Solar Panel Cost Guide in New Market, MN (2023 Update)
- New Market Solar Installation Cost: $14,232
- 25-Year Savings: $19,210
- Payback Period: 10.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in New Market
We break down average solar pricing in New Market.
Currently, the national average cost of solar panels is $2.66 per watt. However, in New Market, the average cost of solar panels is 2.84 per watt. The average solar panel system size in New Market is around 7.2 kilowatts, meaning a cost of about $14,234 for a solar installation, or $20,355 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy use, the type of solar system you want to get, your solar contractor and more. Many homeowners find installing a solar panel system is a solid investment. The average homeowner in New Market can save around $18,000 on their energy bills over 20 years.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in New Market
| Year | Return on Investment |
|---|---|
| 1 years | $-12,953 |
| 3 years | $-10,394 |
| 5 years | $-7,835 |
| 7 years | $-5,276 |
| 9 years | $-2,717 |
| 11 years | $-158 |
| 13 years | $2,401 |
| 15 years | $4,959 |
| 17 years | $7,518 |
| 19 years | $10,077 |
| 21 years | $12,636 |
| 23 years | $15,195 |
| 25 years | $17,754 |
Top Solar Installers in New Market
Installing solar panels by yourself can be a difficult project, which is why hiring a solar installer is a good option for many homeowners. Also, companies with a good reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
If you're searching for a solar company in New Market, the EcoWatch team has put together a list of our top suggestions here:
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 New Market
Factors that Affect Solar Panel Costs in New Market
For many New Market homeowners, the decision to adopt solar energy comes down to cost. However, the range of solar installation costs can be quite wide in New Market, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a variety of factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,840. There are several different solar panel brands and the one you choose also changes the cost. Generally, the brands that offer higher efficiency tend to also be more expensive. In addition, the type of equipment you choose can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for a solar system out of pocket can be challenging. Solar loans are available from most installers in New Market, which can bring down, or in some cases completely eliminate, your upfront costs to make solar more accessible. You'll have to consider the long-term cost of financing options, 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 above the equipment and labor cost. Making a larger down payment or finding a solar loan with a low APR could reduce your costs remarkably.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in New Market is the company you get to install your solar system. As with choosing a company to build a deck or pool, for instance, there's no shortage of solar installers that provide a range of services for different budgets. The company's size sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
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 | $15,622 | 11.1 years |
| 8 kW | $2.90 | $16,222 | $21,148 | 10.9 years |
| 10 kW | $2.84 | $19,880 | $26,833 | 10.6 years |
| 12 kW | $2.78 | $23,379 | $32,676 | 10.4 years |
| 14 kW | $2.73 | $26,719 | $38,679 | 10.2 years |
| 16 kW | $2.67 | $29,900 | $44,840 | 10.0 years |
| 18 kW | $2.61 | $32,921 | $51,161 | 9.8 years |
| 20 kW | $2.56 | $35,784 | $57,641 | 9.6 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you select the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Homeowners will have different preferences for panels based on their locations and how much efficiency they need. While there are many options for which model 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 offerings before deciding.
- Contract: Even though reading through a contract can take a lot of time, it's important to do it thoroughly so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Installation Process: When making the switch to solar power, it's essential to maintain an open line of communication with your solar panel company. See to it that you understand how the installation process works and the project completion timeline.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has satisfied reviews from past customers.
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 New Market, MN Solar Cost FAQs
What is the average cost of installing solar panels in New Market?
This is a hard question to answer precisely, 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. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
What other factors should I consider in addition to cost when buying solar panels?
Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
How will having solar panels impact my property value?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing a solar system."
How often do you have to replace solar panels?
On average, the lifespan of solar panels is about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher level of energy production.
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.