Solar Panel Cost Guide in Norwood Young America, MN (2023 Update)
- Norwood Young America Solar Installation Cost: $14,165
- 25-Year Savings: $19,647
- Payback Period: 10.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Norwood Young America
Find out what the average cost of installing solar panels is in Norwood Young America.
Although the national average of solar panels is $2.66 per watt, solar panels in Norwood Young America typically cost about 2.84. Since a 7.1-kW system is needed to cover the energy consumption of a typical home in Norwood Young America, the average price of going solar will be about $14,174 after claiming the federal solar tax credit of 30%.
Keep in mind that the figures above are only estimates based on the average Norwood Young America homeowner. The price of a solar system for your home may be different depending on factors unique to you, like your household energy use and solar contractor. For many homeowners, the upfront cost of solar power is worth paying. On average homeowners in Norwood Young America see about $18,000 in savings on energy bills over 20 years.
For a personalized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Norwood Young America
| Year | Return on Investment |
|---|---|
| 1 years | $-14,052 |
| 3 years | $-13,827 |
| 5 years | $-13,601 |
| 7 years | $-13,376 |
| 9 years | $-13,150 |
| 11 years | $-12,925 |
| 13 years | $-12,700 |
| 15 years | $-12,474 |
| 17 years | $-12,249 |
| 19 years | $-12,023 |
| 21 years | $-11,798 |
| 23 years | $-11,573 |
| 25 years | $-11,347 |
Top Solar Installers in Norwood Young America
Installing solar panels yourself can be a time-consuming project, which is why using a solar installer is a good option for many homeowners. Also, companies with a good reputation that cost more upfront could actually save you money in the long term because of their warranties, repair services and expert design.
You can get a free estimate from a local solar installer 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 Norwood Young America
Factors that Affect Solar Panel Costs in Norwood Young America
The cost of installing a solar system in Norwood Young America can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The largest one is your system size, and other factors include equipment choices, financing options and the solar installer you choose.
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 electricity your household consumes, the larger your system will likely need to be. You can expect to pay about $2,840 per kilowatt in Norwood Young America. The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. However, higher efficiency could save you more in the long run on your energy bills. Additionally, add-on products, such as solar batteries, can bump up your total well above the Norwood Young America average.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a big investment. That's why many Norwood Young America homeowners opt to finance their solar panel systems to make going solar more affordable. When figuring out your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
Lastly, the company you choose to install your solar panel system can impact how much you pay. Norwood Young America's solar companies all have different labor costs and add varying upcharges to equipment. Companies that only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and find 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 | $2.95 | $12,405 | $16,067 | 10.9 years |
| 8 kW | $2.90 | $16,222 | $21,741 | 10.7 years |
| 10 kW | $2.84 | $19,880 | $27,574 | 10.5 years |
| 12 kW | $2.78 | $23,379 | $33,566 | 10.3 years |
| 14 kW | $2.73 | $26,719 | $39,717 | 10.1 years |
| 16 kW | $2.67 | $29,900 | $46,027 | 9.8 years |
| 18 kW | $2.61 | $32,921 | $52,496 | 9.6 years |
| 20 kW | $2.56 | $35,784 | $59,124 | 9.4 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years in most cases offer good-quality solar panel installation and expertise.
- Contract: It's important to look over your solar installer's contract carefully to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the project completion timeline.
- Solar Panel Brands: Each solar panel brand and type offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
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 Norwood Young America, MN Solar Cost FAQs
How much does it cost to install solar panels in Norwood Young America?
The average cost of solar panels in Norwood Young America is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the actual cost will depend on things like the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to consider when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Norwood Young America?
Solar panels can be a beneficial investment for most homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.