Solar Panel Cost Guide in New Market, MN (2024 Update)

  • New Market Solar Installation Cost: $20,196
  • 25-Year Savings: $19,210
  • Payback Period: 15.1 Years

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

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Average Cost of Solar Panels in New Market

We go over average solar pricing in New Market.

The national average cost of solar panels is $2.66 per watt, but in New Market it’s 4 per watt.Since a 7.2-kW system is needed to cover the energy usage of a typical home in New Market, the average price of going solar will be about $20,196 after claiming the federal solar tax credit of 0.

How much you pay can go above or below the average in New Market based on a variety of factors, such as the model of solar panels you choose and the solar installer you hire.Even with the significant initial cost, the average New Market homeowner can save about $18,000 on their power bills over 20 years, which is one of the advantages of solar.

For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.

Solar savings over time in New Market

Year Return on Investment
1 years $-18,916
3 years $-16,357
5 years $-13,799
7 years $-11,240
9 years $-8,681
11 years $-6,122
13 years $-3,563
15 years $-1,004
17 years $1,555
19 years $4,114
21 years $6,673
23 years $9,231
25 years $11,790

Top Solar Installers in New Market

Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can be a headache. Taking advantage of a solar panel installer can make swapping over to solar power much easier. Another advantage of using a solar installer is that they can help you optimize your ROI by cutting back on future costs of repairs and replacements due to warranties and informing you of local incentives you can take advantage of.

Working with a licensed solar installer can make going solar easier. Here are our recommendations:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

Best Technology

Tesla Energy

★★★★★
3.2

  • 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

Although the average cost of a solar system in New Market is $20,196, your final cost may differ. There are quite a few factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to consider.

Solar Equipment

When it comes to estimating the price of solar panels in New Market, one of the most important 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 usage, which you can gauge by looking at past energy bills. Your overall cost can increase by around $4,030 for each additional kilowatt you need.There are a lot of different solar panel brands and the one you choose also affects the cost. In general, the brands that offer higher efficiency tend to also cost more. In addition, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.

Solar Financing Terms

Solar panels can save you money on energy bills over time, but they can also be a big investment. That’s why many New Market homeowners opt to finance their solar panel systems to make paying for solar more affordable.However, the interest on solar loans also adds to your total costs, so it’s important to include that in your estimate as well. You can always lower the total you pay in interest and possibly even your APR by putting more money down.

Solar Panel Installation Company

Lastly, the company you hire to install your solar panels can affect your pricing. New Market’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in New Market know more about local solar incentives and can help you take advantage of additional rebates or tax exemptions. Though, they may charge more for that service. Even if they cost more upfront, they could end up saving you 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 $4.19 $17,603 $10,424 15.7 years
8 kW $4.11 $23,019 $14,351 15.4 years
10 kW $4.03 $28,210 $18,503 15.1 years
12 kW $3.95 $33,175 $22,880 14.8 years
14 kW $3.87 $37,914 $27,483 14.5 years
16 kW $3.79 $42,428 $32,312 14.2 years
18 kW $3.71 $46,716 $37,367 13.9 years
20 kW $3.63 $50,778 $42,647 13.6 years

How to Save on Solar Panels

There are many solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you decide on the right company for you, here are some tips to keep in mind:

  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can look into your installer’s reputation is by reading reviews.
  • Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
  • Warranty: If you’re worried about the longevity of your solar energy system, making sure your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
  • Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be completed and how long it will take.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

Best Technology

Tesla Energy

★★★★★
3.2

  • 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

How much does it cost to install solar panels in New Market?

This is a difficult question to answer exactly, because the cost depends on many factors. Broadly speaking, it costs about $20,150 for a 5-kW system and $40,300 for a 10-kW system after the ITC is applied. It will cost more if you want additional solar equipment or higher quality panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.

Are solar panels free in New Market?

You can’t get solar panels for free in New Market. However, you may still be able to install them on a lower budget. You can lease solar panels for a low upfront cost or, if you’d rather own your solar panels, you can finance them with a solar loan.

Is it worth going solar in New Market?

Solar panels can be a beneficial investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already reasonably low, solar panels might not be for you.

How many solar panels do I need to power my home?

To figure out what solar panel system size you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can typically produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.

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.

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