Solar Panel Cost Guide in Shakopee, MN (Mar 2023)
- Shakopee Solar Installation Cost: $14,234
- 25-Year Savings: $19,543
- Payback Period: 10.5 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Shakopee
Find out what the average cost of solar panels are in Shakopee.
The average cost of a solar system in Shakopee is 2.84 per watt. The average solar panel system size in Shakopee is around 7.2 kilowatts, meaning a cost of about $14,234 for a solar installation, or $20,355 before the 30% federal solar tax credit is applied.
These figures are only averages, and how much solar costs for you will most likely differ based on your energy needs and what company you choose to go with. For most homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $18,000 in savings on utility bills over 20 years.
To receive a free quote from a highly rated solar installer in Shakopee, you can click the button below.
Solar savings over time in Shakopee
| Year | Return on Investment |
|---|---|
| 1 years | $-12,883 |
| 3 years | $-10,181 |
| 5 years | $-7,479 |
| 7 years | $-4,777 |
| 9 years | $-2,074 |
| 11 years | $628 |
| 13 years | $3,330 |
| 15 years | $6,032 |
| 17 years | $8,734 |
| 19 years | $11,436 |
| 21 years | $14,139 |
| 23 years | $16,841 |
| 25 years | $19,543 |
Top Solar Installers in Shakopee
When going solar, many homeowners decide to go with a solar company since handling can be a difficult project. Plus, if you're unsure what type of solar panels and equipment you want, a solar expert can help you find the right equipment for you after a site survey and consultation.
If you're looking for a solar company in Shakopee, the EcoWatch team has put together a list of our top suggestions here:
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 Shakopee
Factors that Affect Solar Panel Costs in Shakopee
Even though the average cost of a solar system in Shakopee is $14,234, your actual cost may be above or below the average. There are many factors that can have a significant impact on the cost of a solar system installation. Below are some of the more important things to consider.
Solar Equipment
One of the most important factors to consider when it comes to the cost of installing solar panels 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 spend about $2,840 per kilowatt in Shakopee. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for 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, more efficient panels could save you more over time on your power bills. In addition, add-on products, like solar batteries, can bump up your total well above the Shakopee average.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a big investment. That's why many Shakopee homeowners decide to finance their solar panel systems to offset upfront costs. However, the interest on solar loans also adds to your total costs, so it's crucial to keep that in mind as well. You can always bring down the total you pay in interest and in some cases even your APR by making a larger down payment.
Solar Panel Installation Company
The solar company you opt for to handle your switch to green energy can have an effect on your total costs. There are about 3 solar installation companies operating in Shakopee, and each can charge varying amounts for labor and equipment. Additionally, some companies in Shakopee have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $15,903 | 11.0 years |
| 8 kW | $2.90 | $16,222 | $21,522 | 10.7 years |
| 10 kW | $2.84 | $19,880 | $27,300 | 10.5 years |
| 12 kW | $2.78 | $23,379 | $33,237 | 10.3 years |
| 14 kW | $2.73 | $26,719 | $39,334 | 10.1 years |
| 16 kW | $2.67 | $29,900 | $45,589 | 9.9 years |
| 18 kW | $2.61 | $32,921 | $52,003 | 9.7 years |
| 20 kW | $2.56 | $35,784 | $58,576 | 9.5 years |
How to Save on Solar Panels
There are many companies to choose from in Shakopee, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be tough, so here are some tips to help you decide:
- Reputation: Long-standing companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide adequate aftercare and customer support, such as part repairs and replacements.
- Warranty: A high-quality company rises above other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Contract: Review the contract terms closely to make sure you understand the total cost, project completion timeline incentives and warranties.
- Solar Panel Brands: Homeowners will have different preferences for panels based on their roof configurations and energy needs. Although 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 ask for their list of offerings before making your decision.
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 Shakopee, MN Solar Cost FAQs
How much does it cost to install solar panels in Shakopee?
This is a tough question to answer exactly, because the cost depends on a few different 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 be more expensive if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or cheaper solar panels.
Is cost the most important consideration when buying solar panels?
Cost is definitely one of the most important things to bear in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Shakopee?
Solar panels can be a beneficial investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your electricity bills are already pretty low, solar panels might not be for you.
What solar power system size is right for my home?
To figure out how many solar panels 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 household 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.