Solar Panel Cost Guide in Victoria, MN (2023 Update)
- Victoria Solar Installation Cost: $14,165
- 25-Year Savings: $19,020
- Payback Period: 10.7 Years
See cost of a solar system near you:
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
Average Cost of Solar Panels in Victoria
Here's how much it might cost to switch to solar power in Victoria.
In Victoria, solar panels cost about 2.84 per watt on average. The average solar panel system size in Victoria is around 7.1 kilowatts, meaning a cost of about $14,174 for a solar installation, or $20,269 before the 30% federal solar tax credit is applied.
These figures are only estimates, and how much solar costs for you may vary based on your energy needs and what company you go with. For many homeowners, the upfront cost of solar is worth paying. On average Victoria homeowners see about $18,000 in savings on energy bills over 20 years.
For a free quote from a local solar installer that has been pre-vetted by EcoWatch, click the button below.
Solar savings over time in Victoria
| Year | Return on Investment |
|---|---|
| 1 years | $-14,054 |
| 3 years | $-13,833 |
| 5 years | $-13,612 |
| 7 years | $-13,391 |
| 9 years | $-13,169 |
| 11 years | $-12,948 |
| 13 years | $-12,727 |
| 15 years | $-12,506 |
| 17 years | $-12,284 |
| 19 years | $-12,063 |
| 21 years | $-11,842 |
| 23 years | $-11,621 |
| 25 years | $-11,399 |
Top Solar Installers in Victoria
Many homeowners decide to hire a solar panel installer since trying to install solar panels by yourself can be a labor-intensive endeavor. Plus, if you're unsure what kind of solar panels and equipment you want, a solar expert can help you figure that out after a site survey and consultation.
If you're searching for a solar company in Victoria, the EcoWatch team has 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 Victoria
Factors that Affect Solar Panel Costs in Victoria
For many Victoria homeowners, the decision to install a solar energy system depends on cost. However, the range of solar installation costs can be quite wide in Victoria, with typical prices between $20,000 to $40,000. There are a number of factors that considerably influence the price you'll pay, which we'll go over below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few different factors. One of the major factors is the system size, which is measured in kilowatts (kW). Solar power systems with higher efficiency or power generation require 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 $2,840. The type 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. However, higher efficiency could save you more in the long run on your energy bills. Additionally, extra products, such as solar batteries, can bump up your total well above the Victoria average.
Solar Financing Terms
If paying for a solar system out of pocket is out of reach, solar loans are a popular option 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. 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 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 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.