Solar Panel Cost Guide in North Mankato, MN (Mar 2023)
- North Mankato Solar Installation Cost: $14,135
- 25-Year Savings: $21,227
- Payback Period: 10.0 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in North Mankato
Find out how much it might cost to make the switch to solar in North Mankato.
Currently, the national average cost of solar panels is $2.66 per watt. However, in North Mankato, the average cost of a solar system is 2.84 per watt. To account for the typical energy usage of the average home in North Mankato, most homeowners require a 7.1-kilowatt system. Using the figure above, a solar installation costs around $14,135, or $20,213 before the federal solar tax credit of 30% is applied.
These figures are only estimates, and your own solar costs will differ based on factors unique to your home and what company you go with. But, once you've paid the initial cost of installation, the payback for most homeowners is usually good, with a net average savings of about $19,000 over 20 years on power bills.
You can click the button below to get connected with a vetted solar company in North Mankato for a quote for your home.
Solar savings over time in North Mankato
| Year | Return on Investment |
|---|---|
| 1 years | $-12,720 |
| 3 years | $-9,891 |
| 5 years | $-7,062 |
| 7 years | $-4,234 |
| 9 years | $-1,405 |
| 11 years | $1,424 |
| 13 years | $4,253 |
| 15 years | $7,082 |
| 17 years | $9,911 |
| 19 years | $12,740 |
| 21 years | $15,569 |
| 23 years | $18,398 |
| 25 years | $21,227 |
Top Solar Installers in North Mankato
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Going with a solar company can make switching to solar power much easier. Also, companies with a high reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
You can work with a local solar installer to get a free quote on how much your investment in solar could cost for your home. Here are some nearby:
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
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
See all of the solar companies in North Mankato
Factors that Affect Solar Panel Costs in North Mankato
Even though the average cost of a solar system in North Mankato is $14,135, your actual cost may be above or below the average. There are several factors that can have a major impact on the cost of a solar system installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems that have greater efficiency or power production need better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $2,840. The model of solar panels and equipment you get is another factor that will largely affect costs. Solar panels that have higher efficiency, 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 looking into a solar system that's in your budget.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a big investment. That's why many North Mankato homeowners opt to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also adds to your overall costs, so it's crucial to take that into consideration as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The last significant cost factor you should keep in mind is the installer you choose. Given the growing popularity of sustainable energy solutions in North Mankato, you'll have many options to choose from, but each comes at various price points for labor and equipment. The company's size can sometimes play the most considerable role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to greater 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 | $17,426 | 10.4 years |
| 8 kW | $2.90 | $16,222 | $23,552 | 10.2 years |
| 10 kW | $2.84 | $19,880 | $29,838 | 10.0 years |
| 12 kW | $2.78 | $23,379 | $36,283 | 9.8 years |
| 14 kW | $2.73 | $26,719 | $42,886 | 9.6 years |
| 16 kW | $2.67 | $29,900 | $49,649 | 9.4 years |
| 18 kW | $2.61 | $32,921 | $56,571 | 9.2 years |
| 20 kW | $2.56 | $35,784 | $63,652 | 9.0 years |
How to Save on Solar Panels
There are numerous companies available in North Mankato, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be tough, so here are some tips to help you decide:
- Reputation: Solar panel companies that have great reviews from their customers and that have been operating for many years in most cases provide high-quality solar panel installation and expertise.
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- Solar Panel Brands: Different companies have various brands and models of panels. If you want a specific brand, make sure the solar panel company you're considering has it.
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
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
EcoWatch's North Mankato, MN Solar Cost FAQs
What is the average cost of installing solar panels in North Mankato?
This is a difficult question to answer exactly, because the cost depends on a few different 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 more efficient panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is cost the most important thing to consider when buying solar panels?
Cost is certainly one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Can you sell solar power back to the grid in North Mankato?
The majority of states have net metering programs of some kind. Through these, you can be compensated for the extra power your system produces or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in North Mankato?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide to replace them once you've had them for that long or you can continue to use 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.