Solar Panel Cost Guide in Two Harbors, MN (2024 Update)
- Two Harbors Solar Installation Cost: $21,243
- 25-Year Savings: $16,277
- Payback Period: 17.0 Years
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Average Cost of Solar Panels in Two Harbors
We break down average solar pricing in Two Harbors.
Currently, the national average cost of solar panels is $2.66 per watt. However, in Two Harbors, the average cost of solar panels is 4 per watt.The average Two Harbors homeowner needs a 7.5-kilowatt system, which would cost about $21,243 with the federal tax credit, or $30,377 before the 0 tax credit is applied.
Bear in mind that the figures above are only estimates based on the average energy use of Two Harbors homeowners. The cost of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor.For many homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $16,000 in savings on electricity bills over 20 years.
To calculate your potential savings and connect with a local solar expert, click the button below.
Solar savings over time in Two Harbors
| Year | Return on Investment |
|---|---|
| 1 years | $-20,202 |
| 3 years | $-18,119 |
| 5 years | $-16,036 |
| 7 years | $-13,953 |
| 9 years | $-11,870 |
| 11 years | $-9,788 |
| 13 years | $-7,705 |
| 15 years | $-5,622 |
| 17 years | $-3,539 |
| 19 years | $-1,456 |
| 21 years | $627 |
| 23 years | $2,710 |
| 25 years | $4,792 |
Top Solar Installers in Two Harbors
Many homeowners decide to use a solar installer since trying to put up solar panels on your own can be a lot of work. Local solar companies can also help you optimize your return on investment by walking you through any local incentives you can take advantage of and by offering warranties and repairs.
Working with a licensed solar installer can help your solar project go smoothly. Here are our recommendations:
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 Two Harbors
Factors that Affect Solar Panel Costs in Two Harbors
There are several factors that can affect your installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that performs the installation.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to some different factors. One of the most significant factors is the system size, which is measured in kilowatts (kW). Solar power systems that have better efficiency or power production use better technology and/or more equipment, both of which can increase costs. For each additional kilowatt you need, your cost can go up by about $4,030.The kind of solar equipment you choose can increase or decrease your cost by thousands or even tens of thousands of dollars. If you opt for 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, more efficient panels could save you more over time on your electric bills. In addition, add-on products, such as solar batteries, can bring your total well above the Two Harbors average.
Solar Financing Terms
If paying for solar panels out of pocket is too expensive, solar loans are a popular choice because they cut back your upfront costs and let you pay for your system over a term of, on average, between five and seven years.You’ll have to consider the long-term cost of loans, including the total interest you’ll pay over the length of the loan. If you can only get a high-interest loan, then your total can be hundreds or even thousands of dollars above the equipment and labor cost. Making a larger down payment or securing a solar loan with a low interest rate could reduce your costs significantly.
Solar Panel Installation Company
The last major cost factor you should take into consideration is the installer you choose. Given the growing popularity of clean energy solutions in Two Harbors, you’ll have a great number of options to choose from, but each comes at varying price points for labor and equipment.The company’s size sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to access to greater resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or discount 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 | $7,294 | 17.7 years |
| 8 kW | $4.11 | $23,019 | $10,176 | 17.3 years |
| 10 kW | $4.03 | $28,210 | $13,285 | 17.0 years |
| 12 kW | $3.95 | $33,175 | $16,619 | 16.7 years |
| 14 kW | $3.87 | $37,914 | $20,178 | 16.3 years |
| 16 kW | $3.79 | $42,428 | $23,963 | 16.0 years |
| 18 kW | $3.71 | $46,716 | $27,974 | 15.6 years |
| 20 kW | $3.63 | $50,778 | $32,211 | 15.3 years |
How to Save on Solar Panels
Since the kind of solar panels and the installer you choose has an impact on your costs and your system’s durability and efficiency, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- 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 good reputation and is qualified to do the job well. Another way you can verify your installer’s reputation is by reading reviews.
- Contract: When looking through your solar company’s contract, ask for clarification about any terms you’re not sure of and make sure you understand what happens in scenarios like a system part breaking or if the company goes out of business.
- 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.
- Solar Panel Brands: Each solar panel brand and kind offers varying levels of quality, durability and efficiency. They will come at different costs as well. The company you choose plays a role in which solar panel brands you have access to.
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 Two Harbors, MN Solar Cost FAQs
What is the average cost of installing solar panels in Two Harbors?
This is a tough question to answer precisely, because the cost depends on a variety of factors. Broadly speaking, it costs about $20,150 for a 5-kW system and $40,300 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or more efficient panels, or if you have above-average energy consumption. On the flip side, you can spend less if you want a smaller solar panel system or less expensive solar panels.
Should I lease or buy solar panels in Two Harbors?
Leasing solar panels can be an appealing choice, because it commonly 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.
Is making the switch to solar worth it?
Solar panels can be a beneficial investment for a majority of homeowners, but they might not be worth it for everyone. If your home doesn't get a lot of direct sunlight and/or your energy bills are already fairly low, solar panels might not be for you.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy needs and how much 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 buy between 20 and 35 panels to account for 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.