Solar Panel Cost Guide in Thomson, MN (2023 Update)
- Thomson Solar Installation Cost: $14,791
- 25-Year Savings: $18,234
- Payback Period: 11.2 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Thomson
We go over average solar pricing in Thomson.
While the national average of solar panels is $2.66 per watt, solar panels in Thomson generally cost about 2.84. To account for the typical energy usage of the average home in Thomson, most homeowners require a 7.4-kilowatt system. Using the per-watt figure above, a solar installation costs about $14,791, or $21,151 before the federal solar tax credit of 30% is applied.
The prices above are just estimates to give you an idea of how much a solar energy system could cost. The exact cost of making the switch to solar can vary based on several factors, such as how many panels you need, your energy usage and what installation company you go with. For most homeowners, the upfront cost of solar is worth paying. On average you could be looking at about $17,000 in savings on electricity bills over 20 years.
You can click the button below to get connected with a vetted solar installer in Thomson for a quote for your home.
Solar savings over time in Thomson
| Year | Return on Investment |
|---|---|
| 1 years | $-13,470 |
| 3 years | $-10,828 |
| 5 years | $-8,186 |
| 7 years | $-5,544 |
| 9 years | $-2,902 |
| 11 years | $-260 |
| 13 years | $2,382 |
| 15 years | $5,024 |
| 17 years | $7,666 |
| 19 years | $10,308 |
| 21 years | $12,950 |
| 23 years | $15,592 |
| 25 years | $18,234 |
Top Solar Installers in Thomson
DIY solar panel installation is a way to cut costs, but it's an undertaking that can take a lot of hard work. Taking advantage of a solar panel installer can make swapping over to solar power much easier. Also, if you'd like to maximize your investment in solar power, using a solar installer can help with that as well. Different providers can offer repairs, expertise on solar panel installation and sometimes even information on local incentives, rebates and net metering programs.
If you're on the hunt for a solar company in Thomson, we've put together a list of our top suggestions here:
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
For many Thomson homeowners, the decision to install solar panels comes down to cost. However, the range of solar installation costs can be quite wide in Thomson, with typical prices between $20,000 to $40,000. There are numerous factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of installing solar panels. That's why it's crucial to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. There are a lot of different solar panel brands and the one you pick also affects the cost. Typically, the brands that have better efficiency tend to also cost more. Additionally, the type of equipment you're looking to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on utility bills over many years, but they can also be a significant investment. That's why many Thomson homeowners opt to finance their solar panel systems to make going solar more affordable. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to put more money down upfront, you can reduce your total costs and how long it'll take to pay off the loan.
Solar Panel Installation Company
The solar panel installation company you choose will affect your total cost to go solar. Different companies will bill different amounts for the equipment and labor. The company's size sometimes plays the most considerable role in the cost of installation. Larger national companies, like SunPro and Sunrun, often have lower prices due to 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 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 | $2.95 | $12,405 | $14,213 | 11.7 years |
| 8 kW | $2.90 | $16,222 | $19,269 | 11.4 years |
| 10 kW | $2.84 | $19,880 | $24,484 | 11.2 years |
| 12 kW | $2.78 | $23,379 | $29,858 | 11.0 years |
| 14 kW | $2.73 | $26,719 | $35,391 | 10.8 years |
| 16 kW | $2.67 | $29,900 | $41,083 | 10.5 years |
| 18 kW | $2.61 | $32,921 | $46,934 | 10.3 years |
| 20 kW | $2.56 | $35,784 | $52,944 | 10.1 years |
How to Save on Solar Panels
The company that does your system installation will affect the warranties and brands you have access to, and it will also have an impact on your total cost. Because choosing a company can be difficult, we have some tips to help you, such as:
- Solar Panel Brands: The model of solar panel you'd like to get plays a part in which company you should choose, since different companies have access to different panels.
- Contract: When reading over your solar installer's contract, ask questions about any terms you're not sure of and be sure you understand what happens in scenarios such as a system component breaking or the company going out of business.
- Reputation: Long-running companies 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 support, such as part repairs and replacements.
- Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
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 $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the real cost will depend on certain factors 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 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 financial benefits from going solar.
Can solar panels eliminate my energy bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners in Thomson, that will require at least a 10-kW system. Not all homes will have the roof space for that size system, so you'll want to check with a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
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.