Solar Panel Cost Guide in Shoreview, MN (2024 Update)
- Shoreview Solar Installation Cost: $20,356
- 25-Year Savings: $21,441
- Payback Period: 14.2 Years
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Average Cost of Solar Panels in Shoreview
We go over average solar pricing in Shoreview.
The national average cost of solar panels is $2.66 per watt, but in Shoreview it’s 4 per watt.The average Shoreview homeowner needs a 7.2-kilowatt system, which would cost about $20,356 with the federal tax credit, or $29,109 before the 0 tax credit is applied.
These figures are just averages, and how much solar costs for you will vary based on your energy needs and what company you choose to go with.With typical savings of about $19,000 on power bills over 20 years, many homeowners in Shoreview find going solar can be quite rewarding.
To calculate your potential savings and connect with a local solar installer, click the button below.
Solar savings over time in Shoreview
| Year | Return on Investment |
|---|---|
| 1 years | $-19,076 |
| 3 years | $-16,518 |
| 5 years | $-13,959 |
| 7 years | $-11,400 |
| 9 years | $-8,841 |
| 11 years | $-6,282 |
| 13 years | $-3,723 |
| 15 years | $-1,164 |
| 17 years | $1,395 |
| 19 years | $3,954 |
| 21 years | $6,513 |
| 23 years | $9,071 |
| 25 years | $11,630 |
Top Solar Installers in Shoreview
DIY solar panel installation is a possibility, but it's an undertaking that can use up a lot of your time and energy. Hiring a solar panel installer can make your swap to solar power much easier. Because solar panels are exposed to temperature swings and extreme weather, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
Working with a professional solar installer can make going solar easier. Here are our recommendations:
See all of the solar companies in Shoreview
Factors that Affect Solar Panel Costs in Shoreview
Though the average cost of a solar system in Shoreview is $20,356, your actual cost may differ. There are quite a few factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
One of the most significant 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 electricity your household consumes, the larger your system will likely need to be. You can expect to spend about $4,030 per kilowatt in Shoreview.The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often have a higher price tag than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you will be looking at a higher equipment cost, but this can typically lead to greater savings over time. Also, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Solar panels can save you money on energy bills over time, but they can also be a significant investment. That’s why many Shoreview homeowners choose to finance their solar panel systems to offset upfront costs.You’ll have to consider the long-term cost of financing options, including the total 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 principal cost. Making a larger down payment or getting a solar loan with a low APR could reduce your costs significantly.
Solar Panel Installation Company
Lastly, the company you opt for to install your solar panels can play a part in determining the cost. Shoreview’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies compete with them by promoting sales and discounts. While the smaller companies might not have specific equipment options like Tesla Powerwall batteries or add-on services like electric vehicle charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.19 | $17,603 | $12,153 | 14.8 years |
| 8 kW | $4.11 | $23,019 | $16,655 | 14.5 years |
| 10 kW | $4.03 | $28,210 | $21,383 | 14.2 years |
| 12 kW | $3.95 | $33,175 | $26,337 | 13.9 years |
| 14 kW | $3.87 | $37,914 | $31,517 | 13.7 years |
| 16 kW | $3.79 | $42,428 | $36,922 | 13.4 years |
| 18 kW | $3.71 | $46,716 | $42,552 | 13.1 years |
| 20 kW | $3.63 | $50,778 | $48,409 | 12.8 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 pick the right company for you, here are some tips to keep in mind:
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Contract: Though reading through a contract can take a lot of time, it’s important to do it fully so you can make sure you understand what services your solar company will provide and how part repairs and replacements will be handled.
- Warranty: If you’re concerned about the endurance of your solar energy system, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Installation Process: Homeowners should make sure they understand how exactly the installation process will be carried out, as well as important factors like the project timeline.
EcoWatch's Shoreview, MN Solar Cost FAQs
What is the average cost of installing solar panels in Shoreview?
The average cost of solar panels in Shoreview is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the actual cost will depend on things like the model of solar panels you want, what size system you need and how much energy you use.
Can you get solar panels for free in Shoreview?
Solar panels aren’t free in Shoreview, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Do solar panels increase your home value?
Installing solar panels on your home can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Shoreview is currently $400,367, which means you could be looking at a value of about $16,415 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Shoreview is a worthwhile investment.
How long do solar panels last in Shoreview?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger level of energy production.
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.