Solar Panel Cost Guide in Thief River Falls, MN (2023 Update)
- Thief River Falls Solar Installation Cost: $14,482
- 25-Year Savings: $16,499
- Payback Period: 11.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Thief River Falls
We break down average solar pricing in Thief River Falls.
The average cost of a solar system in Thief River Falls is 2.84 per watt. To cover the typical energy needs of the average home in Thief River Falls, most homeowners require a 7.3-kilowatt system. Using the per-watt figure above, a solar installation costs around $14,473, or $20,696 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average energy use of Thief River Falls homeowners. The cost of a solar system for your home may look different depending on factors unique to you, like your household energy use and solar contractor. But, after you've paid the initial cost of installation, the ROI for most homeowners is typically good, with a net average savings of about $16,000 over 20 years on electricity bills.
Click the button below to get connected to a reputable solar installer in your area for a customized quote.
Solar savings over time in Thief River Falls
| Year | Return on Investment |
|---|---|
| 1 years | $-13,520 |
| 3 years | $-11,595 |
| 5 years | $-9,671 |
| 7 years | $-7,746 |
| 9 years | $-5,822 |
| 11 years | $-3,897 |
| 13 years | $-1,972 |
| 15 years | $-48 |
| 17 years | $1,877 |
| 19 years | $3,802 |
| 21 years | $5,726 |
| 23 years | $7,651 |
| 25 years | $9,575 |
Top Solar Installers in Thief River Falls
Many homeowners choose to hire a solar installation company since trying to put up solar panels yourself can be hard. A solar company can also help save you money over the lifespan of your system by providing warranties, repairs and part replacements.
If you'd like to start using solar energy but still aren't sure which solar system 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 Thief River Falls
Factors that Affect Solar Panel Costs in Thief River Falls
Cost is usually one of the most important factors for homeowners wanting to invest in solar. There are a few primary factors that will push your cost above or below the average in Thief River Falls: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar system you need, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,840. The solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you get 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 in the long run on your energy bills. Additionally, add-on products, like solar batteries, can bring your total well above the Thief River Falls average.
Solar Financing Terms
Many homeowners find the average cost of solar in Thief River Falls to be prohibitively expensive, even if the investment pays off over time. Fortunately, almost every solar company in the area offers financing options. Solar loans greatly decrease upfront costs for most homeowners, but they also result in higher prices over time because of interest. Although solar loans make adopting solar energy more accessible for Thief River Falls homeowners, they can also add to the total you pay for your system due to interest. 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
Finally, the company you opt for to install your solar panels can play a role in determining your pricing. Thief River Falls' solar companies all have different labor costs and add varying upcharges to equipment. Some companies only sell products with high efficiency and therefore a higher price point — like Maxeon solar panels from SunPower or Tesla Powerwall batteries — so choosing those installers will generally come with an above-average cost. It's best to do some research and decide on the company that has the products, warranties and services you're looking for and also is within 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 | $13,111 | 12.2 years |
| 8 kW | $2.90 | $16,222 | $17,800 | 11.9 years |
| 10 kW | $2.84 | $19,880 | $22,647 | 11.7 years |
| 12 kW | $2.78 | $23,379 | $27,654 | 11.5 years |
| 14 kW | $2.73 | $26,719 | $32,820 | 11.2 years |
| 16 kW | $2.67 | $29,900 | $38,144 | 11.0 years |
| 18 kW | $2.61 | $32,921 | $43,628 | 10.8 years |
| 20 kW | $2.56 | $35,784 | $49,271 | 10.5 years |
How to Save on Solar Panels
There are numerous companies to choose from in Thief River Falls, and some homeowners feel overwhelmed considering their options. Picking the right company for you can be difficult, so here are some tips to help you decide:
- Solar Panel Brands: The kind of solar panel you want plays a part in which company you should opt for, since different companies have access to different panels.
- Reputation: Long-running companies likely have a solid reputation. This is important because it ensures that it will not only see your solar project through, but will also provide quality aftercare and customer support, such as part repairs and replacements.
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, completion timeline rebates and warranties.
- Warranty: A high-quality company stands out from other companies by providing the gold standard warranty — a 25-year, all-inclusive warranty covering parts, labor and performance.
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 Thief River Falls, MN Solar Cost FAQs
How much does it cost to install solar panels in Thief River Falls?
This is a difficult question to answer precisely, because the cost depends on a variety of factors. Generally speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Thief River Falls?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you don't have access to many solar incentives. Also your home value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most savings from going solar.
Does Thief River Falls have a net metering program?
Most states offer net metering programs of some kind. Through these, you can either receive compensation for the extra power your system generates or or receive credits to put toward future energy bills. Currently there are just three states that don't have any net metering laws: Alabama, Tennessee and South Dakota.
How long do solar panels last in Thief River Falls?
Though the average lifespan of solar panels is 25 to 30 years, that doesn't mean they are completely unusable at that time. What this means is how much energy they produce will have decreased significantly after that point. You can decide 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.