Solar Panel Cost Guide in Red Wing, MN (2024 Update)
- Red Wing Solar Installation Cost: $20,354
- 25-Year Savings: $20,377
- Payback Period: 14.7 Years
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Average Cost of Solar Panels in Red Wing
See how much it might cost to switch to solar power in Red Wing.
The average cost of solar panels in Red Wing is 4 per watt.The average solar panel system size in Red Wing is around 7.2 kilowatts, meaning a cost of about $20,354 for a solar installation, or $29,106 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll end up paying for solar may vary based on your household energy consumption, the type of solar system you want, your solar contractor and more.Even with the large initial cost, the average Red Wing homeowner can save about $18,000 on their power bills over 20 years, which is one of the perks of solar.
You can click the button below to get connected with a top solar installer in Red Wing for a quote for your home.
Solar savings over time in Red Wing
| Year | Return on Investment |
|---|---|
| 1 years | $-19,075 |
| 3 years | $-16,516 |
| 5 years | $-13,957 |
| 7 years | $-11,398 |
| 9 years | $-8,839 |
| 11 years | $-6,280 |
| 13 years | $-3,721 |
| 15 years | $-1,162 |
| 17 years | $1,397 |
| 19 years | $3,956 |
| 21 years | $6,514 |
| 23 years | $9,073 |
| 25 years | $11,632 |
Top Solar Installers in Red Wing
DIY solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Going with an installer can make converting to solar power much easier. Some solar installers, particularly local ones, can help you take advantage of incentives in Red Wing, therefore optimizing your ROI.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some near you:
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 Red Wing
Factors that Affect Solar Panel Costs in Red Wing
For many Red Wing homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Red Wing, with typical prices between $20,000 to $40,000. There are a few factors that considerably influence the price you’ll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with greater efficiency or power generation use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $4,030.The kind of solar panels and equipment you want is another factor that will largely influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to be more pricey. Further, solar equipment goes beyond just the solar panels themselves. You’ll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It’s important to take all of this into consideration when looking into a solar system that falls within your budget.
Solar Financing Terms
Most solar installers in Red Wing provide solar loans, which reduce your upfront costs of installing solar panels.It’s wise 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 solar company you pick will influence your total cost to go solar. Different companies will charge different amounts for the equipment and labor.Companies that only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It’s best to do some research and go with the company that offers the products, warranties and services you want and also fit into your budget.
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 | $11,270 | 15.2 years |
| 8 kW | $4.11 | $23,019 | $15,478 | 14.9 years |
| 10 kW | $4.03 | $28,210 | $19,911 | 14.7 years |
| 12 kW | $3.95 | $33,175 | $24,570 | 14.4 years |
| 14 kW | $3.87 | $37,914 | $29,455 | 14.1 years |
| 16 kW | $3.79 | $42,428 | $34,566 | 13.8 years |
| 18 kW | $3.71 | $46,716 | $39,902 | 13.5 years |
| 20 kW | $3.63 | $50,778 | $45,464 | 13.2 years |
How to Save on Solar Panels
Since the brand of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: When making the switch to solar power, it’s important to maintain an open line of communication with your solar panel company. Make sure you understand how the installation process works and the project timeline.
- Reputation: Solar companies that have great reviews from their customers and that have been operating for many years most likely offer good-quality solar panel installation and expertise.
- Warranty: A quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Solar Panel Brands: The brand of solar panel you need to install plays a role in which company you should opt for, since different companies provide different panels.
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 Red Wing, MN Solar Cost FAQs
How much does it cost to install solar panels in Red Wing?
This is a tough question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $20,150 for a 5-kW system and $40,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Red Wing?
Leasing solar panels can be an option if you are unable to pay upfront or secure a solar loan, but since you don’t own the system, you can’t take advantage of many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Is it worth going solar in Red Wing?
Whether or not solar panels are worth it depends on some different factors like how much you pay for electricity and how much direct sunlight your roof gets.
How long do solar panels last in Red Wing?
Although the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can choose to replace them once you've had them for that long or you can keep using them at a lower efficiency.
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.