Solar Panel Cost Guide in Thief River Falls, MN (2024 Update)
- Thief River Falls Solar Installation Cost: $20,551
- 25-Year Savings: $16,499
- Payback Period: 16.6 Years
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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 panel system in Thief River Falls is 4 per watt.The average Thief River Falls homeowner needs a 7.3-kilowatt system, which would cost about $20,551 with the federal tax credit, or $29,388 before the 0 tax credit is applied.
These figures are just estimates, and the cost of going solar for you will vary based on the amount of energy your home requires and what company you go with.With average savings of about $16,000 on electricity bills over 20 years, many homeowners in Thief River Falls find going solar can pay off big.
You can click the button below to get connected with a top solar company in Thief River Falls for a quote for your home.
Solar savings over time in Thief River Falls
| Year | Return on Investment |
|---|---|
| 1 years | $-19,588 |
| 3 years | $-17,664 |
| 5 years | $-15,739 |
| 7 years | $-13,814 |
| 9 years | $-11,890 |
| 11 years | $-9,965 |
| 13 years | $-8,041 |
| 15 years | $-6,116 |
| 17 years | $-4,191 |
| 19 years | $-2,267 |
| 21 years | $-342 |
| 23 years | $1,582 |
| 25 years | $3,507 |
Top Solar Installers in Thief River Falls
Trying to put up solar panels by yourself can be a stressful task, which is why using a solar installation company is a good option for many homeowners. Solar warranties and repairs are often included in the cost of installation when you go with a solar contractor as well, which can save you more money over time.
You can get a free estimate from a local solar installer on how much your investment in solar could cost for your home. Here are some in Thief River Falls:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
Even though the average cost of a solar system in Thief River Falls is $20,551, your actual cost may differ. There are quite a few factors that can have a sizable impact on the cost of a residential solar panel installation. Below are some of the more important things to consider.
Solar Equipment
When it comes to estimating the cost of solar panels in Thief River Falls, one of the most crucial 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 figure out by looking at past power bills. Your overall cost can increase by around $4,030 for each additional kilowatt you need.The model of solar panels and equipment you get is another factor that will significantly affect costs. Solar panels that have higher efficiency, like monocrystalline panels, tend to come at a higher price. Moreover, solar equipment is more than 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 looking into a solar system that falls within your budget.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a popular option because they lower your upfront costs and let you pay for your system over a term of, on average, between five and seven years.Though solar loans make going solar more accessible for Thief River Falls 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 make a larger down payment, though, you can cut back on how much interest you have to pay.
Solar Panel Installation Company
The solar panel installation company you pick will impact your total cost to go solar. Different companies will charge different amounts for the equipment and labor.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 cost more. It’s best to do some research and decide on the company that provides the products, warranties and services you want and also fits 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 | $4.19 | $17,603 | $7,913 | 17.2 years |
| 8 kW | $4.11 | $23,019 | $11,003 | 16.9 years |
| 10 kW | $4.03 | $28,210 | $14,317 | 16.6 years |
| 12 kW | $3.95 | $33,175 | $17,858 | 16.3 years |
| 14 kW | $3.87 | $37,914 | $21,624 | 15.9 years |
| 16 kW | $3.79 | $42,428 | $25,616 | 15.6 years |
| 18 kW | $3.71 | $46,716 | $29,833 | 15.3 years |
| 20 kW | $3.63 | $50,778 | $34,277 | 14.9 years |
How to Save on Solar Panels
Since the model of solar panels and the installer you choose has an impact on your costs and your system’s efficiency, production, and durability, it’s important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Contract: It’s important to read through your solar installer’s contract closely to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Solar Panel Brands: The model of solar panel you need to install plays a part in which company you should opt for, since different companies offer different panels.
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Warranty: If you care about the durability of your solar panel system, ensuring your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
What is the average cost of installing solar panels in Thief River Falls?
The average cost of solar panels in Thief River Falls 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 certain factors such as the kind of solar panels you want, what size system you need and how much energy you use.
Is cost the most important consideration when buying solar panels?
Cost is definitely one of the most important factors you should consider when buying solar panels, but other important factors include efficiency, durability, and quality.
How much can I save on electricity bills after installing solar panels?
Solar panels can potentially eliminate your electricity bills depending on your location and the efficiency of your system. Even if it doesn’t get rid of them completely, you can save a lot of money on your bills, about $850.55 per year.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy usage and the average daily sunlight your roof gets. You can take a look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
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.