Solar Panel Cost Guide in New Prague, MN (2023 Update)
- New Prague Solar Installation Cost: $14,212
- 25-Year Savings: $19,186
- Payback Period: 10.6 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in New Prague
Here's how much it might cost to switch to solar power in New Prague.
Although the national average of solar panels is $2.66 per watt, solar panels in New Prague generally cost about 2.84. Using this figure, a typical 7.2-kW system would cost about $14,214 before the 30% federal solar tax credit is applied.
These figures are only estimates, and your own solar costs will most likely differ based on your specific situation and what company you want to go with. For many homeowners, the upfront investment in solar panels is worth paying. On average homeowners in New Prague see about $18,000 in savings on utility bills over 20 years.
To receive a free estimate from a top solar installation company in New Prague, you can click the button below.
Solar savings over time in New Prague
| Year | Return on Investment |
|---|---|
| 1 years | $-12,932 |
| 3 years | $-10,373 |
| 5 years | $-7,814 |
| 7 years | $-5,256 |
| 9 years | $-2,697 |
| 11 years | $-138 |
| 13 years | $2,421 |
| 15 years | $4,980 |
| 17 years | $7,539 |
| 19 years | $10,098 |
| 21 years | $12,657 |
| 23 years | $15,216 |
| 25 years | $17,774 |
Top Solar Installers in New Prague
Installing solar panels yourself can be a challenging project, which is why getting a solar installer is a good option for many homeowners. A solar company can also help save you money in the long run by providing warranties, repairs and component replacements.
You can get a free quote from a local solar installer on how much your investment in solar could cost for your home. Here are some nearby:
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 Prague
Factors that Affect Solar Panel Costs in New Prague
There are several 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 does the installation.
Solar Equipment
The size of the solar system you need for your home, 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 about $2,840. The brand of solar panels and equipment you get is another factor that will greatly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Further, solar equipment is more than just the solar panels themselves. You'll also need to think 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 New Prague to be prohibitively expensive, even if the investment pays off over time. Thankfully, almost every solar company in the area provides financing options. Solar loans greatly decrease upfront costs in most cases, but they also lead to a higher cost over time because of interest. When trying to figure out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you get to install your solar panels can affect the cost. New Prague's solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in New Prague know more about local solar incentives and can help you learn about 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 | $15,625 | 11.1 years |
| 8 kW | $2.90 | $16,222 | $21,152 | 10.9 years |
| 10 kW | $2.84 | $19,880 | $26,837 | 10.6 years |
| 12 kW | $2.78 | $23,379 | $32,682 | 10.4 years |
| 14 kW | $2.73 | $26,719 | $38,686 | 10.2 years |
| 16 kW | $2.67 | $29,900 | $44,848 | 10.0 years |
| 18 kW | $2.61 | $32,921 | $51,170 | 9.8 years |
| 20 kW | $2.56 | $35,784 | $57,651 | 9.6 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Contract: It's important to read through your solar installer's contract closely to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Installation Process: Homeowners should understand how exactly the installation process will be carried out, as well as important factors like the completion timeline.
- Solar Panel Brands: The type of solar panel you want to install plays a part in which installer you should opt for, since different companies provide different panels.
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 Prague, MN Solar Cost FAQs
How much does it cost to install solar panels in New Prague?
This is a hard question to answer precisely, because the cost depends on a few different factors. Broadly 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 additional solar equipment or more efficient panels, or if you have higher-than-average energy usage. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
The upfront 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 areas where rooftop space is limited, efficiency can trump the cost. Other factors that are important to take into account are the quality and durability of your solar panels.
Is switching to solar power worth it?
Solar panels can be a fruitful 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 pretty low, solar panels might not be for you.
How long do solar panels last in New Prague?
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 how much energy they produce will have decreased significantly after that point. You can replace them after having 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.