Solar Panel Cost Guide in Victoria, MN (Mar 2023)
- Victoria Solar Installation Cost: $14,174
- 25-Year Savings: $19,010
- Payback Period: 10.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Victoria
Let's take a look at the average cost of solar panels in Victoria.
The average cost of a solar system in Victoria is 2.84 per watt. The average Victoria homeowner needs a 7.1-kilowatt system, which would cost about $14,174 with the federal tax credit, or $20,269 before the 30% tax credit is applied.
How much you pay can go higher or lower than the average in Victoria depending on several factors, such as the model of solar panels you choose and the solar contractor you hire. But, after you've paid the initial cost of installation, the payback for most homeowners is usually rewarding, with a net average savings of about $18,000 over 20 years on energy bills.
To get a free quote from a pre-vetted solar installer in Victoria, you can 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
Many homeowners choose to use a solar panel company since figuring out how to install solar panels yourself can be time-consuming. Also, companies with an outstanding reputation that are more expensive upfront could actually save you money in the long run because of their warranties, repair services and expert design.
If you're searching for a solar installer in Victoria, the EcoWatch team has compiled a list of our top suggestions here:
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
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
See all of the solar companies in Victoria
Factors that Affect Solar Panel Costs in Victoria
Cost is typically one of the most important factors for homeowners considering investing in solar. There are a few key factors that determine your overall cost in Victoria: solar equipment and system size, financing options and the solar installation company you choose. We'll discuss each of these briefly below.
Solar Equipment
The size of the solar panel system you need for your home, which is measured in kilowatts, is the most important cost factor to consider. For every additional kilowatt you need, your total will most likely increase by about $2,840. Some solar brands — like Maxeon from SunPower — are more expensive upfront but also tend to offer better efficiency. In a city like Victoria, where sunlight isn't as abundant, efficiency can quickly pay off. Plus, if you have a small roof or limited space for your panels, higher efficiency options will be a better option. Additional equipment like electric vehicle chargers and solar batteries will also increase the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Victoria to be too expensive, even if the investment pays off over time. Fortunately, nearly every solar installer in the area provides financing options. Solar loans remarkably decrease upfront costs in most cases, but they also lead to paying more over time because of interest. Though solar loans make going solar more accessible for Victoria homeowners, they can also raise the total you pay for your system, depending on your interest rate. If you make a larger down payment, though, you can avoid paying as much in interest.
Solar Panel Installation Company
A final factor to consider when trying to estimate the cost of solar for your home or business in Victoria is the company you choose to install your solar system. Similar to choosing a company to install new cabinets, for example, there are plenty of solar installers that provide a range of services at different price points. Larger national companies usually have lower costs, but some local companies keep up with them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
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
There are numerous companies to choose from in Victoria, and some homeowners feel overwhelmed considering their options. Choosing the right company for you can be difficult, so here are some tips to help you decide:
- Warranty: If you care about the durability of your solar system, making sure your installer offers a 25-year, all-inclusive warranty can help put you at ease.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their roof configurations and how much efficiency they need. Even though there are many options for which brand of solar panel you can get, not every company will have the exact one you may want or need, so make sure you peruse their list of options before deciding.
- Reputation: Your solar installer should have a sound reputation as a company and have demonstrated expertise in the field. A couple of ways to check this are to look for whether a company has technicians that hold a certification from the North American Board of Certified Energy Practitioners (NABCEP) and if it has positive reviews from past customers.
- Contract: Read the contract terms thoroughly to make sure you understand how much it will cost, project timeline rebates and warranties.
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
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
EcoWatch's Victoria, MN Solar Cost FAQs
What is the average cost of installing solar panels in Victoria?
This is a difficult question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $14,200 for a 5-kW system and $28,400 for a 10-kW system after the ITC is applied. It will be more expensive if you want extra solar equipment or more efficient panels, or if you have above-average energy consumption. On the other hand, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Is it better to lease or buy solar panels in Victoria?
Leasing solar panels can be an appealing choice, as it typically 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 option if you want to get the most savings.
Can solar panels completely eradicate my electricity bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located 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 $931.47 per year.
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 larger level 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.