Solar Panel Cost Guide in Scandia, MN (2023 Update)
- Scandia Solar Installation Cost: $14,355
- 25-Year Savings: $22,764
- Payback Period: 9.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Scandia
Find out what the average cost of installing solar panels is in Scandia.
In Scandia, solar panels cost about 2.84 per watt on average. Using this figure, a typical 7.2-kW system would cost about $14,353 before the 30% federal solar tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Scandia homeowners. The cost 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. For most homeowners, the upfront investment in solar is worth paying. On average homeowners in Scandia see about $20,000 in savings on utility bills over 20 years.
To receive a free quote from a highly rated solar company in Scandia, you can click the button below.
Solar savings over time in Scandia
| Year | Return on Investment |
|---|---|
| 1 years | $-13,075 |
| 3 years | $-10,517 |
| 5 years | $-7,958 |
| 7 years | $-5,399 |
| 9 years | $-2,840 |
| 11 years | $-281 |
| 13 years | $2,278 |
| 15 years | $4,837 |
| 17 years | $7,396 |
| 19 years | $9,955 |
| 21 years | $12,514 |
| 23 years | $15,072 |
| 25 years | $17,631 |
Top Solar Installers in Scandia
Many homeowners opt for a solar panel company since installing solar panels on your own can be hard. Companies can also offer access to a large variety of the best solar panels and help you choose which one will be best for your home.
Working with a professional 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 Scandia
Factors that Affect Solar Panel Costs in Scandia
Though the average cost of a solar system in Scandia is $14,353, your actual cost may be higher or lower than that. There are several factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That's why it's important to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. The type of 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 Scandia average.
Solar Financing Terms
Most solar installers in Scandia have solar loans, which reduce your upfront costs of installing a solar system. You'll have to consider the long-term cost of loans, including the amount of interest you'll pay over the length of the loan. If you're only able to get a high-interest loan, then your total can be hundreds or even thousands of dollars more than the original cost. Making a larger down payment or finding a solar loan with a low interest rate could reduce your costs remarkably.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar system can influence your pricing. Scandia's solar companies all have different labor costs and add varying upcharges to equipment. The company's size sometimes plays the most considerable role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices due to more resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount can bring their pricing down to compete with bigger names.
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 | $18,438 | 10.1 years |
| 8 kW | $2.90 | $16,222 | $24,902 | 9.9 years |
| 10 kW | $2.84 | $19,880 | $31,525 | 9.7 years |
| 12 kW | $2.78 | $23,379 | $38,307 | 9.5 years |
| 14 kW | $2.73 | $26,719 | $45,248 | 9.3 years |
| 16 kW | $2.67 | $29,900 | $52,348 | 9.1 years |
| 18 kW | $2.61 | $32,921 | $59,607 | 8.9 years |
| 20 kW | $2.56 | $35,784 | $67,026 | 8.7 years |
How to Save on Solar Panels
The company that does your solar panel 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 challenge, we have some tips to help you, such as:
- Solar Panel Brands: Different companies carry various brands and kinds of panels. If you know you want a specific brand, make sure the solar company you're considering has it.
- Installation Process: An important thing to understand when adopting solar energy is the installation process itself. Be sure to align on any details you should know with your solar company, such as what permits you should secure and how long the project will take.
- Contract: It's important to look over your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about the installation process.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its work history and reading reviews by past customers and solar experts like the EcoWatch team.
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 Scandia, MN Solar Cost FAQs
How much does it cost to install solar panels in Scandia?
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. It will cost more if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Scandia?
Leasing solar panels can be an option if you are unable to pay upfront or get 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 financial benefits from going solar.
Do solar panels increase the value of your home?
Solar panels can increase your home value remarkably as long as you buy or finance your panels and don't choose a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How long do solar panels last in Scandia?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is their energy production will have decreased significantly after that point. You can decide to replace them after having them for that long or you can continue to use 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.