Solar Panel Cost Guide in Pine Island, MN (2023 Update)
- Pine Island Solar Installation Cost: $14,333
- 25-Year Savings: $21,834
- Payback Period: 9.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Pine Island
Find out what the average cost of solar panels are in Pine Island.
Although the national average of solar panels is $2.66 per watt, solar panels in Pine Island generally cost about 2.84. Using this figure, a typical 7.2-kW system would cost about $14,333 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of solar panels. The actual cost of making the switch to solar can vary based on several factors, such as how many panels you need, your energy usage and what solar installer you go with. Many homeowners find installing solar panels is a sound investment. The average homeowner in Pine Island can save around $19,000 on their electricity bills over 20 years.
To receive a free quote from a highly rated solar company in Pine Island, you can click the button below.
Solar savings over time in Pine Island
| Year | Return on Investment |
|---|---|
| 1 years | $-12,887 |
| 3 years | $-9,993 |
| 5 years | $-7,100 |
| 7 years | $-4,207 |
| 9 years | $-1,313 |
| 11 years | $1,580 |
| 13 years | $4,473 |
| 15 years | $7,367 |
| 17 years | $10,260 |
| 19 years | $13,153 |
| 21 years | $16,047 |
| 23 years | $18,940 |
| 25 years | $21,834 |
Top Solar Installers in Pine Island
Many homeowners opt for a solar panel company since figuring out how to install solar panels on your own can be hard. Companies can also provide access to various kinds of the best solar panels and help you choose which one will be right for your home.
You can get a free estimate from a local solar installer on the cost of solar panels for your home. Here are some nearby:
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
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
See all of the solar companies in Pine Island
Factors that Affect Solar Panel Costs in Pine Island
Though the average cost of a solar system in Pine Island is $14,333, your actual cost may be higher or lower than that. There are many factors that can have a major impact on the cost of a residential solar panel installation. Below are some of the more important things to keep in mind.
Solar Equipment
The size of the solar panel system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,840. The brand and kind of equipment you want for your solar system can increase or decrease 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 limited roof space 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 raise the cost.
Solar Financing Terms
For some homeowners, paying for solar out of pocket can be difficult. Solar loans are offered by most installers in Pine Island, which can lower, or in some cases completely eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also adds to your all-in costs, so it's important to include that in your estimate as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The last key cost factor you should take into consideration is the installer you choose. Given the growing popularity of renewable energy solutions in Pine Island, you'll have lots of options to choose from, but each comes at various price points for labor and equipment. Additionally, some companies in Pine Island have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $17,679 | 10.3 years |
| 8 kW | $2.90 | $16,222 | $23,891 | 10.1 years |
| 10 kW | $2.84 | $19,880 | $30,261 | 9.9 years |
| 12 kW | $2.78 | $23,379 | $36,790 | 9.7 years |
| 14 kW | $2.73 | $26,719 | $43,478 | 9.5 years |
| 16 kW | $2.67 | $29,900 | $50,326 | 9.3 years |
| 18 kW | $2.61 | $32,921 | $57,332 | 9.1 years |
| 20 kW | $2.56 | $35,784 | $64,498 | 8.9 years |
How to Save on Solar Panels
The solar company you go with will be a major factor in determining not only your total costs, but also the types of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, including:
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by previous customers and solar experts like the EcoWatch team.
- Installation Process: An important thing to understand when going solar is the installation process itself. Be sure to clarify any details you should know with your solar installer, such as what permits you should acquire and what the project timeline is.
- Contract: Read the contract terms thoroughly to make sure you understand how much it will cost, project completion timeline incentives and warranties.
- Solar Panel Brands: The brand of solar panel you need plays a role in which company you should opt for, since different companies have different panels.
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
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
EcoWatch's Pine Island, MN Solar Cost FAQs
What is the average cost of installing solar panels in Pine Island?
This is a difficult question to answer exactly, because the cost depends on a few different 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 flip side, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Should I lease or buy solar panels in Pine Island?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property 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.
Can you sell solar power back to the grid in Pine Island?
Each state has some form of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just give you credit toward your future utility bills.
How often do you have to replace solar panels?
Even though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had 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.