Solar Panel Cost Guide in Shakopee, MN (2023 Update)
- Shakopee Solar Installation Cost: $14,232
- 25-Year Savings: $19,545
- Payback Period: 10.5 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Shakopee
We go over average solar pricing in Shakopee.
In Shakopee, solar panels cost about 2.84 per watt on average. Using this figure, a typical 7.2-kW system would cost about $14,234 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 Shakopee homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. Many homeowners find going solar is a sound investment. The average homeowner in Shakopee can save around $18,000 on their electricity bills over 20 years.
To receive a free estimate from a highly rated solar installation company in Shakopee, you can click the button below.
Solar savings over time in Shakopee
| Year | Return on Investment |
|---|---|
| 1 years | $-14,120 |
| 3 years | $-13,894 |
| 5 years | $-13,669 |
| 7 years | $-13,444 |
| 9 years | $-13,219 |
| 11 years | $-12,994 |
| 13 years | $-12,769 |
| 15 years | $-12,543 |
| 17 years | $-12,318 |
| 19 years | $-12,093 |
| 21 years | $-11,868 |
| 23 years | $-11,643 |
| 25 years | $-11,418 |
Top Solar Installers in Shakopee
Do-it-yourself solar panel installation is a way to cut costs, but it's an undertaking that can be a headache. Taking advantage of a solar panel installer can make swapping over to solar power much easier. The expertise that solar installers offer can be invaluable as well, especially if you don't quite know what brand of solar equipment would be right 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 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 several factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to some different factors. One of the notable factors is the system size, which is measured in kilowatts (kW). Solar power systems with better efficiency or power production need better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $2,840. 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
For some homeowners, paying for solar panels out of pocket can be challenging. Solar loans are available from most installers in Shakopee, which can reduce, or in some cases eliminate, your upfront costs to make solar more accessible. However, the interest on solar loans also adds to your overall costs, so it's important to keep that in mind as well. You can always lower the total you pay in interest and in some cases even your APR by putting more money down.
Solar Panel Installation Company
The solar installer you select will impact your total cost to make the switch to solar energy. Different companies will bill different amounts for the equipment and labor. You may see national solar installers that have lower prices because of their larger brand name and access to bulk equipment pricing, 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 | $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 available in Shakopee, and some homeowners feel overwhelmed considering their options. Selecting the right company for you can be difficult, so here are some tips to help you decide:
- Contract: Although 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 how part repairs and replacements will be handled.
- Solar Panel Brands: Each solar panel brand and type has varying levels of quality, durability and energy efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
- Warranty: A high-quality company rises above other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
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 Shakopee, MN Solar Cost FAQs
How much does it cost to install solar panels in Shakopee?
This is a hard question to answer exactly, 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 other solar equipment or higher quality panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Is it better to lease or buy solar panels in Shakopee?
Leasing solar panels can be an option if you can't afford to pay upfront or get a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your property 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 bang for your buck from going solar.
Is it worth going solar in Shakopee?
Whether or not solar panels are worth it depends on some different factors like local electricity rates and how much direct sunlight your roof gets.
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 needs 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.