Solar Panel Cost Guide in Victoria, MN (Nov 2022)

  • Victoria Solar Installation Cost: $14,174
  • 25-Year Savings: $19,010
  • Payback Period: 10.7 Years

See cost of a solar system near you:

EcoWatch Local Advisors

By EcoWatch Local Advisors

Updated 11/09/2022

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

Average Cost of Solar Panels in Victoria

Let's take a look at the average cost of solar panels in Victoria.

Currently, the national average cost of solar panels is $2.66 per watt. However, in Victoria, the typical cost of solar panels is $3 per watt. To account for the typical energy usage of the average home in Victoria, most homeowners require a 7.1-kilowatt system. Using the figure above, a solar installation costs about $14,174, or $10,489 after the federal solar tax credit of 30% is applied.

Keep in mind that the numbers above are only averages. The price you'll pay for solar may vary based on your household energy needs, the type of equipment you want to get, your solar contractor and more. Despite the large initial cost, the average Victoria homeowner can save about $18,000 on their electricity bills over 20 years, which is one of the advantages of solar.

To calculate your potential savings and connect with a local solar expert, click the button below.

Solar savings over time in Victoria

Year Return on Investment
1 years $-12,847
3 years $-10,192
5 years $-7,537
7 years $-4,883
9 years $-2,228
11 years $427
13 years $3,082
15 years $5,736
17 years $8,391
19 years $11,046
21 years $13,701
23 years $16,356
25 years $19,010

Top Solar Installers in Victoria

Although it's possible to install solar panels yourself, it takes extra time and knowledge. Because of that, most homeowners choose a solar panel installer. Plus, warranties and repairs from your solar panel company can protect your investment and lower the cost of maintenance over the lifespan of your panels.

There are a number of licensed solar professionals that can install solar panels for you. Here are our suggestions:

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

See all of the solar companies in Victoria

Factors that Affect Solar Panel Costs in Victoria

Although the average cost of solar panels in Victoria is $14,174, your final cost may differ. There are many factors that can have a major impact on the cost of a solar system installation. Below are some of the more important things to consider.

Solar Equipment

The cost of solar panel systems varies by thousands of dollars due to a few different factors. One of the major factors is the system size. Solar power systems with higher efficiency or power generation require better technology and/or more equipment, both of which can raise costs. For each additional kilowatt you need, your cost can go up 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 electric bills. Additionally, add-on products, like solar batteries, can bring your total well above the Victoria average.

Solar Financing Terms

Most solar installers in Victoria provide solar loans, which reduce the initial cost of installing solar panels. It's a good idea to include the interest you'll pay in your final cost estimate. If you can afford to pay a larger down payment, you can reduce your total costs and how long it'll take to pay back the loan.

Solar Panel Installation Company

The remaining key cost factor you should keep in mind is the installer you choose. Given the growing popularity of green energy solutions in Victoria, you'll have many options to choose from, but each comes at different price points for labor and equipment. Additionally, some companies in Victoria have more knowledge about local solar incentives and can help you take advantage of additional rebates or tax exemptions. However, they may charge more for that service. Even if they cost more upfront, they could help you save more money in the long run.

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 $15,539 11.1 years
8 kW $2.90 $16,222 $21,037 10.9 years
10 kW $2.84 $19,880 $26,693 10.7 years
12 kW $2.78 $23,379 $32,509 10.5 years
14 kW $2.73 $26,719 $38,484 10.2 years
16 kW $2.67 $29,900 $44,618 10.0 years
18 kW $2.61 $32,921 $50,911 9.8 years
20 kW $2.56 $35,784 $57,363 9.6 years

How to Save on Solar Panels

The solar company you choose will impact not only your total costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are several important things you should take into account, such as:

  • Contract: Look through the contract terms closely to make sure you understand the cost breakdown, project timeline incentives and warranties.
  • Warranty: Many companies offer different types of warranties that cover different things. A 25-year, all-inclusive warranty is the gold standard.
  • Reputation: The North American Board of Certified Energy Practitioners (NABCEP) is a well-established certification organization for clean energy professionals. If your solar panel installer is NABCEP-certified, it 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: The brand of solar panel you want plays a role in which company you should opt for, since different companies provide different panels.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

Best Social Impact

Palmetto Solar

★★★★★
4.0

  • Expansive service area
  • Makes charitable contributions
  • Certified B Corp
  • No leases or PPAs
  • Quality of installation may vary by location

EcoWatch's Victoria, MN Solar Cost FAQs

How much does it cost to install solar panels in Victoria?

This is a hard question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. You can expect to pay more if you want additional solar equipment or higher quality panels, or if you have above-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or less expensive solar panels.

Should I lease or buy solar panels in Victoria?

Leasing solar panels can be an option if you are unable to pay upfront or get a solar loan, but since you don't own the system, you can't take advantage of 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 bang for your buck from going solar.

Is it worth going solar in Victoria?

Whether or not solar panels are worth it depends on some different factors like the cost of electricity near you and how much direct sunlight your roof gets.

How long do solar panels last in Victoria?

On average, the lifespan of solar panels is 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.

solar panel and sunny sky
Invest in clean solar energy, save thousands of dollars.

Save $$ on your electricity bill by getting a free quote today.

Follow us