Solar Panel Cost Guide in Melrose, MN (Mar 2023)
- Melrose Solar Installation Cost: $14,135
- 25-Year Savings: $15,093
- Payback Period: 12.1 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Melrose
Find out what the average cost of installing solar panels is in Melrose.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Melrose, the typical cost of a solar system is 2.84 per watt. The average solar panel system size in Melrose is around 7.1 kilowatts, meaning a cost of about $14,135 for a solar installation, or $20,213 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much solar panels could cost. The true cost of making the switch to solar can vary quite a bit based on several factors, such as how many panels you need, your energy usage and what solar installer you go with. But, once you've paid the upfront cost of installation, the ROI for most homeowners is usually rewarding, with a net average savings of about $16,000 over 20 years on electricity bills.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Melrose
| Year | Return on Investment |
|---|---|
| 1 years | $-12,966 |
| 3 years | $-10,627 |
| 5 years | $-8,289 |
| 7 years | $-5,951 |
| 9 years | $-3,613 |
| 11 years | $-1,274 |
| 13 years | $1,064 |
| 15 years | $3,402 |
| 17 years | $5,740 |
| 19 years | $8,079 |
| 21 years | $10,417 |
| 23 years | $12,755 |
| 25 years | $15,093 |
Top Solar Installers in Melrose
Installing solar panels yourself can be a difficult undertaking, which is why getting a solar installation company is a good option for many homeowners. In addition, if you'd like to maximize your investment in solar, going with a solar company can help with that too. Different providers can offer warranties, expertise on installation and sometimes even information on local incentives, rebates and net metering programs.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
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 Melrose
Factors that Affect Solar Panel Costs in Melrose
The cost of installing a solar system in Melrose 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 household needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The size of the solar system you need to offset your energy usage, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,840. The brand and kind of equipment you choose for your solar system can increase or decrease the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want additional equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar companies in Melrose provide solar loans, which reduce the initial cost of installing a solar system. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
Finally, the company you opt for to install your solar panel system can influence how much you pay. Melrose's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Melrose have more knowledge about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could help you save 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 | $12,269 | 12.6 years |
| 8 kW | $2.90 | $16,222 | $16,677 | 12.3 years |
| 10 kW | $2.84 | $19,880 | $21,244 | 12.1 years |
| 12 kW | $2.78 | $23,379 | $25,970 | 11.8 years |
| 14 kW | $2.73 | $26,719 | $30,855 | 11.6 years |
| 16 kW | $2.67 | $29,900 | $35,899 | 11.4 years |
| 18 kW | $2.61 | $32,921 | $41,103 | 11.1 years |
| 20 kW | $2.56 | $35,784 | $46,465 | 10.9 years |
How to Save on Solar Panels
The solar installer you choose will be a major factor in determining 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 some important things you should take into account, such as:
- Solar Panel Brands: The model of solar panel you'd like to install plays a role in which company you should go with, since different companies offer different panels.
- Warranty: Many companies offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Contract: It's important to look over your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
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 Melrose, MN Solar Cost FAQs
What is the average cost of installing solar panels in Melrose?
This is a hard question to answer precisely, because the cost depends on a few different factors. Generally speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Melrose?
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 can't take advantage of 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.
Do solar panels increase your property value?
Solar panels can increase the value of your home remarkably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
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 how much sunlight your roof gets. You can 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 buy between 20 and 35 panels to account for 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.