Solar Panel Cost Guide in Wakefield, MN (2023 Update)
- Wakefield Solar Installation Cost: $14,135
- 25-Year Savings: $18,601
- Payback Period: 10.8 Years
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Updated May 04, 2023
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Average Cost of Solar Panels in Wakefield
We break down average solar pricing in Wakefield.
The average cost of a solar panel system in Wakefield is 2.84 per watt. To cover the typical energy usage of the average home in Wakefield, most homeowners require a 7.1-kilowatt system. Using the figure above, a solar installation costs about $14,135, or $20,213 before the federal solar tax credit of 30% is applied.
Keep in mind that the figures above are only estimates based on the average Wakefield homeowner. The price of a solar system for your home may be different depending on factors unique to your situation, like your household energy use and solar contractor. But, after you've paid the initial cost of installation, the savings for most homeowners is usually good, with a net average savings of about $18,000 over 20 years on power bills.
You can click the button below to get connected with a pre-vetted solar installer in Wakefield that can help you get a more accurate cost estimate for your home.
Solar savings over time in Wakefield
| Year | Return on Investment |
|---|---|
| 1 years | $-12,825 |
| 3 years | $-10,206 |
| 5 years | $-7,588 |
| 7 years | $-4,969 |
| 9 years | $-2,350 |
| 11 years | $269 |
| 13 years | $2,888 |
| 15 years | $5,507 |
| 17 years | $8,126 |
| 19 years | $10,744 |
| 21 years | $13,363 |
| 23 years | $15,982 |
| 25 years | $18,601 |
Top Solar Installers in Wakefield
Installing solar panels by yourself can be a dangerous undertaking, which is why using a solar installation company is a good option for many homeowners. A solar company can also help save you money over the lifespan of your system by offering warranties, repairs and part replacements.
There are various licensed solar professionals that can install solar panels for you. Here are our suggestions:
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 Wakefield
Factors that Affect Solar Panel Costs in Wakefield
Cost is often one of the most important factors for homeowners who want to invest in solar. There are a few major factors that affect your total cost in Wakefield: solar equipment and system size, financing options and the solar installation company you choose. We'll cover each of these briefly below.
Solar Equipment
Solar system size, which is measured in kilowatts, is one of the largest factors that affects the overall cost of going solar. For that reason, it's a priority to accurately gauge the size of the solar energy system needed for your home by figuring out your average energy use. The kind of solar equipment you choose can bring your price up or down by thousands or even tens of thousands of dollars. If you choose 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 electric bills. In addition, add-on products, such as solar batteries, can bump up your total well above the Wakefield average.
Solar Financing Terms
If paying for a solar system in cash is too expensive, solar loans are a solid route because they lower your upfront costs and allow you to pay for your system over a term of, on average, between five and seven years. It's a good idea to include 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 final major cost factor you should consider is the installer you choose. Given the growing popularity of clean energy solutions in Wakefield, you'll have lots of options to choose from, but each comes at different price points for labor and equipment. Larger national companies generally have lower costs, but some local companies compete 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 car 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 | $15,231 | 11.2 years |
| 8 kW | $2.90 | $16,222 | $20,626 | 11.0 years |
| 10 kW | $2.84 | $19,880 | $26,180 | 10.8 years |
| 12 kW | $2.78 | $23,379 | $31,893 | 10.6 years |
| 14 kW | $2.73 | $26,719 | $37,765 | 10.4 years |
| 16 kW | $2.67 | $29,900 | $43,796 | 10.1 years |
| 18 kW | $2.61 | $32,921 | $49,986 | 9.9 years |
| 20 kW | $2.56 | $35,784 | $56,335 | 9.7 years |
How to Save on Solar Panels
Since the kind of solar panels and the installation company you choose has an impact on your costs and your system's efficiency, production, and durability, it's important to pick the right ones for you. Here are some tips to keep in mind to help with your decision:
- Warranty: Warranties that provide coverage for panel repairs and maintenance over a couple decades are the best you can get in the business, and offering such a warranty is one indication of a quality company.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and how much efficiency they need. While there are many options for which kind of solar panel you can get, not every company will have the exact one you may want or need, so make sure you take a look at their list of options before deciding.
- Reputation: Make sure your solar system installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: Look through the contract terms thoroughly to make sure you understand the cost breakdown, project completion 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 Wakefield, MN Solar Cost FAQs
What is the average cost of installing solar panels in Wakefield?
The average cost of solar panels in Wakefield is about $14,200 for a 5-kW system and $28,400 for a 10-kW system before the ITC, but the real cost will depend on certain factors like the kind of solar panels you want, what size system you need and how much energy you consume.
Should I lease or buy solar panels in Wakefield?
Leasing solar panels can be an option if you can't pay upfront or secure a solar loan, but since you don't own the system, you can't take advantage of many solar incentives. Also your property value won't increase, so you'll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most financial benefits from going solar.
How much can I save on energy bills after installing solar panels?
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 $921.19 per year.
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.