Solar Panel Cost Guide in St. Michael, MN (2024 Update)
- St. Michael Solar Installation Cost: $20,102
- 25-Year Savings: $11,884
- Payback Period: 15.0 Years
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Average Cost of Solar Panels in St. Michael
Let’s have a look at the average cost of solar panels in St. Michael.
In St. Michael, solar panels cost about 4 per watt on average.Using this figure, a typical 7.1-kW system would cost about $20,102 before the 0 federal solar tax credit is applied.
The true price you pay can be higher or lower than the average in St. Michael based on a few factors, such as the kind of solar panels you choose and the solar contractor you hire.For many homeowners, the upfront investment in solar power is worth paying. On average you could be looking at about $18,000 in savings on electricity bills over 20 years.
To get a free quote from a vetted solar installer in St. Michael, you can click the button below.
Solar savings over time in St. Michael
| Year | Return on Investment |
|---|---|
| 1 years | $-18,822 |
| 3 years | $-16,263 |
| 5 years | $-13,704 |
| 7 years | $-11,146 |
| 9 years | $-8,587 |
| 11 years | $-6,028 |
| 13 years | $-3,469 |
| 15 years | $-910 |
| 17 years | $1,649 |
| 19 years | $4,208 |
| 21 years | $6,767 |
| 23 years | $9,326 |
| 25 years | $11,884 |
Top Solar Installers in St. Michael
When switching to solar energy, many homeowners prefer to hire a solar company since putting up a solar system yourself can be a challenging project. Solar warranties and repairs are typically included in the cost of installation when you sign a contract with a solar company as well, which can save you more money after your initial investment.
If you’d like to go solar but still aren’t certain which solar company to go with, here are our recommendations for providers nearby:
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 St. Michael
Factors that Affect Solar Panel Costs in St. Michael
For many St. Michael homeowners, the decision to install a solar energy system rests on cost. However, the range of solar installation costs can be quite wide in St. Michael, with typical prices between $20,000 to $40,000. There are numerous factors that greatly influence the price you’ll pay, which we'll go over 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 electricity your household consumes, the larger your system will likely need to be. You can expect to spend about $4,030 per kilowatt in St. Michael.The type of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose the most efficient solar panel brands, you’ll end up paying more upfront than if you opted for the most affordable panels. On the other hand, higher efficiency could save you more over time on your electric bills. In addition, extra products, such as solar batteries, can bump up your total well above the St. Michael average.
Solar Financing Terms
If paying for a solar system out of pocket is difficult, solar loans are a solid route because they reduce your upfront costs and allow you to pay for your system over five to seven years on average.While solar loans make going solar more accessible for St. Michael homeowners, they can also raise the total you pay for your system, depending on your interest rate and how long you take to pay off the loan. If you put down a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
A final consideration when trying to evaluate the cost of solar for your home or business in St. Michael is the company you hire to install your solar panel system. Similar to choosing a company to build a deck or pool, for example, there’s no shortage of solar installers that provide a range of services for different budgets.Additionally, some companies in St. Michael have more knowledge about local solar incentives and can help you make good use of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could end up saving you more money in the long run.
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 | $10,666 | 15.6 years |
| 8 kW | $4.11 | $23,019 | $14,673 | 15.3 years |
| 10 kW | $4.03 | $28,210 | $18,905 | 15.0 years |
| 12 kW | $3.95 | $33,175 | $23,363 | 14.7 years |
| 14 kW | $3.87 | $37,914 | $28,047 | 14.4 years |
| 16 kW | $3.79 | $42,428 | $32,957 | 14.1 years |
| 18 kW | $3.71 | $46,716 | $38,092 | 13.8 years |
| 20 kW | $3.63 | $50,778 | $43,453 | 13.5 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some things to keep in mind to help with your decision:
- Installation Process: Make sure you’re on the same page with the installer in regard to how the installation process will go and what you need to do before your solar panel system is installed, such as repairing your electrical system or roof.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking its number of years in business and reading reviews by previous customers and solar experts like EcoWatch.
- Warranty: Each company may offer different types of warranties that provide different kinds of coverage. A 25-year, all-inclusive warranty is the gold standard.
- Contract: It’s important to read your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what you can expect about your solar system’s energy production.
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 St. Michael, MN Solar Cost FAQs
What is the average cost of installing solar panels in St. Michael?
This is a difficult question to answer exactly, because the cost depends on a variety of factors. Generally speaking, it costs about $20,150 for a 5-kW system and $40,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or higher quality panels, or if you have higher-than-average energy consumption. On the flip side, you can spend less if you choose a smaller solar panel system or cheaper solar panels.
Is cost the most important thing to think about 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?
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 St. Michael is currently $416,939, which means you can look forward to a value of about $17,094 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in St. Michael is a rewarding investment.
How long do solar panels last in St. Michael?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they stop working completely at that time. What this means is the amount of energy they produce will have decreased significantly after that point. You can 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.