Solar Panel Cost Guide in Waconia, MN (2023 Update)
- Waconia Solar Installation Cost: $14,165
- 25-Year Savings: $18,803
- Payback Period: 10.7 Years
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Updated September 15, 2023
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Average Cost of Solar Panels in Waconia
Find out what the average cost of solar panel installation is in Waconia.
The average cost of a solar system in Waconia is 2.84 per watt. Using this figure, a typical 7.1-kW system would cost about $14,174 before the 30% federal solar tax credit is applied.
How much you pay can be higher or lower than the average in Waconia based on a variety of factors, such as the brand of solar panels you choose and the solar contractor you hire. For many homeowners, the upfront cost of solar panels is worth paying. On average you could be looking at about $18,000 in savings on utility bills over 20 years.
Click the button below to get connected to a top solar panel company in Waconia for a custom quote.
Solar savings over time in Waconia
| Year | Return on Investment |
|---|---|
| 1 years | $-12,885 |
| 3 years | $-10,327 |
| 5 years | $-7,768 |
| 7 years | $-5,209 |
| 9 years | $-2,650 |
| 11 years | $-91 |
| 13 years | $2,468 |
| 15 years | $5,027 |
| 17 years | $7,586 |
| 19 years | $10,145 |
| 21 years | $12,704 |
| 23 years | $15,262 |
| 25 years | $17,821 |
Top Solar Installers in Waconia
Many homeowners opt for a solar installer since installing solar panels by yourself can be challenging. In addition, if you'd like to maximize your investment in solar energy, opting for a solar company can help with that too. Different providers can offer repairs, expertise on solar panel installation and sometimes even information on local incentives and net metering programs.
If you'd like to switch to solar energy but still aren't sure which solar system company to go with, here are our recommendations for providers in Waconia:
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 Waconia
Factors that Affect Solar Panel Costs in Waconia
Cost is typically one of the most important factors for homeowners who are considering investing in solar. There are a few major factors that determine your overall cost in Waconia: solar equipment and system size, financing options and the solar installation company you choose. We'll go over each of these briefly below.
Solar Equipment
The cost of solar panels varies by thousands of dollars due to a few 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 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. There are many different solar panel brands and the one you choose also changes the cost. Generally, the brands that offer higher efficiency tend to also cost more. Plus, the type of equipment you choose can affect your total cost. If you only need panels, your system will be far less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Solar panels can save you money on power bills over time, but they can also be a significant investment. That's why many Waconia homeowners opt to finance their solar panel systems to offset upfront costs. It's a good idea to factor 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 off the loan.
Solar Panel Installation Company
The solar panel installation company you select will influence your total cost to go solar. Different companies will charge different amounts for the equipment and labor. The company's size can sometimes play the most considerable role in your total costs. Larger national companies, like SunPro and Sunrun, often have lower pricing due to greater resources and bulk pricing. Smaller local companies might be more costly, but they can sometimes have better customer service and more customization options, and the occasional sale or discount can bring their pricing lower 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 | $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
The company that does your solar system installation will affect the warranties and brands available to you, and it will also have an impact on your total cost. Since choosing a company can be a challenge, we have some tips to help you, such as:
- Contract: Read the contract terms carefully to make sure you understand the cost breakdown, project completion timeline rebates and warranties.
- 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.
- 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 look into your installer's reputation is by reading reviews.
- Solar Panel Brands: Different companies will have various brands and types of panels. If you prefer a specific brand, make sure the solar installer you're considering has it.
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 Waconia, MN Solar Cost FAQs
What is the average cost of installing solar panels in Waconia?
This is a difficult 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. It will be more expensive if you want additional solar equipment or more efficient panels, or if you have higher-than-average energy needs. On the flip side, you can spend less if you opt for a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Waconia?
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 incentives and your home value won't increase. Buying solar panels is a better option if you want to maximize your savings.
How will installing solar panels impact my property value?
Solar panels can increase your home value considerably as long as you buy or finance your panels and don't go for a solar lease or power purchase agreement (PPA). According to research done by Zillow, the average home value increases by about 4.1% after installing solar panels."
How many solar panels should I get to power my home?
The exact number of solar panels you need depends on your household energy usage and how much sunlight your roof gets. You can 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 install 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.