Solar Panel Cost Guide in Shorewood, MN (2023 Update)
- Shorewood Solar Installation Cost: $14,241
- 25-Year Savings: $19,250
- Payback Period: 10.6 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Shorewood
Let's take a look at the average cost of solar panels in Shorewood.
Although the national average of solar panels is $2.66 per watt, solar panels in Shorewood typically cost around 2.84. The average Shorewood homeowner needs a 7.2-kilowatt system, which would cost about $14,234 with the federal tax credit, or $20,355 before the 30% tax credit is applied.
Keep in mind that the numbers above are only averages. The price you'll pay for solar may look quite different based on your household energy needs, the type of solar system you choose, your solar contractor and more. Many homeowners find going solar is a rewarding investment. The average homeowner in Shorewood can save around $18,000 on their power bills over 20 years.
Click the button below to get connected to a reputable solar installer in your area for a custom estimate.
Solar savings over time in Shorewood
| Year | Return on Investment |
|---|---|
| 1 years | $-12,961 |
| 3 years | $-10,402 |
| 5 years | $-7,843 |
| 7 years | $-5,285 |
| 9 years | $-2,726 |
| 11 years | $-167 |
| 13 years | $2,392 |
| 15 years | $4,951 |
| 17 years | $7,510 |
| 19 years | $10,069 |
| 21 years | $12,628 |
| 23 years | $15,187 |
| 25 years | $17,746 |
Top Solar Installers in Shorewood
Installing solar panels yourself can be a challenging project, which is why using a solar installer is a good option for many homeowners. The expertise that solar companies provide can be helpful as well, especially if you aren't sure what brand of solar equipment you need.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some near you:
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 Shorewood
Factors that Affect Solar Panel Costs in Shorewood
Cost is typically one of the most important factors for homeowners wanting to invest in solar. There are a few key factors that affect your total cost in Shorewood: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
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 energy your household uses, the larger your system will likely need to be. You can expect to spend about $2,840 per kilowatt in Shorewood. Some solar brands — like Maxeon from SunPower — are more costly upfront but also tend to offer higher efficiency. In a city like Shorewood, where sunlight isn't as abundant, efficiency can quickly pay off. Also, if you have a small roof or you don't have a lot of space for your panels, higher efficiency options will be more impactful. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Solar panels can save you money on utility bills over time, but they can also be a significant investment. That's why many Shorewood homeowners choose to finance their solar panel systems to offset upfront costs. Even though solar loans make switching to solar energy more accessible for Shorewood homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
The solar company you choose will influence your total cost to go solar. Different companies will charge different amounts for the equipment and labor. You may notice national solar installers that have lower prices because of their bigger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or specials 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 | $15,646 | 11.1 years |
| 8 kW | $2.90 | $16,222 | $21,180 | 10.8 years |
| 10 kW | $2.84 | $19,880 | $26,872 | 10.6 years |
| 12 kW | $2.78 | $23,379 | $32,724 | 10.4 years |
| 14 kW | $2.73 | $26,719 | $38,735 | 10.2 years |
| 16 kW | $2.67 | $29,900 | $44,904 | 10.0 years |
| 18 kW | $2.61 | $32,921 | $51,233 | 9.8 years |
| 20 kW | $2.56 | $35,784 | $57,721 | 9.6 years |
How to Save on Solar Panels
There are many 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:
- 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 your solar system's energy production.
- Warranty: If you're worried about the endurance of your solar system, ensuring your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it likely has a good reputation and is qualified to install your solar system. Another way you can research your installer's reputation is by reading reviews.
- Solar Panel Brands: The type of solar panel you want to install plays a role in which installer you should go with, since different companies have access to different panels.
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 Shorewood, MN Solar Cost FAQs
How much does it cost to install solar panels in Shorewood?
The average cost of solar panels in Shorewood is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the type of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider other than cost when buying solar panels?
Cost is certainly one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase your property value?
Solar panels can increase the value of your home significantly as long as you buy or finance your panels and don't opt for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% with a solar installation."
How many solar panels do I need to power my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home 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.