Solar Panel Cost Guide in Minnetonka, MN (2024 Update)
- Minnetonka Solar Installation Cost: $20,316
- 25-Year Savings: $20,551
- Payback Period: 14.6 Years
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Average Cost of Solar Panels in Minnetonka
We break down average solar pricing in Minnetonka.
The national average cost of solar panels is $2.66 per watt, but in Minnetonka it’s 4 per watt.The average solar panel system size in Minnetonka is around 7.2 kilowatts, meaning a cost of about $20,316 for a solar installation, or $29,052 before the 0 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 actual cost of going solar can vary based on a few factors, such as what size system you need, your energy usage and what installation company you go with.For most homeowners, the upfront cost of solar power is worth paying. On average homeowners in Minnetonka see about $18,000 in savings on utility bills over 20 years.
To receive a free estimate from a pre-vetted solar installer in Minnetonka, you can click the button below.
Solar savings over time in Minnetonka
| 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 Minnetonka
Many homeowners opt for a solar panel company since trying to install solar panels yourself can be challenging. The expertise that solar companies provide can be useful as well, particularly if you aren’t sure what kind of solar equipment would be right for your home.
Working with a licensed solar company can make going solar easier. Here are our recommendations:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- 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
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 Minnetonka
Factors that Affect Solar Panel Costs in Minnetonka
For many Minnetonka homeowners, the decision to go solar comes down to cost. However, the range of solar installation costs can be quite wide in Minnetonka, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,030.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 opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more over time on your power bills. In addition, add-on products, like solar batteries, can bring your total well above the Minnetonka average.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That’s why many Minnetonka homeowners opt to finance their solar panel systems to make going solar more affordable.It’s wise to include the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay back the loan.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Minnetonka is the company you choose to install your PV system. Similar to choosing a company to build a deck or pool, for instance, you’ll have many options for solar installers that offer a range of services at different costs.Larger national companies typically have lower costs, but some local companies undercut them by offering sales and discounts. While the smaller companies might not have access to 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 | $11,446 | 15.1 years |
| 8 kW | $4.11 | $23,019 | $15,712 | 14.9 years |
| 10 kW | $4.03 | $28,210 | $20,205 | 14.6 years |
| 12 kW | $3.95 | $33,175 | $24,923 | 14.3 years |
| 14 kW | $3.87 | $37,914 | $29,866 | 14.0 years |
| 16 kW | $3.79 | $42,428 | $35,036 | 13.7 years |
| 18 kW | $3.71 | $46,716 | $40,431 | 13.4 years |
| 20 kW | $3.63 | $50,778 | $46,052 | 13.1 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. Since selecting a company can be a challenge, we have some tips to help you, such as:
- Solar Panel Brands: The brand of solar panel you need plays a role in which installer you should choose, since different companies have different panels.
- Contract: It’s important to read through your solar installer’s contract fully to understand what services they will provide, what the warranty covers and what expectations you should have about the project timeline.
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project completion timeline.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- 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
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 Minnetonka, MN Solar Cost FAQs
What is the average cost of installing solar panels in Minnetonka?
The average cost of solar panels in Minnetonka 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 certain factors like the type of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Minnetonka?
You can’t get solar panels for free in Minnetonka. 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 want to own your solar panels, you can finance them with a solar loan.
Is it worth going solar in Minnetonka?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.