Solar Panel Cost Guide in New Hope, MN (2024 Update)
- New Hope Solar Installation Cost: $20,316
- 25-Year Savings: $11,670
- Payback Period: 14.2 Years
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Average Cost of Solar Panels in New Hope
Let’s take a look at the average cost of solar in New Hope.
Currently, the national average cost of solar panels is $2.66 per watt. However, in New Hope, the typical cost of a solar system is 4 per watt.To account for the typical energy usage of the average home in New Hope, most homeowners require a 7.2-kilowatt system. Using the per-watt figure above, a solar installation costs around $20,316, or $29,052 before the federal solar tax credit of 0 is applied.
Keep in mind that the figures above are only estimates based on the average energy use of New Hope homeowners. The cost of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor.For many homeowners, the upfront cost of solar panels is worth paying. On average homeowners in New Hope see about $19,000 in savings on utility bills over 20 years.
Click the button below to get connected to a highly rated solar panel company in your area for a personalized quote.
Solar savings over time in New Hope
| Year | Return on Investment |
|---|---|
| 1 years | $-19,037 |
| 3 years | $-16,478 |
| 5 years | $-13,919 |
| 7 years | $-11,360 |
| 9 years | $-8,801 |
| 11 years | $-6,242 |
| 13 years | $-3,684 |
| 15 years | $-1,125 |
| 17 years | $1,434 |
| 19 years | $3,993 |
| 21 years | $6,552 |
| 23 years | $9,111 |
| 25 years | $11,670 |
Top Solar Installers in New Hope
Although it's possible to install solar panels on your own, it takes extra effort and expertise. For that reason, most people choose a solar panel installer. Solar warranties and repairs are typically included in the cost of installation when you go with a solar contractor as well, which can save you more money over time.
If you're on the hunt for a solar installer in New Hope, we've organized a list of our top suggestions here:
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 New Hope
Factors that Affect Solar Panel Costs in New Hope
The cost of installing a solar system in New Hope can vary by more than $10,000 from home to home. Your actual cost depends on several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $4,030. Some solar panel brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like New Hope, where sunlight isn’t as abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited 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
Many homeowners find the average cost of solar in New Hope to be too costly, even if the investment pays off over time. Fortunately, nearly every solar installer in the area offers financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in higher prices over time because of interest.Even though solar loans make adopting solar energy more accessible for New Hope 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
The remaining key cost factor you should take into consideration is the installer you choose. Given the growing popularity of renewable energy solutions in New Hope, you’ll have many options to choose from, but each comes at varying price points for labor and equipment.You may come across national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $12,211 | 14.8 years |
| 8 kW | $4.11 | $23,019 | $16,733 | 14.5 years |
| 10 kW | $4.03 | $28,210 | $21,480 | 14.2 years |
| 12 kW | $3.95 | $33,175 | $26,453 | 13.9 years |
| 14 kW | $3.87 | $37,914 | $31,652 | 13.6 years |
| 16 kW | $3.79 | $42,428 | $37,076 | 13.3 years |
| 18 kW | $3.71 | $46,716 | $42,726 | 13.1 years |
| 20 kW | $3.63 | $50,778 | $48,602 | 12.8 years |
How to Save on Solar Panels
There are many companies available in New Hope, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Installation Process: When going solar, it’s important to keep an open line of communication with your solar company. Confirm that you understand how the installation process works and the completion timeline.
- Solar Panel Brands: Different companies will offer different brands and kinds of panels. If you want a specific brand, make sure the solar installer you’re considering has it.
- Contract: Look through the contract terms thoroughly to make sure you understand the total cost, project completion timeline incentives and warranties.
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
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 New Hope, MN Solar Cost FAQs
What is the average cost of installing solar panels in New Hope?
The average cost of solar panels in New Hope is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider in addition to cost when buying solar panels?
Cost is a very important factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In cities where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Can solar panels completely eradicate my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you’re located 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 $993.80 per year.
How long do solar panels last in New Hope?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is their energy production will have decreased significantly after that point. You can opt to replace them after having them for that long or you can continue to use them at a lower efficiency.
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.