Solar Panel Cost Guide in Prior Lake, MN (2023 Update)
- Prior Lake Solar Installation Cost: $14,234
- 25-Year Savings: $19,326
- Payback Period: 10.6 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Prior Lake
Find out what the average cost of a solar system is in Prior Lake.
In Prior Lake, solar panels cost about 2.84 per watt on average. Since a 7.2-kW system is needed to cover the energy needs of a typical home in Prior Lake, the average price of going solar will be about $14,234 after claiming the federal solar tax credit of 30%.
These figures are only averages, and how much solar costs for you will most likely vary based on the amount of energy your home requires and what company you go with. Despite the high upfront cost, the average Prior Lake homeowner can save about $18,000 on their electricity bills over 20 years, which is one of the perks of solar.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Prior Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-12,892 |
| 3 years | $-10,207 |
| 5 years | $-7,522 |
| 7 years | $-4,837 |
| 9 years | $-2,152 |
| 11 years | $532 |
| 13 years | $3,217 |
| 15 years | $5,902 |
| 17 years | $8,587 |
| 19 years | $11,272 |
| 21 years | $13,957 |
| 23 years | $16,641 |
| 25 years | $19,326 |
Top Solar Installers in Prior Lake
Although you can install solar panels on your own, it requires extra time and know-how. That's one of the reasons almost all homeowners choose to go with a solar panel installer. Plus, if you're not certain what type of solar panels and equipment you need, a solar installer can help you figure that out after a site survey and consultation.
If you're looking for a solar company in Prior Lake, we've organized a list of our top suggestions here:
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
There are many factors that can determine your total 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
When it comes to estimating the cost of solar panels in Prior Lake, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home's energy consumption, which you can figure out by looking at past energy bills. Your total cost can increase by about $2,840 for each additional kilowatt you need. There are several different solar panel brands and the one you choose also changes the cost. In general, the brands that are more efficient tend to also be more expensive. In addition, the type of equipment you want to install can affect your total cost. If you just need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Prior Lake homeowners choose to finance their solar panel systems to make paying for solar more affordable. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar installer you choose to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies operating in Prior Lake, and each can charge varying amounts for labor and equipment. The size of the company can sometimes play the most significant role in the cost. Larger national companies, like SunPro and Sunrun, often have lower prices due to access to greater 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 discount can bring their pricing lower to compete with bigger names.
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 | $15,721 | 11.0 years |
| 8 kW | $2.90 | $16,222 | $21,280 | 10.8 years |
| 10 kW | $2.84 | $19,880 | $26,997 | 10.6 years |
| 12 kW | $2.78 | $23,379 | $32,874 | 10.4 years |
| 14 kW | $2.73 | $26,719 | $38,910 | 10.2 years |
| 16 kW | $2.67 | $29,900 | $45,104 | 10.0 years |
| 18 kW | $2.61 | $32,921 | $51,458 | 9.8 years |
| 20 kW | $2.56 | $35,784 | $57,971 | 9.5 years |
How to Save on Solar Panels
There are a lot of companies to choose from in Prior Lake, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be challenging, so here are some tips to help you decide:
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose affects which solar panel brands you have access to.
- Installation Process: Homeowners should make sure they know how exactly the installation process will be carried out, as well as important factors like the project completion timeline.
- Contract: Look through the contract terms closely to make sure you understand the cost breakdown, completion timeline incentives and warranties.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a good reputation and is qualified to do the job well. Another way you can look into your installer's reputation is by reading reviews.
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
What is the average cost of installing solar panels in Prior Lake?
This is a hard question to answer precisely, because the cost depends on a few different factors. Generally 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 be more expensive if you want extra 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 go with a smaller solar panel system or less efficient solar panels.
Can you get solar panels for free in Prior Lake?
A solar panel system isn't free in Prior Lake, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Do solar panels increase how much your home is worth?
Buying or financing solar panels for your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Prior Lake is currently $301,161, so you can expect a value of about $12,348 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Prior Lake is a rewarding investment.
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 amount 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.