Solar Panel Cost Guide in New Ulm, MN (Jan 2023)
- New Ulm Solar Installation Cost: $14,095
- 25-Year Savings: $20,312
- Payback Period: 10.2 Years
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Top Solar Installers in New Ulm
When switching to solar energy, many homeowners prefer to use a solar company since installing a solar system yourself can be a time-consuming project. Another benefit of utilizing a solar installer is that they can help you maximize your investment by lowering your future costs of repairs and replacements due to warranties and giving you information on local incentives you can take advantage of.
If you'd like to go solar but still aren't sure which solar panel installer to go with, here are our recommendations for providers nearby:
See all of the solar companies in New Ulm
Factors that Affect Solar Panel Costs in New Ulm
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few key factors that will push your cost above or below the average in New Ulm: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
One of the most significant factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more energy your household uses, the larger your system will likely need to be. You can expect to spend around $2,840 per kilowatt in New Ulm. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more over time on your power bills. Additionally, extra products, such as solar batteries, can bring your total well above the New Ulm average.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are available from most installers in New Ulm, which can lower, or in some cases 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 securing a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
Finally, the company you opt for to install your solar system can impact the cost. New Ulm's solar companies all have different labor costs and add varying upcharges to equipment. The size of the company sometimes plays the most significant role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower prices because of 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 lower 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||$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
There are a lot of companies to choose from in New Ulm, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you choose.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Read the contract terms closely to make sure you understand how much it will cost, project completion timeline incentives and warranties.
- Reputation: Long-standing companies likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
EcoWatch's New Ulm, MN Solar Cost FAQs
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.