Solar Panel Cost Guide in Prior Lake, MN (2025 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.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Prior Lake, the average cost of a solar system is 4 per watt.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 price you pay can be higher or lower than the average in Prior Lake depending on a variety of factors, such as the brand of solar panels you choose and the solar contractor you hire.With average savings of about $18,000 on utility bills over 20 years, many homeowners in Prior Lake find investing in solar has a decent ROI.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, 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
Installing solar panels by yourself can be a stressful project, which is why hiring a solar installer is a good option for many homeowners. Plus, if you aren’t sure what type of solar panels and equipment you want, a solar expert can help you find the right equipment for you after a site survey and consultation.
Working with a professional solar company can make going solar easier. Here are our recommendations:
See all of the solar companies in Prior Lake
Factors that Affect Solar Panel Costs in Prior Lake
For many Prior Lake homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Prior Lake, with typical prices between $20,000 to $40,000. There are several factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The size of the solar energy system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $4,030. The brand of solar panels and equipment you want is another factor that will greatly impact costs. Solar panels that are more efficient, like monocrystalline panels, tend to be more costly. Moreover, solar equipment goes beyond just the solar panels themselves. You’ll also need to consider the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when searching for a solar system that falls within your budget.
Solar Financing Terms
Most solar installers in Prior Lake offer solar loans, which reduce the initial cost of installing a solar system.It’s a good idea to include 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 off the loan.
Solar Panel Installation Company
Lastly, the company you get to install your solar panel system can affect how much you pay. Prior Lake’s solar companies all have different labor costs and add varying upcharges to equipment. Additionally, some companies in Prior Lake have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. 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 | $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
Since the brand 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 pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: Warranties that provide coverage for defective panels and repairs over a long period of time such as 25 years are the gold standard in the business, and offering such a warranty is one mark of a good company.
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a big role in the company you choose.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for renewable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a solid reputation and is qualified to install your solar system. Another way you can check your installer’s reputation is by reading reviews.
- Contract: Before you sign a contract with a solar company, be sure to read it through completely so you understand the terms. Also, ask questions if you’re not certain about some of the terms, such as what the warranty covers and if there are any guarantees about energy production.
EcoWatch's Prior Lake, MN Solar Cost FAQs
What is the average cost of installing 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 certain factors such as the kind of solar panels you want, what size system you need and how much energy you consume.
What other factors should I consider aside from cost when buying solar panels?
The initial cost is a key factor to consider, but whether it’s the most important for you depends on your goals for going solar. In places where rooftop space is limited, efficiency can be more important than the cost. Other factors that are important to keep in mind are the quality and durability of your solar panels.
Can you sell solar power back to the grid in Prior Lake?
Each state has some kind of net metering programs except Tennessee, South Dakota and Alabama currently. Some states let you sell power back to the grid, but others just offer you credit toward your future power bills.
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily 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 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.