Solar Panel Cost Guide in Otsego, MN (2024 Update)
- Otsego Solar Installation Cost: $20,102
- 25-Year Savings: $11,884
- Payback Period: 14.8 Years
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Average Cost of Solar Panels in Otsego
We go over average solar pricing in Otsego.
While the national average of solar panels is $2.66 per watt, solar panels in Otsego generally cost about 4.To account for the typical energy needs of the average home in Otsego, most homeowners require a 7.1-kilowatt system. Using the figure above, a solar installation costs about $20,102, or $28,746 before the federal solar tax credit of 0 is applied.
The true price you pay can go higher or lower than the average in Otsego depending on several factors, such as the brand of solar panels you choose and the solar contractor you hire.With average savings of about $18,000 on electricity bills over 20 years, many homeowners in Otsego find going solar has a decent ROI.
To receive a free estimate from a pre-vetted solar installation company in Otsego, you can click the button below.
Solar savings over time in Otsego
| Year | Return on Investment |
|---|---|
| 1 years | $-18,822 |
| 3 years | $-16,263 |
| 5 years | $-13,704 |
| 7 years | $-11,146 |
| 9 years | $-8,587 |
| 11 years | $-6,028 |
| 13 years | $-3,469 |
| 15 years | $-910 |
| 17 years | $1,649 |
| 19 years | $4,208 |
| 21 years | $6,767 |
| 23 years | $9,326 |
| 25 years | $11,884 |
Top Solar Installers in Otsego
Installing solar panels on your own can be a difficult undertaking, which is why getting a solar installer is a good option for many homeowners. The expertise that solar companies provide can be useful as well, especially if you aren’t sure what brand of solar equipment you need.
You can get a free quote from a local solar installer on the cost of solar panels for your home. Here are some in Otsego:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Otsego
Factors that Affect Solar Panel Costs in Otsego
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that affect your total cost in Otsego: 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 cost of solar panel systems varies by thousands of dollars due to a variety of factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power generation use better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up by about $4,030.There are a lot of different solar panel brands and the one you choose also affects the cost. Usually, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you’re looking to get can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be challenging. Solar loans are available from most installers in Otsego, which can reduce, or in some cases totally eliminate, your upfront costs to make solar more affordable.When figuring out your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.
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 Otsego is the company you hire to install your solar panel system. Similar to choosing a company to install new cabinets, for instance, there are plenty of solar installers that offer a range of services at different price points.You may come across national solar installers that have lower prices due to their larger brand name and access to bulk pricing, or you might see small, local installation companies offering deals or specials 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 | $4.19 | $17,603 | $11,070 | 15.3 years |
| 8 kW | $4.11 | $23,019 | $15,211 | 15.1 years |
| 10 kW | $4.03 | $28,210 | $19,578 | 14.8 years |
| 12 kW | $3.95 | $33,175 | $24,171 | 14.5 years |
| 14 kW | $3.87 | $37,914 | $28,990 | 14.2 years |
| 16 kW | $3.79 | $42,428 | $34,034 | 13.9 years |
| 18 kW | $3.71 | $46,716 | $39,303 | 13.6 years |
| 20 kW | $3.63 | $50,778 | $44,799 | 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 select the right company for you, here are some tips to keep in mind:
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different price points as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Although reading through a contract can be tedious, it’s important to do it thoroughly so you can make sure you understand how much the equipment and services will cost and how part repairs and replacements will be handled.
- Reputation: Solar system installers that have great reviews from their customers and that have been operating for many years most likely offer high-quality solar panel installation and expertise.
- Warranty: Warranties that cover replacement parts and repairs over a couple decades are the gold standard in the business, and offering that kind of warranty is one mark of a good company.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 Otsego, MN Solar Cost FAQs
What is the average cost of installing solar panels in Otsego?
The average cost of solar panels in Otsego 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 things such as the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Otsego?
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 financial benefits from going solar.
How will installing solar panels impact how much my home is worth?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Otsego is currently $402,196, so you could be looking at a value of about $16,490 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Otsego is a fruitful investment.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage 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 install between 20 and 35 panels to account for 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.