Solar Panel Cost Guide in Park Rapids, MN (2023 Update)
- Park Rapids Solar Installation Cost: $14,596
- 25-Year Savings: $17,346
- Payback Period: 11.4 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Park Rapids
We go over average solar pricing in Park Rapids.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Park Rapids, the average cost of a solar system is 2.84 per watt. The average Park Rapids homeowner needs a 7.3-kilowatt system, which would cost about $14,592 with the federal tax credit, or $20,867 before the 30% tax credit is applied.
The true cost of your system can be higher or lower than the average in Park Rapids based on a few factors, such as the model of solar panels you choose and the solar company you hire. For many homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $17,000 in savings on utility bills over 20 years.
To get a free quote from a vetted solar installation company in Park Rapids, you can click the button below.
Solar savings over time in Park Rapids
| Year | Return on Investment |
|---|---|
| 1 years | $-14,489 |
| 3 years | $-14,276 |
| 5 years | $-14,063 |
| 7 years | $-13,850 |
| 9 years | $-13,637 |
| 11 years | $-13,424 |
| 13 years | $-13,212 |
| 15 years | $-12,999 |
| 17 years | $-12,786 |
| 19 years | $-12,573 |
| 21 years | $-12,360 |
| 23 years | $-12,147 |
| 25 years | $-11,934 |
Top Solar Installers in Park Rapids
When going solar, many homeowners choose to go with a solar installation company since putting up solar panels yourself can be a time-consuming project. Also, if you'd like to maximize your investment in solar power, using a solar installer can help with that as well. Different providers can offer warranties, expertise on solar panel installation and sometimes even information on local incentives.
Working with a licensed solar company can help you make the most of your investment in solar. Here are our recommendations:
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 Park Rapids
Factors that Affect Solar Panel Costs in Park Rapids
The cost of installing a solar system in Park Rapids can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is the size of the system your home needs, and other factors include equipment choices, financing options and the solar installer you choose.
Solar Equipment
The size of the solar panel system you need to offset your energy usage, 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 $2,840. The brand and type of equipment you choose for your solar system can raise or lower the price quite significantly. If you prefer a trusted brand name like Tesla or SunPower, these are often more expensive 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 will be looking at a higher equipment cost, but this can typically lead to more savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are an affordable choice because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years. While solar loans make adopting solar energy more accessible for Park Rapids homeowners, they can also add to the total you pay for your system due to interest. If you make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar panel installer you pick will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor. 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 come at a higher cost. It's best to do some research and choose 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 | $13,698 | 11.9 years |
| 8 kW | $2.90 | $16,222 | $18,582 | 11.7 years |
| 10 kW | $2.84 | $19,880 | $23,625 | 11.4 years |
| 12 kW | $2.78 | $23,379 | $28,828 | 11.2 years |
| 14 kW | $2.73 | $26,719 | $34,189 | 11.0 years |
| 16 kW | $2.67 | $29,900 | $39,709 | 10.7 years |
| 18 kW | $2.61 | $32,921 | $45,388 | 10.5 years |
| 20 kW | $2.56 | $35,784 | $51,227 | 10.3 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation company you choose significantly impacts your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Reputation: Long-running companies likely have a solid reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Solar Panel Brands: Each solar panel brand and model has varying levels of quality, longevity and energy efficiency. They will come at different costs as well. The company you choose has an impact on which solar panel brands you have access to.
- Warranty: A quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: It's important to look over your solar installer's contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the cost.
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 Park Rapids, MN Solar Cost FAQs
What is the average cost of installing solar panels in Park Rapids?
This is a difficult question to answer precisely, because the cost depends on a few different factors. Generally 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 be more expensive if you want extra solar equipment or more efficient panels, or if you have higher-than-average energy consumption. Conversely, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Park Rapids?
Leasing solar panels can be an attractive choice, because it commonly comes with low or $0 upfront payments. The drawback 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 incentives and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Is it worth going solar in Park Rapids?
Solar panels can be a fruitful investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your energy bills are already reasonably low, solar panels might not be for you.
How long do solar panels last in Park Rapids?
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 the amount of energy they produce 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.