Solar Panel Cost Guide in Waconia, MN (Mar 2023)
- Waconia Solar Installation Cost: $14,174
- 25-Year Savings: $18,793
- Payback Period: 10.7 Years
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Updated March 14, 2023
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Average Cost of Solar Panels in Waconia
We break down average solar pricing in Waconia.
The average cost of solar panels in Waconia is 2.84 per watt. The average Waconia 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.
The true price you pay can be higher or lower than the average in Waconia depending on a few factors, such as the model of solar panels you choose and the solar company you hire. Even with the high initial cost, the average Waconia homeowner can save around $18,000 on their energy bills over 20 years, which is one of the advantages of solar.
Click the button below to get connected to a top solar installer in Waconia for a customized estimate.
Solar savings over time in Waconia
| Year | Return on Investment |
|---|---|
| 1 years | $-12,856 |
| 3 years | $-10,218 |
| 5 years | $-7,581 |
| 7 years | $-4,943 |
| 9 years | $-2,306 |
| 11 years | $331 |
| 13 years | $2,969 |
| 15 years | $5,606 |
| 17 years | $8,244 |
| 19 years | $10,881 |
| 21 years | $13,518 |
| 23 years | $16,156 |
| 25 years | $18,793 |
Top Solar Installers in Waconia
Trying to put up solar panels on your own can be a time-consuming project, which is why hiring a solar installer is a good option for many homeowners. Another benefit of working with a solar company is that they can help you optimize your investment by bringing down your future costs of repairs and replacements due to warranties and helping you learn about local incentives you can take advantage of.
There are a number of licensed solar professionals that can take care of your solar installation project. Here are our suggestions:
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 Waconia
Factors that Affect Solar Panel Costs in Waconia
The cost of installing a solar system in Waconia can vary by more than $10,000 from home to home. Your actual cost is dependent on several factors. The most significant one is your system size, and other factors include the equipment you choose, financing options and the solar company you choose.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that influences the overall cost of going solar. That's why it's a priority to accurately ascertain the size of the solar energy system needed for your home by figuring out your average energy use. The solar equipment you choose can bring your price up or down 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. However, higher efficiency could save you more over time on your energy bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Waconia average.
Solar Financing Terms
If paying for solar panels in cash is too expensive, solar loans are a solid choice because they decrease your upfront costs and let you pay for your system over five to seven years on average. However, the interest on solar loans also adds to your all-in costs, so it's vital to take that into consideration as well. You can always reduce the total you pay in interest and possibly even your APR by making a larger down payment.
Solar Panel Installation Company
The solar installation company you pick will impact your total cost to adopt solar power. Different companies will bill different amounts for the equipment and labor. You may notice national solar installers that have lower prices due to their larger brand name and access to bulk equipment pricing, or you might see small, local installation companies offering deals or promotions to compete with those larger companies.
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 | $15,356 | 11.2 years |
| 8 kW | $2.90 | $16,222 | $20,793 | 11.0 years |
| 10 kW | $2.84 | $19,880 | $26,389 | 10.7 years |
| 12 kW | $2.78 | $23,379 | $32,144 | 10.5 years |
| 14 kW | $2.73 | $26,719 | $38,058 | 10.3 years |
| 16 kW | $2.67 | $29,900 | $44,131 | 10.1 years |
| 18 kW | $2.61 | $32,921 | $50,363 | 9.9 years |
| 20 kW | $2.56 | $35,784 | $56,754 | 9.7 years |
How to Save on Solar Panels
Since the brand of solar panels and the installation company you choose significantly influences your costs and your system's durability and efficiency, it's important to pick the right ones for you. Here are some things to keep in mind to help with your decision:
- Warranty: An all-inclusive, long-term warranty can help keep your solar system running smoothly and save you money on part replacement and repairs.
- Reputation: Your solar installer should have a good reputation as a company and have verifiable 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 good reviews from previous customers.
- Solar Panel Brands: The type of solar panel you need plays a role in which company you should go with, since different companies have different panels.
- Contract: It's important to read your solar installer's contract well to understand what services they will provide, what the warranty covers and what you can expect about your solar system's energy production.
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 Waconia, MN Solar Cost FAQs
How much does it cost to install solar panels in Waconia?
This is a tough question to answer precisely, because the cost depends on many 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 other solar equipment or higher quality panels, or if you have higher-than-average energy usage. On the flip side, you can spend less if you opt for a smaller solar panel system or cheaper solar panels.
Can you get solar panels for free in Waconia?
A solar panel system isn't free in Waconia, but there are some options that can make getting them more viable, such as leasing solar panels or getting a solar loan. There may also be local programs or incentives that you can take advantage of.
Can solar panels completely eradicate my energy bills?
Solar panels can potentially eliminate your electricity bills depending on where you're located and how much sunlight your home gets. Even if it doesn't get rid of them completely, you can save a lot of money on your bills, about $925.38 per year.
What solar power system size is right for my home?
To figure out how many solar panels you need, you should find out how much energy your home needs and how much sunlight your home gets. For a general estimate, however, since each panel can usually produce about 250 to 400 watt-hours per hour, the average home will need 20 to 35 panels.
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.