Solar Panel Cost Guide in Park Rapids, MN (2024 Update)
- Park Rapids Solar Installation Cost: $20,711
- 25-Year Savings: $17,346
- Payback Period: 16.2 Years
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Average Cost of Solar Panels in Park Rapids
Let’s have a look at the average cost of solar in Park Rapids.
In Park Rapids, solar panels cost about 4 per watt on average.The average Park Rapids homeowner needs a 7.3-kilowatt system, which would cost about $20,711 with the federal tax credit, or $29,617 before the 0 tax credit is applied.
These figures are only estimates, and the cost of going solar for you will vary based on factors unique to your home and what company you go with.For many homeowners, the upfront investment in solar is worth paying. On average you could be looking at about $17,000 in savings on utility bills over 20 years.
To receive a free quote from a top solar company in Park Rapids, you can click the button below.
Solar savings over time in Park Rapids
| Year | Return on Investment |
|---|---|
| 1 years | $-19,670 |
| 3 years | $-17,587 |
| 5 years | $-15,504 |
| 7 years | $-13,421 |
| 9 years | $-11,339 |
| 11 years | $-9,256 |
| 13 years | $-7,173 |
| 15 years | $-5,090 |
| 17 years | $-3,007 |
| 19 years | $-924 |
| 21 years | $1,159 |
| 23 years | $3,242 |
| 25 years | $5,324 |
Top Solar Installers in Park Rapids
Although it's possible to install solar panels by yourself, it involves extra effort and knowledge. That's one of the reasons the majority of homeowners choose a solar panel installer. Another great thing about going with a reputable solar installer is that it'll likely provide warranties and free repairs, which help protect your investment.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some in Park Rapids:
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 Park Rapids
Factors that Affect Solar Panel Costs in Park Rapids
There are a number of criteria that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the key 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 raise costs. For each additional kilowatt you need, your cost can go up by about $4,030.The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. However, more efficient panels could save you more in the long run on your power bills. In addition, extra products, such as solar batteries, can bring your total well above the Park Rapids average.
Solar Financing Terms
Most solar companies in Park Rapids offer solar loans, which reduce the initial cost of installing a solar system.When considering your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more upfront can lower the total interest paid over time.
Solar Panel Installation Company
The solar company you choose will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor.The size of the company sometimes plays the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more resources and bulk 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 promotion can bring their pricing down to compete with bigger 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 | $8,500 | 16.9 years |
| 8 kW | $4.11 | $23,019 | $11,785 | 16.5 years |
| 10 kW | $4.03 | $28,210 | $15,295 | 16.2 years |
| 12 kW | $3.95 | $33,175 | $19,031 | 15.9 years |
| 14 kW | $3.87 | $37,914 | $22,993 | 15.6 years |
| 16 kW | $3.79 | $42,428 | $27,181 | 15.2 years |
| 18 kW | $3.71 | $46,716 | $31,594 | 14.9 years |
| 20 kW | $3.63 | $50,778 | $36,233 | 14.6 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Even though there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to ask for their list of options before deciding.
- Reputation: Long-standing companies likely have a high 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 service, such as part repairs and replacements.
- Installation Process: Make sure you’re on the same page with the company with regard to how the installation process will go and what you need to do before your solar panel system is installed, such as updating or replacing your electrical system or roof.
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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 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 $20,150 for a 5-kW system and $40,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Park Rapids?
Leasing solar panels can be an option if you are unable to 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 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 savings from going solar.
Does Park Rapids have a net metering program?
Most states have net metering programs of some kind. Through these, you can be compensated for the extra power your system produces or or receive credits to put toward future electricity 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?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.