Solar Panel Cost Guide in Prior Lake, MN (2024 Update)
- Prior Lake Solar Installation Cost: $20,196
- 25-Year Savings: $19,328
- Payback Period: 15.0 Years
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Average Cost of Solar Panels in Prior Lake
Let’s take a look at the average cost of solar panels in Prior Lake.
In Prior Lake, solar panels cost about 4 per watt on average.The average Prior Lake homeowner needs a 7.2-kilowatt system, which would cost about $20,196 with the federal tax credit, or $28,880 before the 0 tax credit is applied.
The true cost of your system can be above or below the average in Prior Lake based on a variety of factors, such as the model of solar panels you choose and the solar installer you hire.But, after you've paid the upfront cost of installation, the savings for most homeowners is usually rewarding, with a net average savings of about $18,000 over 20 years on utility bills.
To see your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Prior Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-18,916 |
| 3 years | $-16,357 |
| 5 years | $-13,799 |
| 7 years | $-11,240 |
| 9 years | $-8,681 |
| 11 years | $-6,122 |
| 13 years | $-3,563 |
| 15 years | $-1,004 |
| 17 years | $1,555 |
| 19 years | $4,114 |
| 21 years | $6,673 |
| 23 years | $9,231 |
| 25 years | $11,790 |
Top Solar Installers in Prior Lake
Putting up solar panels by yourself can be a difficult task, which is why using a solar installation company is a good option for many homeowners. Companies can also offer access to quality options of the best solar panels and help you choose which one will be right for you.
If you’d like to make the switch to solar but still aren’t sure which solar panel installer to go with, here are our recommendations for providers in Prior Lake:
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 Prior Lake
Factors that Affect Solar Panel Costs in Prior Lake
The cost of installing a solar system in Prior Lake can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of installing solar panels. That’s why it’s crucial to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, more efficient panels could save you more in the long run on your electric bills. Additionally, add-on products, such as solar batteries, can bring your total well above the Prior Lake average.
Solar Financing Terms
If paying for solar panels out of pocket is difficult, solar loans are a popular option because they reduce your upfront costs and let you pay for your system over five to seven years on average.It’s a good idea to factor the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and the amount of time it’ll take to pay back the loan.
Solar Panel Installation Company
The remaining key cost factor you should consider is the installer you choose. Given the growing popularity of clean energy solutions in Prior Lake, you’ll have lots of options to choose from, but each comes at varying price points for labor and equipment.Larger national companies typically have lower costs, but some local companies keep up with them by offering sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or extra services like electric car charger installation, they might be cheaper overall.
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 | $10,523 | 15.6 years |
| 8 kW | $4.11 | $23,019 | $14,483 | 15.3 years |
| 10 kW | $4.03 | $28,210 | $18,667 | 15.0 years |
| 12 kW | $3.95 | $33,175 | $23,078 | 14.7 years |
| 14 kW | $3.87 | $37,914 | $27,714 | 14.4 years |
| 16 kW | $3.79 | $42,428 | $32,576 | 14.1 years |
| 18 kW | $3.71 | $46,716 | $37,664 | 13.8 years |
| 20 kW | $3.63 | $50,778 | $42,977 | 13.5 years |
How to Save on Solar Panels
The solar installer you go with will influence not only your total costs, but also the kinds 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:
- Warranty: Each company may offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Not all solar installers have the same brands of solar panels, so the brand and type of panel you want can play a significant role in the company you hire.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: It’s important to read through your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what expectations you should have about the installation process.
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 Prior Lake, MN Solar Cost FAQs
How much does it cost to install solar panels in Prior Lake?
The average cost of solar panels in Prior Lake 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 stuff such as the type of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider apart from cost when buying solar panels?
The initial cost is a very important factor to consider, but whether it’s the most important for you depends on your reasons for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to be mindful of are the quality and durability of your solar panels.
Does Prior Lake have a net metering program?
The majority of 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 utility bills. Currently there are just three states that don’t have any net metering laws: Alabama, Tennessee and South Dakota.
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 how much sunlight your roof gets. You can 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.