Solar Panel Cost Guide in St Peter, MN (2023 Update)
- St Peter Solar Installation Cost: $14,115
- 25-Year Savings: $20,191
- Payback Period: 10.3 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in St Peter
Here's how much it might cost to go solar in St Peter.
The average cost of a solar system in St Peter is 2.84 per watt. The average St Peter homeowner needs a 7.1-kilowatt system, which would cost about $14,115 with the federal tax credit, or $20,184 before the 30% tax credit is applied.
These figures are only averages, and the cost of going solar for you will differ based on your energy needs and what company you choose to go with. Despite the large upfront cost, the average St Peter homeowner can save around $18,000 on their power bills over 20 years, which is one of the positives of solar.
For a customized quote from a local solar company that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in St Peter
| Year | Return on Investment |
|---|---|
| 1 years | $-12,743 |
| 3 years | $-9,998 |
| 5 years | $-7,254 |
| 7 years | $-4,509 |
| 9 years | $-1,765 |
| 11 years | $980 |
| 13 years | $3,724 |
| 15 years | $6,468 |
| 17 years | $9,213 |
| 19 years | $11,957 |
| 21 years | $14,702 |
| 23 years | $17,446 |
| 25 years | $20,191 |
Top Solar Installers in St Peter
Although it's possible to install solar panels by yourself, it requires extra labor and expertise. That's one of the reasons the majority of homeowners choose to hire a solar panel installer. Companies can also have access to a large variety of the best solar panels and help you choose which one will be right for your home.
You can work with a local solar installer to get a free estimate on how much solar panels could cost for your home. Here are some 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 St Peter
Factors that Affect Solar Panel Costs in St Peter
The cost of installing a solar system in St Peter can vary by more than $10,000 from home to home. Your actual cost is determined by several factors. The largest one is the size of the system your household needs, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
When it comes to estimating the price of a solar panel system in St Peter, one of the most important factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are largely based on your home's energy usage, which you can gauge by looking at past power bills. Your total cost can increase by around $2,840 for each additional kilowatt you need. 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 are often more expensive 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 will be looking at a higher equipment cost, but this can typically lead to more 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 solar panels out of pocket is too expensive, solar loans are a popular route because they decrease your upfront costs and let you pay for your system over five to seven years on average. When figuring out your overall cost, you should also calculate the interest you'll pay if you go with a solar loan. Also, paying a higher down payment can lower the total interest paid over time.
Solar Panel Installation Company
A final consideration when trying to figure out the cost of solar for your home or business in St Peter is the company you hire to install your solar panel system. Similar to choosing a company to build a deck or pool, for instance, you'll have no shortage of solar installers that offer a range of services at different costs. The company's size can sometimes play the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower pricing because of 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 | $2.95 | $12,405 | $16,569 | 10.7 years |
| 8 kW | $2.90 | $16,222 | $22,411 | 10.5 years |
| 10 kW | $2.84 | $19,880 | $28,411 | 10.3 years |
| 12 kW | $2.78 | $23,379 | $34,570 | 10.1 years |
| 14 kW | $2.73 | $26,719 | $40,888 | 9.9 years |
| 16 kW | $2.67 | $29,900 | $47,366 | 9.7 years |
| 18 kW | $2.61 | $32,921 | $54,002 | 9.5 years |
| 20 kW | $2.56 | $35,784 | $60,798 | 9.3 years |
How to Save on Solar Panels
The solar installer you opt for will be a major factor in determining not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are some important things you should take into account, including:
- Installation Process: Homeowners should understand how exactly the installation process will go, as well as important factors like the completion timeline.
- Reputation: Companies that have been in business for many years likely have a solid 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.
- Contract: Read the contract terms closely to make sure you understand how much it will cost, project timeline rebates and warranties.
- Solar Panel Brands: Not all solar installers offer the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you hire.
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 Peter, MN Solar Cost FAQs
How much does it cost to install solar panels in St Peter?
The average cost of solar panels in St Peter is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the actual cost will depend on stuff such as the model of solar panels you want, what size system you need and how much energy you consume.
Is it better to lease or buy solar panels in St Peter?
Leasing solar panels can be an attractive choice, as it typically 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 way to go if you want to maximize your savings.
How much can I save on power bills after switching to solar?
Solar panels can potentially eliminate your electricity bills depending on your location 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 $965.82 per year.
How often do you have to replace solar panels?
Even 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 replace them after having 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.