Solar Panel Cost Guide in Red Wing, MN (Mar 2023)
- Red Wing Solar Installation Cost: $14,353
- 25-Year Savings: $20,367
- Payback Period: 10.3 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Red Wing
Let's take a look at the average cost of solar in Red Wing.
The average cost of a solar system in Red Wing is 2.84 per watt. Because a 7.2-kW system is needed to cover the energy consumption of a typical home in Red Wing, the average price of going solar will be about $14,353 after claiming the federal solar tax credit of 30%.
Bear in mind that the figures above are only estimates based on the average energy use of Red Wing homeowners. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. Even with the high initial cost, the average Red Wing homeowner can save around $18,000 on their electricity bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a pre-vetted solar installer in Red Wing for a quote for your home.
Solar savings over time in Red Wing
| Year | Return on Investment |
|---|---|
| 1 years | $-12,965 |
| 3 years | $-10,187 |
| 5 years | $-7,409 |
| 7 years | $-4,632 |
| 9 years | $-1,854 |
| 11 years | $924 |
| 13 years | $3,701 |
| 15 years | $6,479 |
| 17 years | $9,257 |
| 19 years | $12,034 |
| 21 years | $14,812 |
| 23 years | $17,590 |
| 25 years | $20,367 |
Top Solar Installers in Red Wing
Many homeowners choose to hire a solar installation company since figuring out how to install solar panels by yourself can be time-consuming. Also, companies with a good reputation that cost more upfront could actually save you money in the long term due to their warranties, repair services and expert design.
If you're on the hunt for a solar installer in Red Wing, we've compiled a list of our top suggestions here:
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 Red Wing
Factors that Affect Solar Panel Costs in Red Wing
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few major factors that determine your overall cost in Red Wing: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar system you need for your home, which is measured in kilowatts, is the most significant cost factor to consider. For every additional kilowatt you need, you can expect your total to increase by about $2,840. The brand and kind of equipment you choose 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 add-ons like an electric vehicle charger or solar batteries, this will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Red Wing to be prohibitively steep, even if the investment pays off over time. Fortunately, nearly every solar company in the area provides financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in a higher cost over time due to interest. When estimating your overall cost, you should also calculate the interest you'll pay if you decide on a solar loan. Also, paying a higher down payment can reduce the total interest paid over time.
Solar Panel Installation Company
A final factor to keep in mind when trying to evaluate the cost of solar for your home or business in Red Wing is the company you get to install your solar system. As with choosing a company to install new cabinets, for example, there are plenty of solar installers that offer a range of services at different price points. You may see national solar installers that have lower prices due to their larger brand name and access to bulk prices, or you might see small, local installation companies offering deals or specials to compete with those major players.
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 | $16,468 | 10.7 years |
| 8 kW | $2.90 | $16,222 | $22,275 | 10.5 years |
| 10 kW | $2.84 | $19,880 | $28,241 | 10.3 years |
| 12 kW | $2.78 | $23,379 | $34,366 | 10.1 years |
| 14 kW | $2.73 | $26,719 | $40,651 | 9.9 years |
| 16 kW | $2.67 | $29,900 | $47,094 | 9.7 years |
| 18 kW | $2.61 | $32,921 | $53,697 | 9.5 years |
| 20 kW | $2.56 | $35,784 | $60,458 | 9.3 years |
How to Save on Solar Panels
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because selecting a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. While there are many options for which model of solar panel you can get, not every company will have access to the exact one you may want or need, so be sure to take a look at their list of offerings before deciding.
- Contract: When reading through your solar company's contract, ask for clarification about any terms you're not sure of and make sure you understand what happens in scenarios such as a system part breaking or the company going out of business.
- Installation Process: When going solar, it's important to maintain an open line of communication with your solar panel company. Confirm that you understand how the installation process works and the project timeline.
- Reputation: Make sure your solar system installer has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
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 Red Wing, MN Solar Cost FAQs
What is the average cost of installing solar panels in Red Wing?
This is a difficult question to answer precisely, 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 be more expensive if you want additional 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 choose a smaller solar panel system or less expensive solar panels.
Are solar panels free in Red Wing?
You can't get solar panels for free in Red Wing. However, you may still be able to get them on a lower budget. You can lease solar panels for a low upfront cost or, if you'd rather own your solar panels, you can finance them with a solar loan.
How will solar panels impact my property 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 Red Wing is currently $193,316, so you could be looking at a value of about $7,926 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Red Wing is a fruitful investment.
What solar power system size is right for my home?
To figure out how many solar panels you need, you need to know how much energy your home requires and how much sunlight your home gets. For a general estimate, however, since each panel can generally produce about 250 to 400 watt-hours per hour, the average house will need 20 to 35 panels.
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.