Solar Panel Cost Guide in Nowthen, MN (2024 Update)
- Nowthen Solar Installation Cost: $20,251
- 25-Year Savings: $20,062
- Payback Period: 14.7 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Nowthen
We go over average solar pricing in Nowthen.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Nowthen, the typical cost of solar panels is 4 per watt.Using this figure, a typical 7.2-kW system would cost about $20,251 before the 0 federal solar tax credit is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The actual cost of making the switch to solar can vary based on several factors, such as what size system you need, your energy consumption and what installation company you go with.But, after you've paid the upfront cost of installation, the savings for most homeowners is quite fruitful, with a net average savings of about $18,000 over 20 years on energy bills.
You can click the button below to get connected with a pre-vetted solar installer in Nowthen for a quote for your home.
Solar savings over time in Nowthen
| Year | Return on Investment |
|---|---|
| 1 years | $-18,983 |
| 3 years | $-16,447 |
| 5 years | $-13,910 |
| 7 years | $-11,374 |
| 9 years | $-8,838 |
| 11 years | $-6,301 |
| 13 years | $-3,765 |
| 15 years | $-1,229 |
| 17 years | $1,308 |
| 19 years | $3,844 |
| 21 years | $6,380 |
| 23 years | $8,917 |
| 25 years | $11,453 |
Top Solar Installers in Nowthen
Installing solar panels by yourself can be a stressful project, which is why getting a solar installer is a good option for many homeowners. Another perk of going with a solar company is that they can help you maximize your investment by cutting back on future costs of repairs and replacements with the help of warranties and giving you information on local incentives you can take advantage of.
There are several licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
See all of the solar companies in Nowthen
Factors that Affect Solar Panel Costs in Nowthen
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that determine your overall cost in Nowthen: solar equipment and system size, financing options and the solar installation company you choose. We’ll cover each of these briefly below.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, your total will most likely increase by around $4,030. The kind of solar panels and equipment you choose is another factor that will substantially influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to make decisions 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 falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are a solid route because they cut back your upfront costs and allow you to pay for your system over five to seven years on average.Though solar loans make going solar more accessible for Nowthen 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 put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
Finally, the company you get to install your solar system can affect how much you pay. Nowthen’s solar companies all have different labor costs and add varying upcharges to equipment. The company’s size can sometimes play the most considerable role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices because of 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 down 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 | $4.19 | $17,603 | $11,092 | 15.3 years |
| 8 kW | $4.11 | $23,019 | $15,241 | 15.0 years |
| 10 kW | $4.03 | $28,210 | $19,615 | 14.7 years |
| 12 kW | $3.95 | $33,175 | $24,216 | 14.5 years |
| 14 kW | $3.87 | $37,914 | $29,041 | 14.2 years |
| 16 kW | $3.79 | $42,428 | $34,093 | 13.9 years |
| 18 kW | $3.71 | $46,716 | $39,370 | 13.6 years |
| 20 kW | $3.63 | $50,778 | $44,873 | 13.3 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you pick the right company for you, here are some tips to keep in mind:
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to do the job well. Another way you can look into your installer’s reputation is by reading reviews.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you choose.
- Warranty: If you’re concerned about the longevity of your solar panel system, making sure your company offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Contract: Though reading through a contract can take a lot of time, it’s important to do it fully so you can be sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
EcoWatch's Nowthen, MN Solar Cost FAQs
How much does it cost to install solar panels in Nowthen?
The average cost of solar panels in Nowthen is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the real cost will depend on certain factors such as the type of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Nowthen?
Leasing solar panels can be an option if you can’t pay upfront or get a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your property 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 savings from going solar.
Does Nowthen have a net metering program?
Most states offer net metering programs of some kind. Through these, you can get paid for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
How often do you have to replace solar panels?
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 their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can keep using 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.