Solar Panel Cost Guide in Spring Lake, MN (2023 Update)
- Spring Lake Solar Installation Cost: $14,234
- 25-Year Savings: $19,048
- Payback Period: 10.7 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Spring Lake
Let's have a look at the average cost of solar panels in Spring Lake.
While the national average of solar panels is $2.66 per watt, solar panels in Spring Lake generally cost around 2.84. To cover the typical energy needs of the average home in Spring Lake, most homeowners require a 7.2-kilowatt system. Using the figure above, a solar installation costs around $14,234, or $20,355 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much a solar panel system could cost. The exact cost of going solar can vary quite a bit based on several factors, such as how many panels you need, your energy consumption and what installation company you go with. With typical savings of about $18,000 on power bills over 20 years, many homeowners in Spring Lake find installing solar panels has a decent ROI.
You can click the button below to get connected with a vetted solar installer in Spring Lake for a quote for your home.
Solar savings over time in Spring Lake
| Year | Return on Investment |
|---|---|
| 1 years | $-12,903 |
| 3 years | $-10,240 |
| 5 years | $-7,578 |
| 7 years | $-4,915 |
| 9 years | $-2,253 |
| 11 years | $410 |
| 13 years | $3,073 |
| 15 years | $5,735 |
| 17 years | $8,398 |
| 19 years | $11,060 |
| 21 years | $13,723 |
| 23 years | $16,385 |
| 25 years | $19,048 |
Top Solar Installers in Spring Lake
When going solar, many homeowners prefer to go with a solar company since installing a solar system yourself can be a challenging project. A solar installer can also help save you money over the lifespan of your system by offering warranties, repairs and component replacements.
If you'd like to go solar but still aren't sure which solar system installer to go with, here are our recommendations for providers 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 Spring Lake
Factors that Affect Solar Panel Costs in Spring Lake
There are a number of criteria that can play into your solar system 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
Solar system size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. For that reason, it's a priority to accurately assess the size of the solar energy system needed for your home by figuring out your energy needs. Some solar panel brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Spring Lake, 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
Most solar companies in Spring Lake offer solar loans, which reduce your upfront costs of installing solar. You'll have to consider the long-term cost of financing options, including the amount of interest you'll pay over the length of the loan. If you can only 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 securing a solar loan with a low interest rate could reduce your costs considerably.
Solar Panel Installation Company
The solar installer you opt for to handle your switch to clean energy can play a part in your total costs. There are about 3 solar installation companies operating in Spring Lake, and each can charge varying amounts for labor and equipment. Some companies only sell high-efficiency and high-priced products — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come at a higher cost. It's best to do some research and choose a company that offers 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 | $15,488 | 11.1 years |
| 8 kW | $2.90 | $16,222 | $20,969 | 10.9 years |
| 10 kW | $2.84 | $19,880 | $26,609 | 10.7 years |
| 12 kW | $2.78 | $23,379 | $32,408 | 10.5 years |
| 14 kW | $2.73 | $26,719 | $38,366 | 10.3 years |
| 16 kW | $2.67 | $29,900 | $44,483 | 10.0 years |
| 18 kW | $2.61 | $32,921 | $50,759 | 9.8 years |
| 20 kW | $2.56 | $35,784 | $57,194 | 9.6 years |
How to Save on Solar Panels
There are many companies available in Spring Lake, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be tough, so here are some tips to help you decide:
- Contract: Though reading through a contract can be tedious, it's important to do it fully so you can make sure you understand what services your solar company will provide and the terms of the warranty.
- Solar Panel Brands: Different companies will offer different brands and kinds of panels. If you want a specific brand, make sure the solar panel installer you're considering has it.
- Warranty: If you're concerned about the durability of your solar panels, checking if your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Reputation: Companies that have been operating for many years likely have a high reputation. This is important because it ensures that it will not only see your solar installation through, but will also provide adequate aftercare and customer service, such as part repairs and replacements.
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 Spring Lake, MN Solar Cost FAQs
What is the average cost of installing solar panels in Spring Lake?
The average cost of solar panels in Spring Lake is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the real cost will depend on things such as the model of solar panels you want, what size system you need and how much energy you use.
What other factors should I consider in addition to cost when buying solar panels?
Cost is definitely one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Do solar panels increase the value of your home?
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 Spring Lake is currently $299,279, which means you can look forward to a value of about $12,270 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Spring Lake is a worthwhile investment.
How long do solar panels last in Spring Lake?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they should be disposed of at that time. What this means is how much energy they produce will have decreased significantly after that point. You can opt to replace them once you've had 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.