Solar Panel Cost Guide in Rice Lake, MN (2023 Update)
- Rice Lake Solar Installation Cost: $15,142
- 25-Year Savings: $18,563
- Payback Period: 11.2 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Rice Lake
We break down average solar pricing in Rice Lake.
Although the national average of solar panels is $2.66 per watt, solar panels in Rice Lake generally cost around 2.84. The average solar panel system size in Rice Lake is around 7.6 kilowatts, meaning a cost of about $15,149 for a solar installation, or $21,663 before the 30% federal solar tax credit is applied.
Remember that the numbers above are only averages. The price you'll pay for solar will differ based on your household energy needs, the type of solar system you want to get, your solar contractor and more. For many homeowners, the upfront investment in solar is worth paying. On average Rice Lake homeowners see about $17,000 in savings on energy bills over 20 years.
To see your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Rice Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-15,030 |
| 3 years | $-14,805 |
| 5 years | $-14,581 |
| 7 years | $-14,356 |
| 9 years | $-14,131 |
| 11 years | $-13,906 |
| 13 years | $-13,682 |
| 15 years | $-13,457 |
| 17 years | $-13,232 |
| 19 years | $-13,008 |
| 21 years | $-12,783 |
| 23 years | $-12,558 |
| 25 years | $-12,334 |
Top Solar Installers in Rice Lake
When going solar, many homeowners opt to hire a solar installation company since handling can be a difficult project. The payback period of solar panels will vary based on factors like your roof configuration and energy needs, but going with a solar installer can shorten that period. Your provider will be able to help you identify incentives available in your area.
Working with a vetted solar installer can help your solar project go smoothly. Here are our recommendations:
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 Rice Lake
Factors that Affect Solar Panel Costs in Rice Lake
Even though the average cost of a solar system in Rice Lake is $15,149, your final cost may be higher or lower than that. There are several factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
When it comes to estimating the price of a solar panel system in Rice Lake, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, 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. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you'll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more in the long run on your electric bills. In addition, extra products, like solar batteries, can bring your total well above the Rice Lake average.
Solar Financing Terms
Many homeowners find the average cost of solar in Rice Lake to be too costly, even if the investment pays off over time. Thankfully, nearly every solar company in the area provides access to financing options. Solar loans substantially decrease upfront costs for most homeowners, but they also lead to a higher cost over time due to interest. However, the interest on solar loans also increases your overall costs, so it's vital to keep that in mind as well. You can always reduce the total you pay in interest and possibly even your APR by putting more money down.
Solar Panel Installation Company
The last key cost factor you should keep in mind is the installer you choose. Given the growing popularity of clean energy solutions in Rice Lake, you'll have many options to choose from, but each comes at different price points for labor and equipment. You may come across national solar installers that have lower prices because of 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 | $14,145 | 11.7 years |
| 8 kW | $2.90 | $16,222 | $19,178 | 11.5 years |
| 10 kW | $2.84 | $19,880 | $24,370 | 11.2 years |
| 12 kW | $2.78 | $23,379 | $29,722 | 11.0 years |
| 14 kW | $2.73 | $26,719 | $35,232 | 10.8 years |
| 16 kW | $2.67 | $29,900 | $40,901 | 10.6 years |
| 18 kW | $2.61 | $32,921 | $46,730 | 10.3 years |
| 20 kW | $2.56 | $35,784 | $52,717 | 10.1 years |
How to Save on Solar Panels
The solar company you choose will impact not only your overall costs, but also the types of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should keep in mind, including:
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, project timeline incentives and warranties.
- Warranty: Many companies offer different kinds of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. Even though there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of options before making your decision.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to do the job well. Another way you can research 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 Rice Lake, MN Solar Cost FAQs
What is the average cost of installing solar panels in Rice Lake?
This is a difficult question to answer exactly, because the cost depends on many 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 cost more if you want other solar equipment or more efficient panels, or if you have above-average energy needs. On the other hand, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Rice Lake?
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 tax rebates and credits and your home value won't increase. Buying solar panels is a better way to go if you want to get the most savings.
Is making the switch to solar worth it?
Solar panels can be a good investment for many homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your power bills are already fairly low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out what solar panel system size 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.