Solar Panel Cost Guide in Montrose, MN (2024 Update)
- Montrose Solar Installation Cost: $20,102
- 25-Year Savings: $19,646
- Payback Period: 14.9 Years
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Average Cost of Solar Panels in Montrose
Find out how much it might cost to go solar in Montrose.
In Montrose, solar panels cost about 4 per watt on average.The average Montrose homeowner needs a 7.1-kilowatt system, which would cost about $20,102 with the federal tax credit, or $28,746 before the 0 tax credit is applied.
These figures are only estimates, and your own solar costs will most likely vary based on your specific situation and what company you choose to go with.For most homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $18,000 in savings on electricity bills over 20 years.
Click the button below to get connected to a reputable solar installer in your area for a personalized estimate.
Solar savings over time in Montrose
| Year | Return on Investment |
|---|---|
| 1 years | $-18,822 |
| 3 years | $-16,263 |
| 5 years | $-13,704 |
| 7 years | $-11,146 |
| 9 years | $-8,587 |
| 11 years | $-6,028 |
| 13 years | $-3,469 |
| 15 years | $-910 |
| 17 years | $1,649 |
| 19 years | $4,208 |
| 21 years | $6,767 |
| 23 years | $9,326 |
| 25 years | $11,884 |
Top Solar Installers in Montrose
Although you can install solar panels yourself, it involves extra labor and know-how. Because of that, the majority of homeowners choose a solar panel installer. Another upside of working with a solar company is that they can help you maximize your investment by lowering your future costs of repairs and replacements with the help of warranties and helping you learn about local incentives you can take advantage of.
Working with a vetted solar installer can help your solar project go smoothly. Here are our recommendations:
See all of the solar companies in Montrose
Factors that Affect Solar Panel Costs in Montrose
The cost of installing a solar system in Montrose can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. Because of that, it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.The model of solar panels and equipment you get is another factor that will greatly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Furthermore, solar equipment is more than just the solar panels themselves. You’ll also need to think 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
Many homeowners find the average cost of solar in Montrose to be prohibitively expensive, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in paying more over time due to interest.Although solar loans make going solar more accessible for Montrose homeowners, they can also raise 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 avoid paying as much in interest.
Solar Panel Installation Company
The final key cost factor you should consider is the installer you choose. Given the growing popularity of sustainable energy solutions in Montrose, you’ll have lots of options to choose from, but each comes at different price points for labor and equipment.Additionally, some companies in Montrose are more knowledgeable about local solar incentives and can help you learn about additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you 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 | $4.19 | $17,603 | $10,867 | 15.5 years |
| 8 kW | $4.11 | $23,019 | $14,941 | 15.2 years |
| 10 kW | $4.03 | $28,210 | $19,240 | 14.9 years |
| 12 kW | $3.95 | $33,175 | $23,765 | 14.6 years |
| 14 kW | $3.87 | $37,914 | $28,516 | 14.3 years |
| 16 kW | $3.79 | $42,428 | $33,492 | 14.0 years |
| 18 kW | $3.71 | $46,716 | $38,694 | 13.7 years |
| 20 kW | $3.63 | $50,778 | $44,122 | 13.4 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Since picking a company can be a challenge, we have some tips to help you, such as:
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Contract: It’s important to read through your solar installer’s contract well to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Reputation: Make sure your solar panel installer 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.
EcoWatch's Montrose, MN Solar Cost FAQs
How much does it cost to install solar panels in Montrose?
The average cost of solar panels in Montrose 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 things such as the kind of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider aside from cost when buying solar panels?
Cost is certainly one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on electricity bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location and how much sunlight your home gets. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $949.00 per year.
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 typically produce about 250 to 400 watt-hours per hour, the average household 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.