Solar Panel Cost Guide in Mound, MN (2023 Update)
- Mound Solar Installation Cost: $14,317
- 25-Year Savings: $18,714
- Payback Period: 10.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Mound
Find out what the average cost of solar panels are in Mound.
The national average cost of solar panels is $2.66 per watt, but in Mound it's 2.84 per watt. The average solar panel system size in Mound is around 7.2 kilowatts, meaning a cost of about $14,314 for a solar installation, or $20,469 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average Mound homeowner. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. But, after you've paid the upfront cost of installation, the ROI for most homeowners is typically rewarding, with a net average savings of about $17,000 over 20 years on energy bills.
To see your potential ROI and connect with a local solar installer, click the button below.
Solar savings over time in Mound
| Year | Return on Investment |
|---|---|
| 1 years | $-14,207 |
| 3 years | $-13,987 |
| 5 years | $-13,767 |
| 7 years | $-13,547 |
| 9 years | $-13,326 |
| 11 years | $-13,106 |
| 13 years | $-12,886 |
| 15 years | $-12,666 |
| 17 years | $-12,446 |
| 19 years | $-12,225 |
| 21 years | $-12,005 |
| 23 years | $-11,785 |
| 25 years | $-11,565 |
Top Solar Installers in Mound
Many homeowners choose to hire a solar installation company since installing solar panels on your own can be challenging. A solar company can also help save you money in the long run by providing warranties, repairs and component replacements.
If you'd like to make the switch to solar but still aren't certain which solar company to go with, here are our recommendations for providers in Mound:
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 Mound
Factors that Affect Solar Panel Costs in Mound
There are several factors that can influence 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 Mound, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can figure out by looking at past power bills. Your overall cost can increase by about $2,840 for each additional kilowatt you need. The kind of solar panels and equipment you choose is another factor that will greatly influence 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 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 researching a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Mound to be too costly, even if the investment pays off over time. Thankfully, almost every solar company in the area provides access to financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also lead to paying more over time because of interest. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final consideration when trying to estimate the cost of solar for your home or business in Mound is the company you hire to install your solar panel system. As with choosing a company to renovate your kitchen, for instance, you'll have 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 cost more. It's best to do some research and find a 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 | $2.95 | $12,405 | $15,114 | 11.3 years |
| 8 kW | $2.90 | $16,222 | $20,470 | 11.1 years |
| 10 kW | $2.84 | $19,880 | $25,985 | 10.8 years |
| 12 kW | $2.78 | $23,379 | $31,659 | 10.6 years |
| 14 kW | $2.73 | $26,719 | $37,492 | 10.4 years |
| 16 kW | $2.67 | $29,900 | $43,484 | 10.2 years |
| 18 kW | $2.61 | $32,921 | $49,635 | 10.0 years |
| 20 kW | $2.56 | $35,784 | $55,945 | 9.8 years |
How to Save on Solar Panels
The solar company you choose will influence not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should consider, including:
- Reputation: Your solar installer should have a good reputation as a company and have verifiable expertise in the field. A couple of 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 good reviews from previous customers.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. 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 be sure to take a look at their list of options before deciding.
- Contract: Though reading through a contract can be tedious, it's important to do it thoroughly so you can be sure you understand what services your solar company will provide and the terms of the warranty.
- Installation Process: One of the most important things to understand when going solar is the installation process itself. Be sure to align on any details you need to know with your solar installer, such as what permits you should secure and what the project timeline is.
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 Mound, MN Solar Cost FAQs
How much does it cost to install solar panels in Mound?
The average cost of solar panels in Mound is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Mound?
Leasing solar panels can be an option if you can't pay upfront or get a solar loan, but since you don't own the system, you don't have access to 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 savings from going solar.
Can you sell solar power back to the grid in Mound?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future utility bills.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily 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 get 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.