Solar Panel Cost Guide in Shorewood, MN (2024 Update)
- Shorewood Solar Installation Cost: $20,208
- 25-Year Savings: $19,250
- Payback Period: 15.1 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
Average Cost of Solar Panels in Shorewood
Here’s how much it might cost to switch to solar power in Shorewood.
In Shorewood, solar panels cost about 4 per watt on average.Since a 7.2-kW system is needed to cover the energy costs of a typical home in Shorewood, the average price of going solar will be about $20,208 after claiming the federal solar tax credit of 0.
Keep in mind that the figures above are only estimates based on the average Shorewood homeowner. 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.Many homeowners find installing a solar system is a sound investment. The average homeowner in Shorewood can save about $18,000 on their energy bills over 20 years.
For a personalized quote from a local solar installer that has been pre-vetted by the EcoWatch team, click the button below.
Solar savings over time in Shorewood
| Year | Return on Investment |
|---|---|
| 1 years | $-18,928 |
| 3 years | $-16,369 |
| 5 years | $-13,810 |
| 7 years | $-11,252 |
| 9 years | $-8,693 |
| 11 years | $-6,134 |
| 13 years | $-3,575 |
| 15 years | $-1,016 |
| 17 years | $1,543 |
| 19 years | $4,102 |
| 21 years | $6,661 |
| 23 years | $9,220 |
| 25 years | $11,778 |
Top Solar Installers in Shorewood
When making the switch to solar, many homeowners opt to go with a solar installation company since overseeing your solar installation yourself can be a time-consuming project. Some solar companies, especially local ones, can help you make the most of incentives in Shorewood, therefore optimizing your ROI.
Working with a vetted solar installer can make going solar easier. Here are our recommendations:
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 Shorewood
Factors that Affect Solar Panel Costs in Shorewood
For many Shorewood homeowners, the decision to install solar panels rests on cost. However, the range of solar installation costs can be quite wide in Shorewood, with typical prices between $20,000 to $40,000. There are various factors that greatly influence the price you’ll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it’s a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use.The kind of solar equipment you choose can bring your price up or down 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. However, higher efficiency could save you more in the long run on your energy bills. Additionally, add-on products, like solar batteries, can bump up your total well above the Shorewood average.
Solar Financing Terms
Most solar companies in Shorewood have solar loans, which reduce your upfront costs of installing solar.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 principal 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 hire to install your solar panel system can influence how much you pay. Shorewood’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 keep up with them by offering sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric car 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 | $10,448 | 15.7 years |
| 8 kW | $4.11 | $23,019 | $14,382 | 15.4 years |
| 10 kW | $4.03 | $28,210 | $18,542 | 15.1 years |
| 12 kW | $3.95 | $33,175 | $22,928 | 14.8 years |
| 14 kW | $3.87 | $37,914 | $27,539 | 14.5 years |
| 16 kW | $3.79 | $42,428 | $32,376 | 14.2 years |
| 18 kW | $3.71 | $46,716 | $37,438 | 13.9 years |
| 20 kW | $3.63 | $50,778 | $42,727 | 13.6 years |
How to Save on Solar Panels
The solar panel company you go with will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should consider, such as:
- Solar Panel Brands: Not all solar companies have the same brands of solar panels, so the brand and type of panel you want can play a considerable role in the company you opt for.
- Warranty: Warranties that cover replacement parts and repairs over a couple decades are the best you can get in the business, and offering that kind of warranty is one sign of a good company.
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Contract: It’s important to look over your solar installer’s contract thoroughly to understand what services they will provide, what the warranty covers and what you can expect about the project timeline.
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 Shorewood, MN Solar Cost FAQs
What is the average cost of installing solar panels in Shorewood?
This is a tough question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $20,150 for a 5-kW system and $40,300 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy needs. Conversely, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Are solar panels free in Shorewood?
A solar panel system isn’t free in Shorewood, but there are some options that can make getting them more affordable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Is it worth going solar in Shorewood?
Solar panels can be a beneficial investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get enough sunlight and/or your electricity bills are already reasonably low, solar panels might not be for you.
How often do you have to replace solar panels?
Even 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 the amount of energy they produce will have decreased significantly after that point. You can opt 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.