Solar Panel Cost Guide in Spring Lake Park, MN (2023 Update)
- Spring Lake Park Solar Installation Cost: $14,314
- 25-Year Savings: $21,472
- Payback Period: 10.0 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Spring Lake Park
Let's take a look at the average cost of solar in Spring Lake Park.
In Spring Lake Park, solar panels cost about 2.84 per watt on average. The average Spring Lake Park homeowner needs a 7.2-kilowatt system, which would cost about $14,314 with the federal tax credit, or $20,469 before the 30% tax credit is applied.
These figures are just averages, and the cost of going solar for you will look different based on factors unique to your home and what company you choose to go with. Despite the high upfront cost, the average Spring Lake Park homeowner can save about $19,000 on their electricity bills over 20 years, which is one of the advantages of solar.
To calculate your potential ROI and connect with a local solar company, click the button below.
Solar savings over time in Spring Lake Park
| Year | Return on Investment |
|---|---|
| 1 years | $-12,882 |
| 3 years | $-10,019 |
| 5 years | $-7,156 |
| 7 years | $-4,294 |
| 9 years | $-1,431 |
| 11 years | $1,432 |
| 13 years | $4,295 |
| 15 years | $7,158 |
| 17 years | $10,021 |
| 19 years | $12,884 |
| 21 years | $15,747 |
| 23 years | $18,610 |
| 25 years | $21,472 |
Top Solar Installers in Spring Lake Park
Do-it-yourself solar panel installation is a choice some homeowners opt for, but it's an undertaking that can take a lot of hard work. Using an installer can make converting to solar power much easier. The payback period on an investment in solar panels will vary based on factors like your roof configuration and energy use, but working with a solar company can shorten it. Your provider will be able to help you apply for incentives available in your area.
There are several licensed solar professionals that can help you install your solar panels. Here are our suggestions:
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 Park
Factors that Affect Solar Panel Costs in Spring Lake Park
The cost of installing a solar system in Spring Lake Park can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The biggest one is your system size, and other factors include the equipment you choose, financing options and the solar installer you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. Because of that, it's important to accurately gauge the size of the solar energy system needed for your home by figuring out your typical energy use. The kind of solar panels and equipment you choose is another factor that will substantially affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to cost more. Furthermore, solar equipment goes beyond just the solar panels themselves. You'll also need to think about the kind of racks used to mount the panels, inverters, solar batteries, etc. It's important to take all of this into consideration when researching a solar system that's in your budget.
Solar Financing Terms
Many homeowners find the average cost of solar in Spring Lake Park to be too steep, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides access to financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to a higher cost over time because of interest. While solar loans make going solar more accessible for Spring Lake Park homeowners, they can also add to 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 last major cost factor you should take into consideration is the installer you choose. Given the growing popularity of sustainable energy solutions in Spring Lake Park, you'll have many options to choose from, but each comes at different price points for labor and equipment. The company's size can sometimes play the most significant role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices because of access to greater resources and better pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing down to compete with bigger names.
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 | $17,428 | 10.4 years |
| 8 kW | $2.90 | $16,222 | $23,555 | 10.2 years |
| 10 kW | $2.84 | $19,880 | $29,842 | 10.0 years |
| 12 kW | $2.78 | $23,379 | $36,287 | 9.8 years |
| 14 kW | $2.73 | $26,719 | $42,892 | 9.6 years |
| 16 kW | $2.67 | $29,900 | $49,655 | 9.4 years |
| 18 kW | $2.61 | $32,921 | $56,578 | 9.2 years |
| 20 kW | $2.56 | $35,784 | $63,659 | 9.0 years |
How to Save on Solar Panels
The solar installer you go with will be a major factor in determining not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are several important things you should take into account, such as:
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, longevity and energy efficiency. They will come at different prices as well. The company you choose impacts which solar panel brands you have access to.
- Reputation: Solar panel companies that have great reviews from their customers and that have been in business for many years most likely provide high-quality solar panel installation and expertise.
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the best you can get in the business, and offering that kind of warranty is one indication of a quality company.
- Contract: Review the contract terms closely to make sure you understand the overall cost, project completion timeline incentives and warranties.
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 Park, MN Solar Cost FAQs
What is the average cost of installing solar panels in Spring Lake Park?
The average cost of solar panels in Spring Lake Park 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 type of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Spring Lake Park?
Leasing solar panels can be an attractive choice, because it commonly comes with low or $0 upfront payments. The downside 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 maximize your savings.
Can solar panels significantly reduce my power bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $994.43 per year.
How long do solar panels last in Spring Lake Park?
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 the amount of energy they produce will have decreased significantly after that point. You can choose to replace them after having them for that long or you can keep using 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.