Solar Panel Cost Guide in Mound, MN (2024 Update)
- Mound Solar Installation Cost: $20,316
- 25-Year Savings: $18,714
- Payback Period: 15.4 Years
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Average Cost of Solar Panels in Mound
See how much it might cost to switch to solar power in Mound.
In Mound, solar panels cost about 4 per watt on average.The average solar panel system size in Mound 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.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may look quite different based on your household energy consumption, the type of solar panels you want, your solar contractor and more.Despite the large upfront cost, the average Mound homeowner can save about $17,000 on their electricity bills over 20 years, which is one of the benefits of solar.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Mound
| Year | Return on Investment |
|---|---|
| 1 years | $-19,094 |
| 3 years | $-16,650 |
| 5 years | $-14,206 |
| 7 years | $-11,762 |
| 9 years | $-9,317 |
| 11 years | $-6,873 |
| 13 years | $-4,429 |
| 15 years | $-1,985 |
| 17 years | $459 |
| 19 years | $2,903 |
| 21 years | $5,348 |
| 23 years | $7,792 |
| 25 years | $10,236 |
Top Solar Installers in Mound
Many homeowners choose to hire a solar panel installer since figuring out how to install solar panels by yourself can be hard. Another great thing about going with a reputable solar installer is that it'll usually provide warranties and free repairs, which help protect your investment.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 Mound
Factors that Affect Solar Panel Costs in Mound
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that determine your overall cost in Mound: solar equipment and system size, financing options and the solar installation company you choose. We’ll go over each of these briefly below.
Solar Equipment
When it comes to estimating the price of a solar energy system in Mound, 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 energy bills. Your total cost can increase by around $4,030 for each additional kilowatt you need.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 get 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, extra products, such as solar batteries, can bring your total well above the Mound average.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are an affordable choice because they cut back your upfront costs and let you pay for your system over five to seven years on average.Although solar loans make switching to solar energy more accessible for Mound homeowners, they can also increase 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
A final consideration when trying to figure out the cost of solar for your home or business in Mound is the company you choose to install your PV system. Similar to choosing a company to build a deck or pool, for example, there’s no shortage of solar installers that offer a range of services for different budgets.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and go with the company that offers the products, warranties and services you want and also fits within your budget.
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 | $9,916 | 16.0 years |
| 8 kW | $4.11 | $23,019 | $13,672 | 15.7 years |
| 10 kW | $4.03 | $28,210 | $17,655 | 15.4 years |
| 12 kW | $3.95 | $33,175 | $21,863 | 15.1 years |
| 14 kW | $3.87 | $37,914 | $26,296 | 14.8 years |
| 16 kW | $3.79 | $42,428 | $30,956 | 14.5 years |
| 18 kW | $3.71 | $46,716 | $35,841 | 14.1 years |
| 20 kW | $3.63 | $50,778 | $40,951 | 13.8 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Warranty: Warranties that provide coverage for panel repairs and maintenance over around 25 years are the best you can get in the business, and offering that kind of warranty is one mark of a quality company.
- Installation Process: Get details 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.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and how much efficiency they need. Even though there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you ask for their list of options before deciding.
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 Mound, MN Solar Cost FAQs
What is the average cost of installing solar panels in Mound?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $20,150 for a 5-kW system and $40,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Mound?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
How much can I save on energy bills after installing solar panels?
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 $917.29 per year.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy needs 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 cover 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.