases, but they also result in higher prices over time due to interest. However, the interest on solar loans also adds to your all-in costs, so it's important to keep that in mind as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The remaining key cost factor you should keep in mind is the installer you choose. Given the growing popularity of clean energy solutions in Medina, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. You may see national solar installers that have lower prices due to 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 | $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 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. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Warranty: If you're concerned about the longevity of your solar system, verifying that your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: Even though reading through a contract can be tedious, it's important to do it carefully so you can be sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can research your installer's reputation is by reading reviews.
- Solar Panel Brands: The type of solar panel you want to get plays a role in which company you should choose, since different companies have different panels.
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 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 actual cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider other than cost when buying solar panels?
The initial cost is a crucial factor to consider, but whether it's the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to consider are the quality and durability of your solar panels.
Can solar panels completely eradicate my electricity bills?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners throughout Medina, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to contact a local solar installer to see how many panels can fit on your roof.
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 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.