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

See cost of a solar system near you:

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in New Ulm

Find out what the average cost of a solar system is in New Ulm.

The average cost of solar panels in New Ulm is $3 per watt. The average New Ulm homeowner needs a 7.1-kilowatt system, which would cost about $14,095, or $10,430 after the federal solar tax credit of 30% is applied.

Remember that the numbers above are only averages. The price you'll end up paying for solar will differ based on your household energy needs, the type of solar panels you want, your solar contractor and more. With typical savings of about $18,000 on energy bills over 20 years, many homeowners in New Ulm find installing solar panels can pay off big.

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

Solar savings over time in New Ulm

Year Return on Investment
1 years $-12,719
3 years $-9,966
5 years $-7,214
7 years $-4,461
9 years $-1,708
11 years $1,044
13 years $3,797
15 years $6,549
17 years $9,302
19 years $12,054
21 years $14,807
23 years $17,559
25 years $20,312

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:

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 Technology

Tesla Energy

★★★★★
4.5

  • 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

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

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.

Solar Equipment

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.

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 Technology

Tesla Energy

★★★★★
4.5

  • 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

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

EcoWatch's New Ulm, MN Solar Cost FAQs

What is the average cost of installing solar panels in New Ulm?

The average cost of solar panels in New Ulm is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the real cost will depend on things like the kind of solar panels you want, what size system you need and how much energy you use.

Is it better to lease or buy solar panels in New Ulm?

Leasing solar panels can be an appealing choice, because it commonly comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.

How will installing solar panels impact the value of my home?

Solar panels can increase your property's value remarkably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."

How many solar panels should I get to power my home?

The exact number of solar panels you need depends on your household energy needs and the amount of sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to account for their typical energy usage.

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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