Solar Panel Cost Guide in New Ulm, MN (2023 Update)
- New Ulm Solar Installation Cost: $14,104
- 25-Year Savings: $20,303
- Payback Period: 10.2 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in New Ulm
Let's take a look at the average cost of solar in New Ulm.
Currently, the national average cost of solar panels is $2.66 per watt. However, in New Ulm, the typical cost of a solar system is 2.84 per watt. To account for the typical energy needs of the average home in New Ulm, most homeowners require a 7.1-kilowatt system. Using the per-watt figure above, a solar installation costs around $14,095, or $20,156 before the federal solar tax credit of 30% is applied.
The true cost of your system can go higher or lower than the average in New Ulm based on a few factors, such as the brand of solar panels you choose and the solar installer you hire. With average savings of about $18,000 on electricity bills over 20 years, many homeowners in New Ulm find installing solar panels has a decent ROI.
For a customized quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in New Ulm
| Year | Return on Investment |
|---|---|
| 1 years | $-12,825 |
| 3 years | $-10,266 |
| 5 years | $-7,707 |
| 7 years | $-5,148 |
| 9 years | $-2,589 |
| 11 years | $-30 |
| 13 years | $2,529 |
| 15 years | $5,088 |
| 17 years | $7,647 |
| 19 years | $10,206 |
| 21 years | $12,764 |
| 23 years | $15,323 |
| 25 years | $17,882 |
Top Solar Installers in New Ulm
When making the switch to solar, many homeowners choose to go with a solar installer since overseeing your solar installation yourself can be a difficult project. Some solar installers, especially local ones, can help you better understand incentives in New Ulm, thereby optimizing your ROI.
You can work with a local solar installer to get a free quote on how much solar panels could cost for your home. Here are some near you:
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 Ulm
Factors that Affect Solar Panel Costs in New Ulm
While the average cost of a solar system in New Ulm is $14,095, your final cost may differ. There are many factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better 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 $2,840. The brand and type of equipment you want for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Most solar companies in New Ulm offer solar loans, which reduce your upfront costs of installing a solar system. When estimating your overall cost, you should also calculate the interest you'll pay if you choose to go with a solar loan. Also, paying more on your down payment can reduce the total interest paid over time.
Solar Panel Installation Company
The remaining key cost factor you should consider is the installer you choose. Given the booming popularity of renewable energy solutions in New Ulm, you'll have a great number of options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in New Ulm know more about local solar incentives and can help you learn about additional rebates or tax exemptions. However, 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 | $2.95 | $12,405 | $16,693 | 10.7 years |
| 8 kW | $2.90 | $16,222 | $22,575 | 10.5 years |
| 10 kW | $2.84 | $19,880 | $28,617 | 10.2 years |
| 12 kW | $2.78 | $23,379 | $34,817 | 10.0 years |
| 14 kW | $2.73 | $26,719 | $41,177 | 9.8 years |
| 16 kW | $2.67 | $29,900 | $47,696 | 9.6 years |
| 18 kW | $2.61 | $32,921 | $54,373 | 9.4 years |
| 20 kW | $2.56 | $35,784 | $61,210 | 9.2 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose has an impact on your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: A comprehensive, long-term warranty can help keep your solar panel system running smoothly and save you money on repairs and maintenance.
- 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 positive reviews from previous customers.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Even though there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you peruse their list of options before deciding.
- Contract: 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 the terms of the warranty.
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 Ulm, MN Solar Cost FAQs
How much does it cost to install solar panels in New Ulm?
This is a hard question to answer exactly, because the cost depends on many 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 go with a smaller solar panel system or less expensive solar panels.
What other factors should I consider aside from cost when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is switching to solar power worth it?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and the amount of direct sunlight your roof gets.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you need to know how much energy your home uses 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.