Solar Panel Cost Guide in Medina, MN (2024 Update)
- Medina Solar Installation Cost: $20,316
- 25-Year Savings: $19,747
- Payback Period: 14.9 Years
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Average Cost of Solar Panels in Medina
See how much it might cost to make the switch to solar in Medina.
The national average cost of solar panels is $2.66 per watt, but in Medina it’s 4 per watt.Because a 7.2-kW system is needed to cover the energy costs of a typical home in Medina, the average price of going solar will be about $20,316 after claiming the federal solar tax credit of 0.
Remember that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy consumption, the type of solar system you choose, your solar contractor and more.But, once you've paid the upfront cost of installation, the payback for most homeowners is typically fruitful, with a net average savings of about $18,000 over 20 years on power bills.
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 Medina
| Year | Return on Investment |
|---|---|
| 1 years | $-19,037 |
| 3 years | $-16,478 |
| 5 years | $-13,919 |
| 7 years | $-11,360 |
| 9 years | $-8,801 |
| 11 years | $-6,242 |
| 13 years | $-3,684 |
| 15 years | $-1,125 |
| 17 years | $1,434 |
| 19 years | $3,993 |
| 21 years | $6,552 |
| 23 years | $9,111 |
| 25 years | $11,670 |
Top Solar Installers in Medina
Installing solar panels yourself can be a dangerous undertaking, which is why using a solar installer is a good option for many homeowners. The expertise that solar companies offer can be helpful as well, especially if you don’t quite know what kind of solar equipment would be right for your home.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
See all of the solar companies in Medina
Factors that Affect Solar Panel Costs in Medina
For many Medina homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in Medina, with typical prices between $20,000 to $40,000. There are a few factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Medina, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy consumption, which you can gauge by looking at past power bills. Your overall cost can increase by around $4,030 for each additional kilowatt you need.There are several different solar panel brands and the one you choose also affects the cost. Generally speaking, the brands that have better efficiency tend to also be more expensive. Plus, the type of equipment you’re looking to get 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
Many homeowners find the average cost of solar in Medina to be too expensive, even if the investment pays off over time. Fortunately, almost every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs in most cases, but they also result in a higher cost over time because of interest.Though solar loans make going solar more accessible for Medina homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Lastly, the company you get to install your solar panel system can affect the cost. Medina’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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 | $10,776 | 15.5 years |
| 8 kW | $4.11 | $23,019 | $14,820 | 15.2 years |
| 10 kW | $4.03 | $28,210 | $19,089 | 14.9 years |
| 12 kW | $3.95 | $33,175 | $23,584 | 14.6 years |
| 14 kW | $3.87 | $37,914 | $28,305 | 14.3 years |
| 16 kW | $3.79 | $42,428 | $33,251 | 14.0 years |
| 18 kW | $3.71 | $46,716 | $38,423 | 13.7 years |
| 20 kW | $3.63 | $50,778 | $43,820 | 13.4 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:
- Contract: Though reading through a contract can take a lot of time, it’s important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Reputation: Make sure your solar installer has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Warranty: An all-inclusive, long-term warranty can help keep your solar panels running smoothly and save you money on part replacement and repairs.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Although there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so be sure to take a look at their list of offerings before making your decision.
EcoWatch's Medina, MN Solar Cost FAQs
How much does it cost to install solar panels in Medina?
The average cost of solar panels in Medina 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 stuff such as the type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Medina?
Leasing solar panels can be an appealing choice, because it typically 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 maximize your savings.
How much can I save on energy bills after installing solar panels?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Medina, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to check with 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 decreases 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.