Solar Panel Cost Guide in Oak Grove, MN (2024 Update)
- Oak Grove Solar Installation Cost: $20,251
- 25-Year Savings: $20,912
- Payback Period: 14.4 Years
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Average Cost of Solar Panels in Oak Grove
Find out what the average cost of solar panel installation is in Oak Grove.
In Oak Grove, solar panels cost about 4 per watt on average.The average solar panel system size in Oak Grove is around 7.2 kilowatts, meaning a cost of about $20,251 for a solar installation, or $28,959 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy needs, the type of solar system you choose, your solar contractor and more.But, once you've paid the upfront cost of installation, the savings for most homeowners is typically fruitful, with a net average savings of about $19,000 over 20 years on energy bills.
To see your potential savings and connect with a local solar company, click the button below.
Solar savings over time in Oak Grove
| Year | Return on Investment |
|---|---|
| 1 years | $-18,989 |
| 3 years | $-16,464 |
| 5 years | $-13,939 |
| 7 years | $-11,414 |
| 9 years | $-8,888 |
| 11 years | $-6,363 |
| 13 years | $-3,838 |
| 15 years | $-1,313 |
| 17 years | $1,212 |
| 19 years | $3,737 |
| 21 years | $6,262 |
| 23 years | $8,787 |
| 25 years | $11,312 |
Top Solar Installers in Oak Grove
Many homeowners opt for a solar panel installer since installing solar panels yourself can be a labor-intensive endeavor. Another advantage of utilizing a solar company is that they can help you make the most of your return of investment by reducing your future costs of repairs and replacements with the help of warranties and informing you of local incentives you can take advantage of.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
See all of the solar companies in Oak Grove
Factors that Affect Solar Panel Costs in Oak Grove
The cost of installing a solar system in Oak Grove can vary by more than $10,000 from home to home. Your actual cost depends 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
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 with greater efficiency or power production require better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $4,030.The kind of solar equipment you choose can bring your price up or down 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. However, higher efficiency could save you more over time on your energy bills. In addition, extra products, such as solar batteries, can bump up your total well above the Oak Grove average.
Solar Financing Terms
Solar panels can save you money on energy bills over many years, but they can also be a significant investment. That’s why many Oak Grove homeowners choose to finance their solar panel systems to make going solar more affordable.However, the interest on solar loans also increases your overall costs, so it’s crucial to take that into consideration as well. You can always bring down the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar company you pick will affect your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor.The company’s size sometimes plays the most significant role in your costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to more resources and better pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount 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 | $4.19 | $17,603 | $11,803 | 15.0 years |
| 8 kW | $4.11 | $23,019 | $16,189 | 14.7 years |
| 10 kW | $4.03 | $28,210 | $20,801 | 14.4 years |
| 12 kW | $3.95 | $33,175 | $25,638 | 14.1 years |
| 14 kW | $3.87 | $37,914 | $30,701 | 13.8 years |
| 16 kW | $3.79 | $42,428 | $35,989 | 13.5 years |
| 18 kW | $3.71 | $46,716 | $41,503 | 13.2 years |
| 20 kW | $3.63 | $50,778 | $47,243 | 13.0 years |
How to Save on Solar Panels
There are many companies to choose from in Oak Grove, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: The model of solar panel you’d like to get plays a part in which company you should go with, since different companies offer different panels.
- Warranty: A comprehensive, long-term warranty can help keep your solar system running for years to come and save you money on part replacement and repairs.
- Installation Process: When making the switch to solar power, it’s important to maintain an open line of communication with your solar installer. Confirm that you understand how the installation process works and the project timeline.
- Contract: When reading through your solar installer’s contract, ask questions about any terms you’re not sure of and make sure you understand what happens in scenarios like a system component breaking or the company going out of business.
EcoWatch's Oak Grove, MN Solar Cost FAQs
How much does it cost to install solar panels in Oak Grove?
The average cost of solar panels in Oak Grove 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 stuff like the model of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider apart from cost when buying solar panels?
The initial cost is a very important factor to consider, but whether it’s the most important for you depends on your goals for going solar. In cities where rooftop space is limited, efficiency can trump the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Can you sell solar power back to the grid in Oak Grove?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states allow you to sell power back to the grid, but others just offer you credit toward your future energy bills.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.