Solar Panel Cost Guide in New Prague, MN (2024 Update)
- New Prague Solar Installation Cost: $20,167
- 25-Year Savings: $19,186
- Payback Period: 15.1 Years
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Average Cost of Solar Panels in New Prague
See how much it might cost to make the switch to solar in New Prague.
While the national average of solar panels is $2.66 per watt, solar panels in New Prague generally cost around 4.The average solar panel system size in New Prague is around 7.1 kilowatts, meaning a cost of about $20,167 for a solar installation, or $28,839 before the 0 federal solar tax credit is applied.
How much you pay can go higher or lower than the average in New Prague based on a variety of factors, such as the brand of solar panels you choose and the solar installer you hire.Despite the significant initial cost, the average New Prague homeowner can save around $18,000 on their power bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a top solar company in New Prague for a personalized quote.
Solar savings over time in New Prague
| Year | Return on Investment |
|---|---|
| 1 years | $-18,887 |
| 3 years | $-16,328 |
| 5 years | $-13,769 |
| 7 years | $-11,211 |
| 9 years | $-8,652 |
| 11 years | $-6,093 |
| 13 years | $-3,534 |
| 15 years | $-975 |
| 17 years | $1,584 |
| 19 years | $4,143 |
| 21 years | $6,702 |
| 23 years | $9,261 |
| 25 years | $11,820 |
Top Solar Installers in New Prague
Installing solar panels by yourself can be a time-consuming task, which is why hiring a solar installer is a good option for many homeowners. Solar installers offer key benefits that can help you maximize your investment, like warranties, monitoring and free repairs.
There are several licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 many criteria that can influence your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
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 that have higher efficiency or power generation need 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 $4,030.The type of solar panels and equipment you choose is another factor that will considerably affect costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Moreover, solar equipment consists of 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 searching for a solar system that falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are a popular choice because they cut back your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years.It’s a good idea to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
The solar panel installation company you choose will affect your total cost to go solar. Different companies will charge different amounts for the equipment and labor.Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It’s best to do some research and decide on the company that offers the products, warranties and services you want and also fits within your budget.
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 | $10,427 | 15.7 years |
| 8 kW | $4.11 | $23,019 | $14,355 | 15.4 years |
| 10 kW | $4.03 | $28,210 | $18,507 | 15.1 years |
| 12 kW | $3.95 | $33,175 | $22,886 | 14.8 years |
| 14 kW | $3.87 | $37,914 | $27,490 | 14.5 years |
| 16 kW | $3.79 | $42,428 | $32,320 | 14.2 years |
| 18 kW | $3.71 | $46,716 | $37,376 | 13.9 years |
| 20 kW | $3.63 | $50,778 | $42,657 | 13.6 years |
How to Save on Solar Panels
The company that does your solar panel installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because choosing a company can be difficult, we have some tips to help you, such as:
- Warranty: If you’re worried about the endurance of your solar system, verifying that your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: Get detailed information from your solar company about the installation process and what to expect, such as when the site survey will be done and how long it will take.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Before you sign a contract with a solar company, be sure to read it through completely so you understand the terms. Also, ask questions if you’re not sure about some of the terms, such as what the warranty covers and what services you can expect from them.
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 difficult question to answer precisely, because the cost depends on a few different factors. Generally 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 extra solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in New Prague?
Leasing solar panels can be an option if you can’t afford to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of 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 bang for your buck from going solar.
How much can I save on electricity bills after installing solar panels?
It is possible to eradicate your electricity bills with solar panels, but for most homeowners in New Prague, that will require at least a 10-kW system. Not all homes can accommodate that size system, so you’ll want to check with a local solar installer to see how many panels can fit on your roof.
How long do solar panels last in New Prague?
On average, solar panels can last 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.