Solar Panel Cost Guide in Shorewood, MN (2023 Update)
- Shorewood Solar Installation Cost: $14,234
- 25-Year Savings: $19,256
- Payback Period: 10.6 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Shorewood
We break down average solar pricing in Shorewood.
The average cost of a solar panel system in Shorewood is 2.84 per watt. 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 end up paying for solar may look quite different based on your household energy use, the type of solar system you want to get, your solar contractor and more. Even with the significant initial cost, the average Shorewood homeowner can save about $18,000 on their energy bills over 20 years, which is one of the positives of solar.
You can click the button below to get connected with a vetted solar company in Shorewood that can help you get a more accurate cost estimate for your home.
Solar savings over time in Shorewood
| Year | Return on Investment |
|---|---|
| 1 years | $-12,894 |
| 3 years | $-10,215 |
| 5 years | $-7,536 |
| 7 years | $-4,857 |
| 9 years | $-2,178 |
| 11 years | $502 |
| 13 years | $3,181 |
| 15 years | $5,860 |
| 17 years | $8,539 |
| 19 years | $11,219 |
| 21 years | $13,898 |
| 23 years | $16,577 |
| 25 years | $19,256 |
Top Solar Installers in Shorewood
Many homeowners opt for a solar installation company since trying to put up solar panels on your own can be a lot of work. The expertise that solar installers offer can be valuable as well, especially if you aren't sure what kind of solar equipment you need.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some in Shorewood:
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 Shorewood
Factors that Affect Solar Panel Costs in Shorewood
There are many criteria that can influence your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that does the installation.
Solar Equipment
The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the main factors is the system size, which is measured in kilowatts (kW). Solar power systems that have higher efficiency or power production require 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 brand and type of equipment you get for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you're opting for high efficiency because you have a small roof or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to greater savings over time. Plus, if you want extra equipment like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a popular route because they reduce your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. It's wise to include the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and the amount of time it'll take to pay off the loan.
Solar Panel Installation Company
The solar installer you go with to handle your switch to solar energy can play a role in your total costs. There are about 3 solar installation companies in Shorewood, and each can charge varying amounts for labor and equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally cost more. It's best to do some research and decide on the company that provides the products, warranties and services you're looking for and also fit into your budget.
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
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Because picking a company can be a tough decision, we have some tips to help you, such as:
- Solar Panel Brands: Different companies carry different brands and types of panels. If you prefer a specific brand, make sure the solar panel company you're considering has it.
- Contract: When reading through your solar company's contract, ask for clarification about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or if the company goes out of business.
- Warranty: A high-quality company stands out from other companies by offering the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
- Reputation: Solar companies that have great reviews from their customers and that have been in business for many years in most cases offer high-quality solar panel installation and expertise.
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 Shorewood, MN Solar Cost FAQs
How much does it cost to install solar panels in Shorewood?
This is a difficult 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 other solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you want a smaller solar panel system or less efficient solar panels.
Is it better to lease or buy solar panels in Shorewood?
Leasing solar panels can be an attractive choice, because it commonly comes with low or $0 upfront payments. The drawback is that you won't be able to save as much. If you lease, you don't own the system, so you can't claim any tax rebates and credits and your home value won't increase. Buying solar panels is a better option if you want to get the most savings.
Can you sell solar power back to the grid in Shorewood?
The majority of states offer net metering programs of some kind. Through these, you can either get paid for the extra power your system generates or or receive credits to put toward future electricity bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the amount of sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to buy between 20 and 35 panels to account for their typical energy usage.
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.