Solar Panel Cost Guide in Pine Island, MN (2023 Update)
- Pine Island Solar Installation Cost: $14,340
- 25-Year Savings: $21,827
- Payback Period: 9.9 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Pine Island
We go over average solar pricing in Pine Island.
The national average cost of solar panels is $2.66 per watt, but in Pine Island it's 2.84 per watt. To cover the typical energy usage of the average home in Pine Island, most homeowners require a 7.2-kilowatt system. Using the figure above, a solar installation costs around $14,333, or $20,496 before the federal solar tax credit of 30% is applied.
The actual price you pay can go higher or lower than the average in Pine Island depending on a variety of factors, such as the type of solar panels you choose and the solar installer you hire. Many homeowners find going solar is a solid investment. The average homeowner in Pine Island can save about $19,000 on their power bills over 20 years.
For a customized quote from a local solar company that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Pine Island
| Year | Return on Investment |
|---|---|
| 1 years | $-14,219 |
| 3 years | $-13,978 |
| 5 years | $-13,737 |
| 7 years | $-13,496 |
| 9 years | $-13,254 |
| 11 years | $-13,013 |
| 13 years | $-12,772 |
| 15 years | $-12,531 |
| 17 years | $-12,290 |
| 19 years | $-12,049 |
| 21 years | $-11,808 |
| 23 years | $-11,567 |
| 25 years | $-11,326 |
Top Solar Installers in Pine Island
Trying to install solar panels by yourself can be a dangerous undertaking, which is why using a solar installation company is a good option for many homeowners. Plus, if you're unsure what brand of solar panels and equipment you may need, a solar installer can help you figure that out after a site survey and consultation.
There are a number of 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 Pine Island
Factors that Affect Solar Panel Costs in Pine Island
Even though the average cost of a solar system in Pine Island is $14,333, your final cost may differ. There are quite a few factors that can have a significant impact on the cost of a solar system installation. Below are some of the more crucial things to keep in mind.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power generation need 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 $2,840. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Pine Island, where sunlight isn't as abundant, efficiency can quickly pay off. In addition, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Most solar companies in Pine Island offer solar loans, which reduce your upfront costs of installing solar panels. 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 lower the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in Pine Island is the company you get to install your solar system. Similar to choosing a company to renovate your kitchen, for instance, you'll have no shortage of solar installers that offer a range of services at different costs. Additionally, some companies in Pine Island know more about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could help you save 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
Since the model of solar panels and the installation company you choose has an impact on your costs and your system's durability and efficiency, it's important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years most likely provide quality solar panel installation and expertise.
- Contract: When looking over your solar installer's contract, ask questions about any terms you're not sure of and make sure you understand what happens in scenarios like a system part breaking or the company going out of business.
- Solar Panel Brands: The brand of solar panel you want to install plays a part in which installer you should choose, since different companies provide different panels.
- Installation Process: When going solar, it's important to keep an open line of communication with your solar panel installer. See to it that you understand how the installation process works and the completion timeline.
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 Pine Island, MN Solar Cost FAQs
What is the average cost of installing solar panels in Pine Island?
The average cost of solar panels in Pine Island is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the real cost will depend on stuff like the model of solar panels you want, what size system you need and how much energy you consume.
Is cost the most important thing to think about when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your home value?
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 Pine Island is currently $254,241, so you can expect a value of about $10,424 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Pine Island 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 amount of 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 buy between 20 and 35 panels to cover 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.