Solar Panel Cost Guide in North Mankato, MN (2024 Update)
- North Mankato Solar Installation Cost: $20,064
- 25-Year Savings: $21,222
- Payback Period: 14.2 Years
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Average Cost of Solar Panels in North Mankato
Find out what the average cost of installing solar panels is in North Mankato.
While the national average of solar panels is $2.66 per watt, solar panels in North Mankato typically cost around 4.To cover 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 $20,064, or $28,692 before the federal solar tax credit of 0 is applied.
These figures are only averages, and how much solar costs for you will differ based on your energy needs and what company you want to go with.Despite the high upfront cost, the average North Mankato homeowner can save about $19,000 on their electricity bills over 20 years, which is one of the positives of solar.
Click the button below to get connected to a highly rated solar installer in North Mankato for a personalized quote.
Solar savings over time in North Mankato
| Year | Return on Investment |
|---|---|
| 1 years | $-18,784 |
| 3 years | $-16,226 |
| 5 years | $-13,667 |
| 7 years | $-11,108 |
| 9 years | $-8,549 |
| 11 years | $-5,990 |
| 13 years | $-3,431 |
| 15 years | $-872 |
| 17 years | $1,687 |
| 19 years | $4,246 |
| 21 years | $6,805 |
| 23 years | $9,363 |
| 25 years | $11,922 |
Top Solar Installers in North Mankato
Although you can install solar panels yourself, it involves extra labor and expertise. That's one of the reasons most homeowners choose a solar panel installer. Another upside of working with a solar installer is that they can help you maximize your investment by bringing down your future costs of repairs and replacements because of warranties and giving you information on local incentives you can take advantage of.
Working with a licensed solar company can make going solar easier. Here are our recommendations:
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 $20,064, your actual cost may be higher or lower than that. There are several factors that can have a significant impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by nearly $4,030. The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get 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 in the long run on your electric bills. In addition, extra products, such as solar batteries, can bring your total well above the North Mankato average.
Solar Financing Terms
Many homeowners find the average cost of solar in North Mankato to be too steep, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans drastically decrease upfront costs in most cases, but they also result in paying more over time because of interest.Even though solar loans make adopting solar energy more accessible for North Mankato homeowners, they can also increase the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar installer you hire to handle your switch to renewable energy can play a part in your total costs. There are about 3 solar installation companies in North Mankato, and each can charge varying amounts for labor and equipment.Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and choose a company that offers the products, warranties and services you’re looking for and also is 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 | $12,228 | 14.8 years |
| 8 kW | $4.11 | $23,019 | $16,755 | 14.5 years |
| 10 kW | $4.03 | $28,210 | $21,508 | 14.2 years |
| 12 kW | $3.95 | $33,175 | $26,486 | 13.9 years |
| 14 kW | $3.87 | $37,914 | $31,691 | 13.6 years |
| 16 kW | $3.79 | $42,428 | $37,121 | 13.3 years |
| 18 kW | $3.71 | $46,716 | $42,776 | 13.1 years |
| 20 kW | $3.63 | $50,778 | $48,658 | 12.8 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be difficult, we have some tips to help you, such as:
- Installation Process: When making the switch to solar energy, it’s crucial to keep an open line of communication with your solar panel company. Confirm that you understand how the installation process will go and the completion timeline.
- Warranty: Many companies offer different kinds of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you go with.
- Contract: When reading over your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
EcoWatch's North Mankato, MN Solar Cost FAQs
What is the average cost of installing solar panels in North Mankato?
The average cost of solar panels in North Mankato is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the actual cost will depend on certain factors 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 North Mankato?
Leasing solar panels can be an option if you are unable 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 power bills after switching to solar?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in North Mankato, 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 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 average daily 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 get between 20 and 35 panels to cover 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.