Solar Panel Cost Guide in Minnetonka, MN (2023 Update)
- Minnetonka Solar Installation Cost: $14,314
- 25-Year Savings: $20,554
- Payback Period: 10.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Minnetonka
Find out what the average cost of solar panel installation is in Minnetonka.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Minnetonka, the average cost of solar panels 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.
The true cost of your system can go above or below the average in Minnetonka based on several factors, such as the brand of solar panels you choose and the solar contractor you hire. For many homeowners, the upfront cost of solar panels is worth paying. On average Minnetonka homeowners see about $18,000 in savings on electricity bills over 20 years.
To get a free estimate from a pre-vetted solar company in Minnetonka, you can click the button below.
Solar savings over time in Minnetonka
| Year | Return on Investment |
|---|---|
| 1 years | $-12,919 |
| 3 years | $-10,129 |
| 5 years | $-7,340 |
| 7 years | $-4,551 |
| 9 years | $-1,761 |
| 11 years | $1,028 |
| 13 years | $3,818 |
| 15 years | $6,607 |
| 17 years | $9,396 |
| 19 years | $12,186 |
| 21 years | $14,975 |
| 23 years | $17,765 |
| 25 years | $20,554 |
Top Solar Installers in Minnetonka
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can use up a lot of your time and energy. Using a solar panel installer can make converting to solar power much easier. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run due to their warranties, repair services and expert design.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
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 Minnetonka
Factors that Affect Solar Panel Costs in Minnetonka
For many Minnetonka homeowners, the decision to install a solar energy system 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 several factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
One of the most significant factors to consider when it comes to the cost of installing solar panels is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to pay about $2,840 per kilowatt in Minnetonka. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Minnetonka, where sunlight isn't as abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on power bills over many years, but they can also be a significant investment. That's why many Minnetonka homeowners choose to finance their solar panel systems to offset upfront costs. Even though solar loans make going solar more accessible for Minnetonka homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final factor to consider when trying to figure out the cost of solar for your home or business in Minnetonka is the company you hire to install your PV system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that offer a range of services for different budgets. Larger national companies generally 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 add-on services like electric vehicle 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 | $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 a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Installation Process: When making the switch to solar, it's important to maintain an open line of communication with your solar company. Make sure you understand how the installation process works and the project completion timeline.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years most likely provide good-quality solar panel installation and expertise.
- Contract: When reading through your solar company's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you choose.
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 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 $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the actual cost will depend on things such as the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Minnetonka?
Solar panels aren't free in Minnetonka, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is it worth going solar in Minnetonka?
Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and the amount of 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 how much sunlight your roof gets. You can take a 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.