Solar Panel Cost Guide in New London, MN (Mar 2023)
- New London Solar Installation Cost: $14,055
- 25-Year Savings: $21,315
- Payback Period: 9.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in New London
We go over average solar pricing in New London.
In New London, solar panels cost about 2.84 per watt on average. Since a 7.1-kW system is needed to cover the energy usage of a typical home in New London, the average price of going solar will be about $14,055 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average New London homeowner. 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. Many homeowners find going solar is a sound investment. The average homeowner in New London can save around $19,000 on their power bills over 20 years.
You can click the button below to get connected with a vetted solar installer in New London that can help you get a more accurate cost estimate for your home.
Solar savings over time in New London
| Year | Return on Investment |
|---|---|
| 1 years | $-12,640 |
| 3 years | $-9,811 |
| 5 years | $-6,981 |
| 7 years | $-4,151 |
| 9 years | $-1,322 |
| 11 years | $1,508 |
| 13 years | $4,337 |
| 15 years | $7,167 |
| 17 years | $9,997 |
| 19 years | $12,826 |
| 21 years | $15,656 |
| 23 years | $18,485 |
| 25 years | $21,315 |
Top Solar Installers in New London
Although you can install solar panels by yourself, it involves extra energy and knowledge. That's one of the reasons almost all homeowners choose to hire a solar panel installer. Also, companies with a good reputation that cost more upfront could actually save you money in the long run with their warranties, repair services and expert design.
If you'd like to start using solar energy but still aren't certain which solar installer to go with, here are our recommendations for providers nearby:
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 New London
Factors that Affect Solar Panel Costs in New London
There are many factors that can determine your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. For that reason, it's a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your energy needs. The type of solar panels and equipment you want is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Moreover, solar equipment consists of more than just the solar panels themselves. You'll also need to decide on 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
Solar panels can save you money on power bills over many years, but they can also be a big investment. That's why many New London homeowners choose to finance their solar panel systems to make going solar more affordable. However, the interest on solar loans also increases your overall costs, so it's crucial to include that in your estimate as well. You can always lower the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you get to install your solar panels can influence the cost. New London's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in New London have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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 | $2.95 | $12,405 | $17,613 | 10.3 years |
| 8 kW | $2.90 | $16,222 | $23,803 | 10.1 years |
| 10 kW | $2.84 | $19,880 | $30,151 | 9.9 years |
| 12 kW | $2.78 | $23,379 | $36,658 | 9.7 years |
| 14 kW | $2.73 | $26,719 | $43,324 | 9.5 years |
| 16 kW | $2.67 | $29,900 | $50,150 | 9.3 years |
| 18 kW | $2.61 | $32,921 | $57,134 | 9.1 years |
| 20 kW | $2.56 | $35,784 | $64,278 | 8.9 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: It's important to read your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the project timeline.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to get the job done well. Another way you can look into your installer's reputation is by reading reviews.
- Solar Panel Brands: The kind of solar panel you want to install plays a role in which installer you should choose, since different companies provide different panels.
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 New London, MN Solar Cost FAQs
How much does it cost to install solar panels in New London?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in New London?
Leasing solar panels can be an option if you can't pay upfront or secure 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 New London?
Most states have net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in New London?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can keep using 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.