Solar Panel Cost Guide in Redwood Falls, MN (Mar 2023)
- Redwood Falls Solar Installation Cost: $14,095
- 25-Year Savings: $18,205
- Payback Period: 10.9 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Redwood Falls
Let's take a look at the average cost of solar panels in Redwood Falls.
In Redwood Falls, solar panels cost about 2.84 per watt on average. The average solar panel system size in Redwood Falls is around 7.1 kilowatts, meaning a cost of about $14,095 for a solar installation, or $20,156 before the 30% federal solar tax credit is applied.
The true cost of your system can be above or below the average in Redwood Falls depending on a few factors, such as the model of solar panels you choose and the solar contractor you hire. Despite the large upfront cost, the average Redwood Falls homeowner can save about $17,000 on their power bills over 20 years, which is one of the perks of solar.
To get a free estimate from a pre-vetted solar installation company in Redwood Falls, you can click the button below.
Solar savings over time in Redwood Falls
| Year | Return on Investment |
|---|---|
| 1 years | $-12,803 |
| 3 years | $-10,219 |
| 5 years | $-7,635 |
| 7 years | $-5,051 |
| 9 years | $-2,467 |
| 11 years | $117 |
| 13 years | $2,701 |
| 15 years | $5,285 |
| 17 years | $7,869 |
| 19 years | $10,453 |
| 21 years | $13,037 |
| 23 years | $15,621 |
| 25 years | $18,205 |
Top Solar Installers in Redwood Falls
When switching to solar energy, many homeowners choose to hire a solar installer since installing solar panels yourself can be a challenging project. Some solar companies, particularly local ones, can help you make the most of incentives in Redwood Falls, therefore optimizing your ROI.
There are various licensed solar professionals that can help you install your solar system. Here are our suggestions:
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 Redwood Falls
Factors that Affect Solar Panel Costs in Redwood Falls
Though the average cost of a solar system in Redwood Falls is $14,095, your actual cost may differ. There are many factors that can have a sizable impact on the cost of a solar panel installation. Below are some of the more crucial things to consider.
Solar Equipment
One of the most important factors to consider when it comes to the cost of going solar is the size of the solar system, which is measured in kilowatts (kW). The more power your household uses, the larger your system will likely need to be. You can expect to pay around $2,840 per kilowatt in Redwood Falls. The type of solar panels and equipment you choose is another factor that will largely influence costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. 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 for a solar system that's in your budget.
Solar Financing Terms
Most solar installers in Redwood Falls provide solar loans, which reduce the initial cost of installing a solar system. When estimating your overall cost, you should also calculate the interest you'll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in Redwood Falls is the company you choose to install your solar panel system. Similar to choosing a company to build a deck or pool, for instance, there are plenty of solar installers that offer a range of services at different price points. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk equipment prices, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $14,927 | 11.3 years |
| 8 kW | $2.90 | $16,222 | $20,220 | 11.1 years |
| 10 kW | $2.84 | $19,880 | $25,673 | 10.9 years |
| 12 kW | $2.78 | $23,379 | $31,285 | 10.7 years |
| 14 kW | $2.73 | $26,719 | $37,056 | 10.5 years |
| 16 kW | $2.67 | $29,900 | $42,986 | 10.3 years |
| 18 kW | $2.61 | $32,921 | $49,074 | 10.0 years |
| 20 kW | $2.56 | $35,784 | $55,322 | 9.8 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel brands and price points. To help you select the right company for you, here are some tips to keep in mind:
- Contract: Though reading through a contract can be tedious, it's important to do it fully so you can make sure you understand how much the equipment and services will cost and the terms of the warranty.
- Warranty: Warranties that provide coverage for replacement parts and repairs over a long period of time such as 25 years are the best you can get in the business, and offering such a warranty is one mark of a quality company.
- Reputation: Your solar installer should have a solid reputation as a company and have verifiable expertise in the field. A couple of ways to check this are to look for whether a company has technicians certified by the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from past customers.
- Solar Panel Brands: The model of solar panel you'd like to install plays a part in which company you should go with, since different companies have different panels.
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 Redwood Falls, MN Solar Cost FAQs
How much does it cost to install solar panels in Redwood Falls?
The average cost of solar panels in Redwood Falls is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the actual cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you use.
Should I lease or buy solar panels in Redwood Falls?
Leasing solar panels can be an appealing choice, as it typically 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 option if you want to get the most savings.
How much can I save on power bills after installing solar panels?
It is possible to eliminate your electricity bills with solar panels, but for most homeowners in Redwood Falls, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
What solar power system size is right for my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can 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.
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.