Solar Panel Cost Guide in Wadena, MN (2024 Update)
- Wadena Solar Installation Cost: $20,326
- 25-Year Savings: $13,633
- Payback Period: 18.2 Years
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Average Cost of Solar Panels in Wadena
We break down average solar pricing in Wadena.
The national average cost of solar panels is $2.66 per watt, but in Wadena it’s 4 per watt.Using this figure, a typical 7.2-kW system would cost about $20,326 before the 0 federal solar tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy needs, the type of solar system you want to get, your solar contractor and more.For many homeowners, the upfront investment in solar panels is worth paying. On average Wadena homeowners see about $15,000 in savings on utility bills over 20 years.
Click the button below to get connected to a top solar panel company in your area for a custom estimate.
Solar savings over time in Wadena
| Year | Return on Investment |
|---|---|
| 1 years | $-19,284 |
| 3 years | $-17,201 |
| 5 years | $-15,119 |
| 7 years | $-13,036 |
| 9 years | $-10,953 |
| 11 years | $-8,870 |
| 13 years | $-6,787 |
| 15 years | $-4,704 |
| 17 years | $-2,621 |
| 19 years | $-538 |
| 21 years | $1,544 |
| 23 years | $3,627 |
| 25 years | $5,710 |
Top Solar Installers in Wadena
Although you can install solar panels by yourself, it takes extra labor and handiness. For that reason, most homeowners choose to go with a solar panel installer. Some solar companies, particularly local ones, can help you take advantage of incentives in Wadena, therefore optimizing your ROI.
If you're searching for a solar company in Wadena, we've put together a list of our top suggestions here:
See all of the solar companies in Wadena
Factors that Affect Solar Panel Costs in Wadena
For many Wadena homeowners, the decision to go solar rests on cost. However, the range of solar installation costs can be quite wide in Wadena, with typical prices between $20,000 to $40,000. There are a number of factors that significantly influence the price you’ll pay, which we'll go over below.
Solar Equipment
System size, which is measured in kilowatts, is one of the largest factors that determines the overall cost of going solar. That’s why it’s important to accurately assess the size of the solar energy system needed for your home by figuring out your typical energy use.There are a lot of different solar panel brands and the one you pick also affects the cost. Generally, the brands that offer higher efficiency tend to also be more expensive. Plus, the type of equipment you choose can affect your total cost. If you just need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Wadena provide solar loans, which reduce your upfront costs of installing solar panels.When estimating your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more on your down payment can lower the total interest paid over time.
Solar Panel Installation Company
The remaining significant cost factor you should take into consideration is the installer you choose. Given the growing popularity of renewable energy solutions in Wadena, you’ll have plenty of options to choose from, but each comes at varying price points for labor and equipment.The size of the company sometimes plays the most significant role in the installation costs. Larger national companies, like SunPro and Sunrun, often have lower prices because they have more resources and bulk pricing. Smaller local companies might be more costly, but they generally have better customer service and more customization options, and the occasional sale or promotion can bring their pricing lower to compete with bigger companies.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.19 | $17,603 | $5,678 | 18.9 years |
| 8 kW | $4.11 | $23,019 | $8,021 | 18.5 years |
| 10 kW | $4.03 | $28,210 | $10,591 | 18.2 years |
| 12 kW | $3.95 | $33,175 | $13,386 | 17.8 years |
| 14 kW | $3.87 | $37,914 | $16,407 | 17.4 years |
| 16 kW | $3.79 | $42,428 | $19,654 | 17.1 years |
| 18 kW | $3.71 | $46,716 | $23,126 | 16.7 years |
| 20 kW | $3.63 | $50,778 | $26,824 | 16.4 years |
How to Save on Solar Panels
The solar panel company you go with will influence not only your overall costs, but also the kinds of solar panel brands, warranties, and other equipment you can get. When choosing a solar company, there are a few important things you should take into account, including:
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking its work history and reading reviews by previous customers and solar experts like EcoWatch.
- Solar Panel Brands: The model of solar panel you need plays a role in which installer you should go with, since different companies have access to different panels.
- Warranty: A comprehensive, 25-year warranty can help keep your solar panels running for years to come and save you money on part replacement and repairs.
- Contract: It’s important to look over your solar installer’s contract carefully to understand what services they will provide, what the warranty covers and what expectations you should have about your solar system’s energy production.
EcoWatch's Wadena, MN Solar Cost FAQs
How much does it cost to install solar panels in Wadena?
This is a hard question to answer exactly, because the cost depends on many factors. Generally speaking, it costs about $20,150 for a 5-kW system and $40,300 for a 10-kW system after the ITC is applied. It will be more expensive if you want other solar equipment or more efficient panels, or if you have above-average energy usage. On the other hand, you can spend less if you choose a smaller solar panel system or less efficient solar panels.
Should I lease or buy solar panels in Wadena?
Leasing solar panels can be an attractive choice, as it usually 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 way to go if you want to maximize your savings.
Can solar panels completely eradicate my power bills?
It is possible to erase your electricity bills with solar panels, but for most homeowners throughout Wadena, that will require at least a 10-kW system. Not all homes will have roofs that can accommodate that size system, so you’ll want to contact a local solar installer to see how many panels can fit on your roof.
How often do you have to replace solar panels?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency goes down by about 0.8% each year. You can choose to replace them sooner if you want to maintain a larger 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.