Solar Panel Cost Guide in Orono, MN (2023 Update)
- Orono Solar Installation Cost: $14,317
- 25-Year Savings: $18,964
- Payback Period: 10.8 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Orono
Find out how much it might cost to install solar panels in Orono.
In Orono, solar panels cost about 2.84 per watt on average. The average Orono homeowner needs a 7.2-kilowatt system, which would cost about $14,314 with the federal tax credit, or $20,469 before the 30% tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of going solar can vary quite a bit depending on a few factors, such as what size system you need, your energy consumption and what company you go with. Many homeowners find going solar is a fruitful investment. The average homeowner in Orono can save about $18,000 on their energy bills over 20 years.
You can click the button below to get connected with a top solar company in Orono for a quote for your home.
Solar savings over time in Orono
| Year | Return on Investment |
|---|---|
| 1 years | $-13,057 |
| 3 years | $-10,536 |
| 5 years | $-8,016 |
| 7 years | $-5,495 |
| 9 years | $-2,974 |
| 11 years | $-454 |
| 13 years | $2,067 |
| 15 years | $4,588 |
| 17 years | $7,108 |
| 19 years | $9,629 |
| 21 years | $12,150 |
| 23 years | $14,670 |
| 25 years | $17,191 |
Top Solar Installers in Orono
Many homeowners opt for a solar installation company since figuring out how to install solar panels by yourself can be a lot of work. A solar installer can also help save you money over time by offering warranties, repairs and component replacements.
There are several licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Orono
Factors that Affect Solar Panel Costs in Orono
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that affect your total cost in Orono: 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 energy system you need for your home, 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 nearly $2,840. The brand and kind of equipment you get for your solar system can raise or lower the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Also, if you want extra equipment like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a big investment. That's why many Orono homeowners decide to finance their solar panel systems to offset upfront costs. Although solar loans make going solar more accessible for Orono homeowners, they can also add to 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
A final factor to keep in mind when trying to figure out the cost of solar for your home or business in Orono is the company you hire to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, there are plenty of solar installers that offer a range of services for different budgets. You may see national solar installers that have lower prices because of their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $15,322 | 11.2 years |
| 8 kW | $2.90 | $16,222 | $20,748 | 11.0 years |
| 10 kW | $2.84 | $19,880 | $26,332 | 10.8 years |
| 12 kW | $2.78 | $23,379 | $32,076 | 10.5 years |
| 14 kW | $2.73 | $26,719 | $37,979 | 10.3 years |
| 16 kW | $2.67 | $29,900 | $44,040 | 10.1 years |
| 18 kW | $2.61 | $32,921 | $50,261 | 9.9 years |
| 20 kW | $2.56 | $35,784 | $56,641 | 9.7 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. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Contract: Although reading through a contract can take a lot of time, it's important to do it fully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Solar Panel Brands: Different companies have different brands and types of panels. If you know you want a specific brand, make sure the solar installer you're considering has it.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to do the job well. Another way you can research your installer's reputation is by reading reviews.
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 Orono, MN Solar Cost FAQs
What is the average cost of installing solar panels in Orono?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly 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 cost more if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the other hand, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Orono?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The downside is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
Do solar panels increase how much your home is worth?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Orono is currently $485,902, so you can look forward to a value of about $19,922 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Orono is a worthwhile investment.
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you should find out how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average household 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.