Solar Panel Cost Guide in Minnetonka, MN (2023 Update)
- Minnetonka Solar Installation Cost: $14,317
- 25-Year Savings: $20,551
- Payback Period: 10.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Minnetonka
See how much it might cost to make the switch to solar in Minnetonka.
The average cost of a solar panel system in Minnetonka 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.
Remember that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy consumption, the type of equipment you want, your solar contractor and more. But, once you've paid the upfront cost of installation, the payback for most homeowners is quite rewarding, with a net average savings of about $18,000 over 20 years on electricity bills.
Click the button below to get connected to a highly rated solar installer in Minnetonka for a customized estimate.
Solar savings over time in Minnetonka
| Year | Return on Investment |
|---|---|
| 1 years | $-13,038 |
| 3 years | $-10,479 |
| 5 years | $-7,920 |
| 7 years | $-5,361 |
| 9 years | $-2,802 |
| 11 years | $-243 |
| 13 years | $2,316 |
| 15 years | $4,874 |
| 17 years | $7,433 |
| 19 years | $9,992 |
| 21 years | $12,551 |
| 23 years | $15,110 |
| 25 years | $17,669 |
Top Solar Installers in Minnetonka
Many homeowners opt for a solar installation company since installing solar panels on your own can be a lot of work. Also, companies with a good reputation that cost more upfront could actually save you money in the long run with their warranties, repair services and expert design.
If you'd like to switch to solar energy but still aren't sure which solar panel company to go with, here are our recommendations for providers in Minnetonka:
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
There are many criteria that can affect your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
When it comes to estimating the cost of solar panels in Minnetonka, one of the most important 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 usage, which you can gauge by looking at past power bills. Your overall cost can increase by about $2,840 for each additional kilowatt you need. The brand of solar panels and equipment you choose is another factor that will significantly affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Furthermore, solar equipment consists of more than just the solar panels themselves. You'll also need to make decisions about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when searching for a solar system that's in your budget.
Solar Financing Terms
Most solar companies in Minnetonka offer solar loans, which reduce your upfront costs of installing solar panels. Although solar loans make adopting solar energy more accessible for Minnetonka homeowners, they can also increase the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you choose will impact your total cost to adopt solar energy. Different companies will charge different amounts for the equipment and labor. The company's size sometimes plays the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because of greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger names.
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 | $16,644 | 10.7 years |
| 8 kW | $2.90 | $16,222 | $22,510 | 10.5 years |
| 10 kW | $2.84 | $19,880 | $28,535 | 10.3 years |
| 12 kW | $2.78 | $23,379 | $34,719 | 10.1 years |
| 14 kW | $2.73 | $26,719 | $41,062 | 9.9 years |
| 16 kW | $2.67 | $29,900 | $47,564 | 9.6 years |
| 18 kW | $2.61 | $32,921 | $54,225 | 9.4 years |
| 20 kW | $2.56 | $35,784 | $61,046 | 9.2 years |
How to Save on Solar Panels
There are many solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. Two ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from previous customers.
- Solar Panel Brands: Different companies will offer different brands and types of panels. If you prefer a specific brand, make sure the solar company you're considering has it.
- Installation Process: Get detailed information from your solar installer about the installation process and what to expect, including when the site survey will be completed and what the project timeline is.
- Contract: Though reading through a contract can take a lot of time, it's important to do it carefully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
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?
This is a tough question to answer precisely, because the cost depends on a few different 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 be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
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 install them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
How will having solar panels impact how much my home is worth?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Minnetonka is currently $357,122, so you can look forward to a value of about $14,642 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Minnetonka is a worthwhile investment.
How many solar panels should I get to power my home?
To figure out what solar panel system size 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 usually 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.