Solar Panel Cost Guide in Spring Lake Park, MN (2024 Update)
- Spring Lake Park Solar Installation Cost: $20,303
- 25-Year Savings: $21,478
- Payback Period: 14.2 Years
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Average Cost of Solar Panels in Spring Lake Park
Find out what the average cost of a solar system is in Spring Lake Park.
The national average cost of solar panels is $2.66 per watt, but in Spring Lake Park it’s 4 per watt.Because a 7.2-kW system is needed to cover the energy costs of a typical home in Spring Lake Park, the average price of going solar will be about $20,303 after claiming the federal solar tax credit of 0.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The actual cost of installing solar panels can vary quite a bit based on multiple factors, such as how many panels you need, your energy consumption and what company you go with.But, after you've paid the upfront cost of installation, the payback for most homeowners is typically rewarding, with a net average savings of about $19,000 over 20 years on electricity bills.
You can click the button below to get connected with a vetted solar company in Spring Lake Park that can help you get a more accurate cost estimate for your home.
Solar savings over time in Spring Lake Park
| Year | Return on Investment |
|---|---|
| 1 years | $-19,024 |
| 3 years | $-16,465 |
| 5 years | $-13,906 |
| 7 years | $-11,347 |
| 9 years | $-8,788 |
| 11 years | $-6,229 |
| 13 years | $-3,671 |
| 15 years | $-1,112 |
| 17 years | $1,447 |
| 19 years | $4,006 |
| 21 years | $6,565 |
| 23 years | $9,124 |
| 25 years | $11,683 |
Top Solar Installers in Spring Lake Park
Although you can install solar panels by yourself, it involves extra energy and knowledge. That's one of the reasons most homeowners choose to go with a solar panel installer. Some solar companies, especially local ones, can help you take advantage of incentives in Spring Lake Park, therefore optimizing your ROI.
If you’d like to go solar but still aren’t certain which solar system company to go with, here are our suggestions for providers nearby:
See all of the solar companies in Spring Lake Park
Factors that Affect Solar Panel Costs in Spring Lake Park
There are several factors that can affect your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar panels.
Solar Equipment
When it comes to estimating the cost of a solar panel system in Spring Lake Park, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are chiefly based on your home’s energy usage, which you can figure out by looking at past power bills. Your overall cost can increase by about $4,030 for each additional kilowatt you need.The type of solar panels and equipment you want is another factor that will substantially influence costs. Solar panels that are more efficient, like monocrystalline panels, tend to cost more. Furthermore, solar equipment consists of more than just the solar panels themselves. You’ll also need to make decisions 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 falls within your budget.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a solid route because they cut back your upfront costs and let you pay for your system over five to seven years on average.It’s a good idea to include the interest you’ll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it’ll take to pay off the loan.
Solar Panel Installation Company
Lastly, the company you hire to install your solar system can affect the cost. Spring Lake Park’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company sometimes plays the most considerable role in the cost. 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 can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower to compete with bigger companies.
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 | $12,230 | 14.8 years |
| 8 kW | $4.11 | $23,019 | $16,758 | 14.5 years |
| 10 kW | $4.03 | $28,210 | $21,512 | 14.2 years |
| 12 kW | $3.95 | $33,175 | $26,491 | 13.9 years |
| 14 kW | $3.87 | $37,914 | $31,696 | 13.6 years |
| 16 kW | $3.79 | $42,428 | $37,127 | 13.3 years |
| 18 kW | $3.71 | $46,716 | $42,783 | 13.0 years |
| 20 kW | $3.63 | $50,778 | $48,665 | 12.8 years |
How to Save on Solar Panels
The solar company you choose 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 can get. When choosing a solar company, there are a few important things you should take into account, such as:
- Warranty: Companies typically offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. While there are many options for which kind of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you peruse their list of offerings before making your decision.
- Installation Process: Make sure you’re aligned with the company in regard to how the installation process will go and what needs to be done before your solar system is installed, such as updating or replacing your electrical system or roof.
- Reputation: Your solar installer should have a good reputation as a company and have proven expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has good reviews from previous customers.
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 $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the real cost will depend on stuff like the kind of solar panels you want, what size system you need and how much energy you consume.
Are solar panels free in Spring Lake Park?
Solar panels aren’t free in Spring Lake Park, but there are some options that can make getting them more feasible, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that can help lower the cost.
Is it worth going solar in Spring Lake Park?
Solar panels can be a fruitful investment for lots of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already pretty low, solar panels might not be for you.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger amount of energy production.
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.