Solar Panel Cost Guide in Minneapolis, MN (2023 Update)
- Minneapolis Solar Installation Cost: $14,314
- 25-Year Savings: $21,285
- Payback Period: 10.1 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated May 04, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Minneapolis
Find out what the average cost of solar panel installation is in Minneapolis.
While the national average of solar panels is $2.66 per watt, solar panels in Minneapolis typically cost around 2.84. The average solar panel system size in Minneapolis 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 prices above are just estimates to give you an idea of the cost of a solar energy system. The exact cost of installing solar panels can vary quite a bit depending on several factors, such as how many panels you need, your energy usage and what solar installer you go with. Even with the significant initial cost, the average Minneapolis homeowner can save around $19,000 on their electricity bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a top solar installer in Minneapolis for a quote for your home.
Solar savings over time in Minneapolis
| Year | Return on Investment |
|---|---|
| 1 years | $-12,890 |
| 3 years | $-10,042 |
| 5 years | $-7,194 |
| 7 years | $-4,346 |
| 9 years | $-1,498 |
| 11 years | $1,350 |
| 13 years | $4,197 |
| 15 years | $7,045 |
| 17 years | $9,893 |
| 19 years | $12,741 |
| 21 years | $15,589 |
| 23 years | $18,437 |
| 25 years | $21,285 |
Top Solar Installers in Minneapolis
DIY solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Using a solar panel installer can make converting to solar power much easier. The expertise that solar companies provide can be invaluable as well, especially if you aren't sure what brand of solar equipment you need.
If you'd like to switch to solar energy but still aren't sure which solar installer to go with, here are our suggestions for providers in Minneapolis:
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 Minneapolis
Factors that Affect Solar Panel Costs in Minneapolis
For many Minneapolis homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in Minneapolis, with typical prices between $20,000 to $40,000. There are various factors that significantly influence the price you'll pay, which we'll go over below.
Solar Equipment
The size of the solar panel 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 around $2,840. The brand and kind of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Most solar installers in Minneapolis have solar loans, which reduce your upfront costs of installing solar panels. Although solar loans make adopting solar energy more accessible for Minneapolis homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
Lastly, the company you hire to install your solar panels can play a part in determining how much it costs. Minneapolis' solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or additional 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 | $2.95 | $12,405 | $17,252 | 10.5 years |
| 8 kW | $2.90 | $16,222 | $23,321 | 10.3 years |
| 10 kW | $2.84 | $19,880 | $29,549 | 10.1 years |
| 12 kW | $2.78 | $23,379 | $35,936 | 9.9 years |
| 14 kW | $2.73 | $26,719 | $42,482 | 9.7 years |
| 16 kW | $2.67 | $29,900 | $49,187 | 9.5 years |
| 18 kW | $2.61 | $32,921 | $56,051 | 9.3 years |
| 20 kW | $2.56 | $35,784 | $63,074 | 9.0 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Solar Panel Brands: The type of solar panel you need to install plays a role in which company you should opt for, since different companies have different panels.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years likely offer quality solar panel installation and expertise.
- Contract: Before signing a contract with a solar installer, make sure you look it over fully so you understand the terms. Also, ask questions if you're not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
- Warranty: If you're worried about the endurance of your solar system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
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 Minneapolis, MN Solar Cost FAQs
What is the average cost of installing solar panels in Minneapolis?
This is a hard question to answer exactly, because the cost depends on a variety of factors. Broadly 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 cost more if you want additional solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
What other factors should I consider in addition to cost when buying solar panels?
The initial cost is a key factor to consider, but whether it's the most important for you depends on your goals 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.
Is it worth going solar in Minneapolis?
Whether or not solar panels are worth it depends on a variety of factors like the cost of electricity near you and how much direct sunlight your roof gets.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily 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 install 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.