Solar Panel Cost Guide in Thomson, MN (2024 Update)
- Thomson Solar Installation Cost: $21,000
- 25-Year Savings: $18,226
- Payback Period: 15.9 Years
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Average Cost of Solar Panels in Thomson
Find out how much it might cost to install solar panels in Thomson.
The average cost of a solar system in Thomson is 4 per watt.To cover the typical energy usage of the average home in Thomson, most homeowners require a 7.4-kilowatt system. Using the figure above, a solar installation costs around $21,000, or $30,030 before the federal solar tax credit of 0 is applied.
The prices above are just estimates to give you an idea of the cost of a solar energy system. The true cost of going solar can vary based on a few factors, such as how many panels you need, your energy usage and what installation company you go with.With typical savings of about $17,000 on energy bills over 20 years, many homeowners in Thomson find going solar has a decent ROI.
Click the button below to get connected to a highly rated solar company in Thomson for a customized estimate.
Solar savings over time in Thomson
| Year | Return on Investment |
|---|---|
| 1 years | $-19,958 |
| 3 years | $-17,875 |
| 5 years | $-15,792 |
| 7 years | $-13,709 |
| 9 years | $-11,627 |
| 11 years | $-9,544 |
| 13 years | $-7,461 |
| 15 years | $-5,378 |
| 17 years | $-3,295 |
| 19 years | $-1,212 |
| 21 years | $871 |
| 23 years | $2,953 |
| 25 years | $5,036 |
Top Solar Installers in Thomson
Many homeowners choose to use a solar installer since figuring out how to install solar panels yourself can be a lot of work. Also, companies with an outstanding reputation that cost more upfront could actually save you money in the long term with their warranties, repair services and expert design.
If you’d like to start using solar energy but still aren’t sure which solar installer to go with, here are our recommendations for providers nearby:
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 Thomson
Factors that Affect Solar Panel Costs in Thomson
Although the average cost of a solar system in Thomson is $21,000, your actual cost may be higher or lower than that. There are quite a few factors that can have a sizable impact on the cost of a solar system installation. Below are some of the more crucial things to take into consideration.
Solar Equipment
When it comes to estimating the price of a solar panel system in Thomson, 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 consumption, which you can figure out by looking at past energy bills. Your total cost can increase by around $4,030 for each additional kilowatt you need.The kind of solar equipment you choose can increase or decrease your cost 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 power bills. In addition, extra products, such as solar batteries, can bump up your total well above the Thomson average.
Solar Financing Terms
If paying for solar panels in cash is difficult, solar loans are a solid option because they reduce your upfront costs and allow you to pay for your system over five to seven years on average.However, the interest on solar loans also increases your all-in costs, so it’s important to include that in your estimate as well. You can always reduce the total you pay in interest and sometimes even your APR by putting more money down.
Solar Panel Installation Company
Lastly, the company you get to install your solar system can influence how much you pay. Thomson’s solar companies all have different labor costs and add varying upcharges to equipment. The size of the company sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing because they have access to greater resources and bulk 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 promotion can bring their pricing down to compete with bigger names.
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 | $9,015 | 16.5 years |
| 8 kW | $4.11 | $23,019 | $12,472 | 16.2 years |
| 10 kW | $4.03 | $28,210 | $16,154 | 15.9 years |
| 12 kW | $3.95 | $33,175 | $20,062 | 15.6 years |
| 14 kW | $3.87 | $37,914 | $24,196 | 15.3 years |
| 16 kW | $3.79 | $42,428 | $28,555 | 14.9 years |
| 18 kW | $3.71 | $46,716 | $33,140 | 14.6 years |
| 20 kW | $3.63 | $50,778 | $37,950 | 14.3 years |
How to Save on Solar Panels
The solar company you choose will affect not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you have access to. When choosing a solar company, there are a few important things you should keep in mind, such as:
- Installation Process: Get details from your solar company about the installation process and what to expect, including when the site survey will be done and how long it will take.
- Contract: Look through the contract terms carefully to make sure you understand how much it will cost, completion timeline rebates and warranties.
- Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a respected certification organization for sustainable energy professionals. If your solar panel installer is NABCEP-certified, it most likely has a solid reputation and is qualified to install your solar system. Another way you can research your installer’s reputation is by reading reviews.
- 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 considerable role in the company you choose.
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 Thomson, MN Solar Cost FAQs
How much does it cost to install solar panels in Thomson?
The average cost of solar panels in Thomson 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 type of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Thomson?
Leasing solar panels can be an option if you are unable to 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 property 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.
Do solar panels increase the value of your home?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Thomson is currently $284,787, so you can expect a value of about $11,676 more than houses without a solar system. The specific figures will vary, but most experts agree that installing solar panels in Thomson is a rewarding investment.
How long do solar panels last in Thomson?
Although 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 their energy production will have decreased significantly after that point. You can replace them after having them for that long or you can keep using 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.