Solar Panel Cost Guide in Red Wing, MN (2023 Update)
- Red Wing Solar Installation Cost: $14,344
- 25-Year Savings: $20,377
- Payback Period: 10.3 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Red Wing
Let's have a look at the average cost of solar in Red Wing.
While the national average of solar panels is $2.66 per watt, solar panels in Red Wing typically cost around 2.84. Using this figure, a typical 7.2-kW system would cost about $14,353 before the 30% federal solar tax credit is applied.
The prices above are just estimates to give you an idea of the cost of a solar panel system. The exact cost of installing solar panels can vary quite a bit depending on multiple factors, such as what size system you need, your energy consumption and what solar installer you go with. For most homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $18,000 in savings on energy bills over 20 years.
Click the button below to get connected to a vetted solar panel company in Red Wing for a custom estimate.
Solar savings over time in Red Wing
| Year | Return on Investment |
|---|---|
| 1 years | $-14,228 |
| 3 years | $-13,997 |
| 5 years | $-13,765 |
| 7 years | $-13,534 |
| 9 years | $-13,302 |
| 11 years | $-13,071 |
| 13 years | $-12,839 |
| 15 years | $-12,608 |
| 17 years | $-12,376 |
| 19 years | $-12,145 |
| 21 years | $-11,913 |
| 23 years | $-11,682 |
| 25 years | $-11,451 |
Top Solar Installers in Red Wing
When going solar, many homeowners decide to hire a solar installation company since handling can be a difficult project. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long term due to their warranties, repair services and expert design.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some in Red Wing:
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
There are many criteria that can affect your 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
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. Because of that, it's important to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer better efficiency. In a city like Red Wing, where sunlight isn't as abundant, efficiency can quickly pay off. In addition, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Red Wing to be too steep, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also result in higher prices over time due to interest. Although solar loans make switching to solar energy more accessible for Red Wing homeowners, they can also add to the total you pay for your system, depending on your interest rate. If you put down a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you choose to handle your switch to clean energy can have an effect on your total costs. There are about 3 solar panel companies in Red Wing, and each can charge varying amounts for labor and equipment. Companies that only sell high-quality, high-efficiency and high-price products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and decide on 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 | $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 system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since selecting a company can be a tough decision, we have some tips to help you, such as:
- Installation Process: Make sure you're aligned with the installer regarding how the installation process will go and what needs to be done before your solar panels are installed, such as updating your electrical system or roof.
- Solar Panel Brands: Each solar panel brand and kind has varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose impacts which solar panel brands you have access to.
- Contract: Review the contract terms carefully to make sure you understand the total cost, project timeline rebates and warranties.
- Reputation: Companies that have been in business for many years likely have a good reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide quality aftercare and customer service, such as part repairs and replacements.
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 variety of 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. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. Conversely, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Red Wing?
Leasing solar panels can be an appealing choice, as it commonly comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any incentives and your home value won't increase. Buying solar panels is a better way to go if you want to maximize your savings.
How will having solar panels impact the value of my home?
Solar panels 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 can look forward to 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 rewarding investment.
How often do you have to replace solar panels?
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 the amount of energy they produce will have decreased significantly after that point. You can 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.